Banc of California, Inc. (NYSE:BANC) Plans Quarterly Dividend of $0.12

Banc of California, Inc. (NYSE:BANC) announced a quarterly dividend on Friday, August 7th. Investors of record on Tuesday, September 15th will be paid a dividend of 0.12 per share by the bank on Thursday, October 1st. This represents a c) dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 15th.

Banc of California has increased its dividend by an average of 0.1%per year over the last three years. Banc of California has a dividend payout ratio of 29.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Banc of California to earn $2.15 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 22.3%.

Banc of California Trading Down 1.5%

Shares of NYSE BANC traded down $0.28 during trading hours on Friday, reaching $18.72. The stock had a trading volume of 2,076,243 shares, compared to its average volume of 3,038,393. Banc of California has a 52-week low of $14.35 and a 52-week high of $21.93. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of -44.58 and a beta of 0.74. The business’s fifty day moving average price is $20.14 and its two-hundred day moving average price is $19.25. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). The firm had revenue of $16.41 million for the quarter, compared to analysts’ expectations of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The company’s revenue for the quarter was down 94.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.31 earnings per share. Analysts expect that Banc of California will post 1.68 EPS for the current fiscal year.

Insider Buying and Selling at Banc of California

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the sale, the insider directly owned 32,842 shares in the company, valued at $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.78% of the company’s stock.

Institutional Trading of Banc of California

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Banc of California during the 2nd quarter worth $462,252,000. Vanguard Group Inc. raised its stake in Banc of California by 4.6% in the fourth quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock valued at $191,970,000 after buying an additional 438,320 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Banc of California by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank’s stock worth $113,640,000 after acquiring an additional 600,791 shares in the last quarter. Invesco Ltd. boosted its holdings in Banc of California by 3.1% in the fourth quarter. Invesco Ltd. now owns 6,010,260 shares of the bank’s stock worth $115,938,000 after acquiring an additional 181,029 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Banc of California by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after acquiring an additional 297,680 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.