LOS ANGELES - Banc of California , Inc. (NYSE: NYSE:BANC) has announced dividends on its common and preferred stock, as declared by the company's Board of Directors. Common stockholders are set to receive a $0.10 per share dividend, payable on October 1, 2024, to those on record as of September 16, 2024.
Additionally, the Board has declared a quarterly cash dividend for the 7.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series F, amounting to $0.4845 per depositary share. Holders of record as of August 22, 2024, will receive this dividend on September 3, 2024. These Series F shares are publicly traded under the symbol "Banc/PF."
The company also reminded investors of its Dividend Reinvestment Plan (DRIP), which enables common stockholders to purchase additional shares at a 3% discount from the market price. This plan is available to all registered common stockholders with holdings at the transfer agent, Computershare.
Banc of California, with over $35 billion in assets, operates as a bank holding company and parent to Banc of California. It positions itself as a premier relationship-based business bank serving small to middle-market businesses, as well as venture-backed companies. With more than 80 branches across California, and additional offices in Denver, Colorado, and Durham, North Carolina, the bank also has nationwide regional offices.
The bank's subsidiary, Deepstack Technologies, offers payment processing solutions, while another platform, SmartStreet™, caters to the Community Association Management industry. Banc of California emphasizes its community commitment, supporting financial literacy, job training, small business development, affordable housing, and more.
This information is based on a press release statement from Banc of California, Inc.
InvestingPro Insights
As Banc of California (NYSE: BANC) continues to reward its shareholders with dividends, the financial outlook provided by InvestingPro offers a mixed picture. According to InvestingPro Tips, analysts are optimistic about the company's prospects, expecting net income and sales growth in the current year.
This aligns with the company's strategy to serve a growing market of small to middle-market businesses and venture-backed companies. However, it's worth noting that while analysts predict profitability this year, the company has not been profitable over the last twelve months, highlighting a period of transition.
InvestingPro Data reveals a market capitalization of $2.21 billion, but a negative P/E ratio of -3.48, which further adjusts to -5.62 when considering the last twelve months as of Q2 2024. These figures underscore the challenges the company has faced in achieving profitability. Despite a substantial quarterly revenue growth of 343.4% in Q2 2024, the overall revenue growth for the last twelve months is down by 63.09%. This may reflect significant one-off gains or the volatile nature of Banc of California's business environment.
The bank's dividend yield stands at 3.06%, which is competitive and could be attractive to income-focused investors. The bank's commitment to its Dividend Reinvestment Plan (DRIP) also provides an opportunity for shareholders to reinvest their dividends at a discount, potentially enhancing their long-term investment value.
For investors looking to delve deeper into Banc of California's financials, there are 5 additional InvestingPro Tips available on https://www.investing.com/pro/BANC, which could provide further insights into the company's performance and future outlook.
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