Banc of California Inc (NYSE:BANC) announced a quarterly dividend on Wednesday, May 15th, Zacks reports. Shareholders of record on Monday, June 17th will be paid a dividend of 0.06 per share by the bank on Monday, July 1st. This represents a $0.24 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Friday, June 14th.
Banc of California has raised its dividend payment by an average of 2.7% per year over the last three years. Banc of California has a payout ratio of 34.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Banc of California to earn $0.92 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 26.1%.
Shares of BANC opened at $13.72 on Friday. The stock has a market capitalization of $697.58 million, a price-to-earnings ratio of 28.00, a price-to-earnings-growth ratio of 1.62 and a beta of 1.29. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.00 and a current ratio of 1.00. Banc of California has a fifty-two week low of $12.22 and a fifty-two week high of $20.45.
BANC has been the topic of a number of recent research reports. DA Davidson cut shares of Banc of California from a “buy” rating to a “neutral” rating and set a $17.00 price objective on the stock. in a report on Wednesday, March 6th. Zacks Investment Research upgraded shares of Banc of California from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 26th. Four 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 an average target price of $17.75.
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About Banc of California
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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