Banc of California, Inc. (NYSE:BANC – Get Rating) declared a quarterly dividend on Friday, August 5th, Zacks reports. Stockholders of record on Thursday, September 15th will be given a dividend of 0.06 per share by the bank on Monday, October 3rd. This represents a $0.24 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Wednesday, September 14th.
Banc of California has a dividend payout ratio of 11.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Banc of California to earn $2.06 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 11.7%.
Banc of California Price Performance
BANC stock opened at $17.29 on Friday. The firm has a 50 day moving average price of $17.82 and a 200-day moving average price of $18.66. Banc of California has a 52-week low of $16.72 and a 52-week high of $22.09. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 10.74 and a beta of 1.35. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.98 and a current ratio of 0.99.
Institutional Investors Weigh In On Banc of California
A number of hedge funds have recently modified their holdings of BANC. JPMorgan Chase & Co. grew its position in shares of Banc of California by 43.0% during the 1st quarter. JPMorgan Chase & Co. now owns 227,875 shares of the bank’s stock valued at $4,412,000 after acquiring an additional 68,518 shares during the period. Bank of New York Mellon Corp boosted its holdings in Banc of California by 1.5% in the 1st quarter. Bank of New York Mellon Corp now owns 583,011 shares of the bank’s stock worth $11,286,000 after buying an additional 8,380 shares during the period. American Century Companies Inc. boosted its holdings in Banc of California by 51.3% in the 1st quarter. American Century Companies Inc. now owns 34,077 shares of the bank’s stock worth $660,000 after buying an additional 11,557 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in Banc of California in the 1st quarter worth $225,000. Finally, Citigroup Inc. boosted its holdings in Banc of California by 12.3% in the 1st quarter. Citigroup Inc. now owns 47,942 shares of the bank’s stock worth $928,000 after buying an additional 5,255 shares during the period. Institutional investors own 92.93% of the company’s stock.
Analyst Ratings Changes
BANC has been the subject of several recent research reports. Stephens lifted their target price on shares of Banc of California from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Monday, April 25th. TheStreet upgraded shares of Banc of California from a “c+” rating to a “b” rating in a report on Friday, April 22nd. Piper Sandler decreased their price objective on shares of Banc of California to $22.00 in a report on Monday, July 4th. Finally, StockNews.com lowered shares of Banc of California from a “buy” rating to a “hold” rating in a report on Friday, May 20th.
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-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.
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