Banc of California Inc (NYSE:BANC) announced a quarterly dividend on Thursday, August 15th, Zacks reports. Shareholders of record on Monday, September 16th will be paid a dividend of 0.06 per share by the bank on Tuesday, October 1st. This represents a $0.24 annualized dividend and a yield of 1.65%. The ex-dividend date is Friday, September 13th.

Banc of California has increased its dividend payment by an average of 2.7% annually over the last three years. Banc of California has a dividend payout ratio of 34.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Banc of California to earn $0.86 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 27.9%.

Shares of NYSE:BANC traded down $0.58 on Wednesday, reaching $14.56. 1,656,859 shares of the company traded hands, compared to its average volume of 227,916. The stock has a market capitalization of $775.40 million, a P/E ratio of 29.71, a price-to-earnings-growth ratio of 1.69 and a beta of 1.34. The business’s 50-day simple moving average is $14.71 and its 200 day simple moving average is $14.42. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 2.76. Banc of California has a 52 week low of $12.22 and a 52 week high of $20.08.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, July 25th. The bank reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $62.49 million during the quarter, compared to analyst estimates of $73.09 million. Banc of California had a return on equity of 7.94% and a net margin of 10.28%. During the same quarter in the previous year, the company posted $0.16 EPS. Sell-side analysts expect that Banc of California will post 0.82 EPS for the current fiscal year.

BANC has been the topic of several recent research reports. Sandler O’Neill lowered Banc of California from a “buy” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research upgraded Banc of California from a “sell” rating to a “hold” rating in a research report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $17.75.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.

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Dividend History for Banc of California (NYSE:BANC)

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