Banc of California, Inc. Declares Quarterly Dividend

Banc of California, Inc. (NYSE:BANC) announced on Friday, November 8th, that it will issue a quarterly dividend. Shareholders who are registered by Monday, December 16th, will receive a dividend of $0.10 per share, which will be paid on Thursday, January 2nd. This dividend reflects an annualized amount of $0.40, corresponding to a yield of 2.45%. The ex-dividend date is also set for Monday, December 16th.

Banc of California's Dividend Performance

Banc of California has shown steady growth in its dividend payments, increasing them by an average of 18.6% annually over the last three years. The bank maintains a dividend payout ratio of 30.8%, indicating a strong ability to cover its dividend through earnings. Analysts project that Banc of California will earn $1.33 per share in the upcoming year, suggesting a future payout ratio of approximately 30.1%, which should comfortably support its $0.40 annual dividend.

Recent Trading Activity

On the trading front, shares of Banc of California saw an uptick of 1.0%, gaining $0.16 on the day and reaching $16.31. During trading, the volume reached 2,554,962 shares, a bit higher than the average volume of 2,541,043. Over the past fifty days, the stock price averaged $14.76, while the 200-day moving average is $14.02. The stock has fluctuated between a twelve-month low of $11.10 and a high of $16.92. Currently, the company possesses a quick ratio of 0.89, a current ratio of 0.89, and a debt-to-equity ratio of 0.31.

Recent Financial Results

Banc of California reported its quarterly earnings on October 22nd. The bank achieved earnings of $0.25 per share for the quarter, exceeding market expectations, which estimated earnings at $0.14 by $0.11. The reported revenues for the quarter reached $431.44 million, significantly higher than the expectation of $229.46 million. However, the bank did report a negative net margin of 20.75% alongside a positive return on equity of 2.93%. In the previous year, the earnings per share stood at $0.30. Analysts anticipate that Banc of California will post $0.71 EPS for the current fiscal year.

Insider Transactions

In related news, a recent insider transaction involved Director Richard J. Lashley, who sold 75,000 shares of the bank’s stock on September 4th for an average price of $14.00, totaling around $1,050,000. Following this, Lashley retains ownership of 719,826 shares, worth approximately $10,077,564. This transaction registered a negligible change of 0.00% in his overall holdings. Insider ownership across the company stands at 7.37%.

Analyst Ratings and Price Targets

Several financial institutions have recently updated their price targets for Banc of California. On October 23rd, Wedbush raised its price target from $18.00 to $19.00, while maintaining an "outperform" rating. Similarly, Raymond James increased their target from $16.00 to $17.00 with the same rating. Wells Fargo also adjusted their target from $16.00 to $17.00, labeling it as "equal weight." Additionally, Barclays upgraded the stock from "equal weight" to "overweight" and raised their target from $17.00 to $18.00. Stephens also elevated their target from $15.00 to $16.00, retaining an "equal weight" rating. In total, while one analyst recommends selling the stock, four suggest holding, and six recommend buying it. Current consensus ratings show that the stock maintains a "Hold" status with a target price averaging $17.30.

About Banc of California

Banc of California, Inc serves as the bank holding entity for Banc of California, providing a variety of banking products and services across California. Its offerings encompass various deposit products, which include checking and savings accounts, money market accounts, certificates of deposit, retirement accounts, and safe deposit boxes.

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