Banc of California, Inc. (NYSE:BANC) Announces Quarterly Dividend of $0.10

Banc of California, Inc. (NYSE:BANC) has declared a quarterly dividend of $0.10 per share. This announcement was made on Friday, November 8th. Stockholders who are on record by Monday, December 16th, will receive this dividend payout on Thursday, January 2nd. When annualized, this amounts to a total dividend of $0.40, translating to a dividend yield of 2.45%. The ex-dividend date is also set for Monday, December 16th.

Banc of California has shown a strong commitment to returning value to its shareholders, having increased its dividend by an average of 18.6% each year over the last three years. The bank maintains a dividend payout ratio of 30.8%, indicating that its earnings more than adequately cover the dividend payments. Analysts are optimistic about Banc of California's earning potential, forecasting an earnings per share (EPS) of $1.33 for the next year. This suggests that the bank's projected future payout ratio would be approximately 30.1%, further supporting its ability to sustain the $0.40 annual dividend.

Recent Stock Performance

In recent trading, Banc of California's shares experienced an increase of 1.0%, adding $0.16 to reach a trading price of $16.31. During this session, the stock's trading volume was 2,554,962 shares, which is slightly higher than its average volume of 2,541,043 shares. The company's stock has seen a fifty-day moving average of $14.76 and a 200-day moving average of $14.02. Over the past year, Banc of California's stock has fluctuated between a low of $11.10 and a high of $16.92. The bank has a quick ratio and a current ratio both at 0.89 and a debt-to-equity ratio of 0.31.

Banc of California recently reported its quarterly earnings on October 22nd, where it posted earnings of $0.25 per share, exceeding analyst expectations of $0.14 by $0.11. The bank achieved revenues of $431.44 million during the quarter, significantly surpassing predictions of $229.46 million. Despite having a negative net margin of 20.75%, Banc of California recorded a positive return on equity of 2.93%. In the same quarter of the previous year, the EPS was $0.30, providing a year-over-year comparison for investors. For the current fiscal year, analysts are projecting an average EPS of $0.71.

Insider Trading Activity

In related news, Director Richard J. Lashley sold 75,000 shares of Banc of California's stock on September 4th at a price of $14.00 per share, totaling $1,050,000. Following the sale, Lashley owns roughly 719,826 shares valued at around $10,077,564. This transaction shows a negligible decrease of 0.00% in his holdings. Details of this transaction were disclosed to the Securities and Exchange Commission and can be viewed through public filings. Insiders currently hold about 7.37% of the company's equity.

Analyst Recommendations

Several financial analysts have recently commented on Banc of California's stock. Wedbush raised their price target from $18.00 to $19.00 while maintaining an "outperform" rating. Raymond James also increased their price target from $16.00 to $17.00, giving the stock an "outperform" rating as well. Similarly, Wells Fargo upgraded their price target from $16.00 to $17.00, assigning an "equal weight" rating. Additionally, Barclays upgraded their rating from "equal weight" to "overweight," increasing their price target from $17.00 to $18.00. Moreover, Stephens boosted their price target from $15.00 to $16.00, holding the stock at an "equal weight" rating. Presently, based on MarketBeat data, one analyst rated the stock as a sell, four as hold, and six have given it a buy rating, resulting in a consensus rating of "Hold" with a target price of $17.30.

About Banc of California

Banc of California, Inc. operates as the bank holding company for Banc of California, offering various banking products and services primarily within California. The bank provides multiple deposit options including checking accounts, savings accounts, money market accounts, certificates of deposit, retirement accounts, and safe deposit box services.

Dividend, Financial, Analysis