Banc of California, Inc. (NYSE:BANC) Plans Dividend Increase – $0.12 Per Share

Banc of California, Inc. (NYSE:BANC) declared a quarterly dividend on Thursday, February 5th. Stockholders of record on Monday, March 16th will be given a dividend of 0.12 per share by the bank on Wednesday, April 1st. This represents a c) annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Monday, March 16th. This is a 20.0% increase from Banc of California’s previous quarterly dividend of $0.10.

Banc of California has increased its dividend payment by an average of 0.1%annually over the last three years. Banc of California has a payout ratio of 24.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Banc of California to earn $1.65 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 24.2%.

Banc of California Stock Up 0.2%

BANC traded up $0.05 on Thursday, hitting $20.18. The company had a trading volume of 4,118,542 shares, compared to its average volume of 2,882,250. The stock has a fifty day simple moving average of $19.80 and a 200-day simple moving average of $17.61. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market capitalization of $3.05 billion, a P/E ratio of 17.10 and a beta of 0.72. Banc of California has a 52-week low of $11.52 and a 52-week high of $21.61.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, topping the consensus estimate of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The business had revenue of $292.93 million for the quarter, compared to analyst estimates of $288.41 million. During the same quarter in the previous year, the firm posted $0.28 earnings per share. As a group, equities analysts expect that Banc of California will post 1.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BANC. Piper Sandler increased their target price on Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Barclays increased their price objective on shares of Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. DA Davidson boosted their target price on shares of Banc of California from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Citigroup upgraded shares of Banc of California from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $18.00 to $21.50 in a research note on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Banc of California presently has an average rating of “Moderate Buy” and a consensus price target of $20.86.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.