Banc of California, Inc. (NYSE:BANC – Get Free Report) declared a quarterly dividend on Thursday, February 8th, Zacks reports. Shareholders of record on Friday, March 15th will be given a dividend of 0.10 per share by the bank on Monday, April 1st. This represents a $0.40 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Thursday, March 14th.
Banc of California has increased its dividend payment by an average of 18.6% annually over the last three years and has raised its dividend every year for the last 1 years. Banc of California has a payout ratio of 19.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Banc of California to earn $2.11 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 19.0%.
Banc of California Stock Up 0.7 %
NYSE:BANC opened at $14.97 on Tuesday. Banc of California has a one year low of $9.72 and a one year high of $16.08. The firm’s fifty day moving average price is $13.71 and its two-hundred day moving average price is $12.86. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.
Insider Transactions at Banc of California
In related news, Director Richard J. Lashley bought 10,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was purchased at an average price of $21.40 per share, with a total value of $214,000.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at $214,000. The purchase was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 7.37% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its stake in shares of Banc of California by 34.6% in the second quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the bank’s stock valued at $48,000 after buying an additional 1,067 shares during the period. Point72 Middle East FZE acquired a new stake in Banc of California during the 4th quarter valued at approximately $54,000. Quantbot Technologies LP increased its position in Banc of California by 158.3% during the 2nd quarter. Quantbot Technologies LP now owns 3,100 shares of the bank’s stock valued at $54,000 after purchasing an additional 1,900 shares during the period. Captrust Financial Advisors increased its position in Banc of California by 63.5% during the 1st quarter. Captrust Financial Advisors now owns 3,663 shares of the bank’s stock valued at $71,000 after purchasing an additional 1,423 shares during the period. Finally, Public Employees Retirement Association of Colorado acquired a new stake in Banc of California during the 4th quarter valued at approximately $108,000. Institutional investors own 88.55% of the company’s stock.
Wall Street Analysts Forecast Growth
BANC has been the subject of a number of recent research reports. StockNews.com initiated coverage on shares of Banc of California in a research report on Monday, January 29th. They issued a “hold” rating for the company. Truist Financial boosted their target price on shares of Banc of California from $13.00 to $16.00 and gave the company a “hold” rating in a research report on Tuesday, January 30th. Barclays began coverage on shares of Banc of California in a research report on Friday. They issued an “equal weight” rating and a $16.00 target price for the company. Finally, Wedbush upped their price objective on shares of Banc of California from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $16.43.
Banc of California Company Profile
Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services to small and medium-size businesses in California. It offers personal banking products and services, including checking account, debit Mastercard, certificates of deposit, and savings and money market accounts, as well as online and mobile banking services; personal credit cards; and specialty banking services.
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