Banc of California, Inc. (BANC) To Go Ex-Dividend on June 15th

Banc of California, Inc. (NYSE:BANC) announced a quarterly dividend on Friday, May 8th. Stockholders of record on Monday, June 15th will be given a dividend of 0.12 per share by the bank on Wednesday, July 1st. This represents a c) annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Monday, June 15th.

Banc of California has increased its dividend payment by an average of 0.1%per year over the last three years. Banc of California has a payout ratio of 29.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Banc of California to earn $2.10 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 22.9%.

Banc of California Stock Performance

Banc of California stock opened at $19.05 on Friday. The firm has a 50 day simple moving average of $18.00 and a 200-day simple moving average of $18.67. Banc of California has a 1-year low of $13.24 and a 1-year high of $21.61. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 14.55 and a beta of 0.75.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The business had revenue of $286.95 million during the quarter, compared to analysts’ expectations of $291.28 million. During the same quarter in the prior year, the company posted $0.26 EPS. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, analysts expect that Banc of California will post 1.72 EPS for the current year.

Analyst Upgrades and Downgrades

BANC has been the subject of several analyst reports. DA Davidson reissued a “buy” rating and issued a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. Barclays dropped their price target on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods increased their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. Finally, Wells Fargo & Company increased their price target on shares of Banc of California from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $21.83.

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.