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Banc of California announces $0.10 quarterly cash dividend

Published Nov 10, 2023 06:23AM ET
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Banc of California (NYSE:BANC) has declared a quarterly cash dividend of $0.10 per share on its common stock, as announced by the Board of Directors today. The dividend will be payable to stockholders recorded as of December 15, 2023, with the payment date set for January 2, 2024.

In a move to facilitate further investment, the bank's Dividend Reinvestment Plan (DRIP), managed by Computershare, offers registered stockholders the option to purchase additional shares at a 3% discount from the prevailing market price.

As a financial institution with a focus on regional service, Banc of California boasts $9.25 billion in assets as of September 30, 2023. The bank operates under Banc of California, N.A., which includes a network of 32 offices and 26 full-service branches throughout Southern California. Known for its customized banking and lending services, the bank caters to businesses, entrepreneurs, and individual clients in the area. Additionally, Banc of California extends its financial services through Deepstack Technologies, a subsidiary dedicated to providing comprehensive payment processing solutions.

InvestingPro Insights

The Banc of California (BANC) has been demonstrating high earnings quality, with free cash flow exceeding net income, an InvestingPro Tip that points to the bank's financial health. Furthermore, the management has been aggressively buying back shares, indicating their confidence in the company's future performance.

InvestingPro Data also provides valuable insights into the company's financial status. As of Q3 2023, BANC's market cap stood at $654.78 million, and it was trading at a P/E ratio of 6.55, suggesting that the stock could be undervalued. The bank's revenue for the last twelve months as of Q3 2023 was $344.3 million, reflecting its strong market presence.

Finally, it's worth noting that BANC has maintained dividend payments for 21 consecutive years, a fact that potential investors might find reassuring. This, coupled with the recent declaration of a $0.10 per share quarterly cash dividend, underscores the bank's commitment to rewarding its shareholders. In total, InvestingPro offers 12 additional tips for BANC, providing a more comprehensive view of the company's financial health and future prospects.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Banc of California announces $0.10 quarterly cash dividend

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