Banc of California Inc. BANC, -0.87% said Monday it has raised its quarterly dividend by 67%, to 10 cents a share from 6 cents a share. The bank’s stock was still inactive in premarket trading. Based on Friday’s stock closing price of $17.08, the new annual dividend rate implies a dividend yield of 2.34%, which compares with the yield for the SPDR S&P Regional Banking exchange-traded fund KRE, -0.21% of 2.34% and the implied yield for the S&P 500 SPX, +0.22% of 1.66%. The stock has edged up 0.1% over the past three months while the regional bank ETF has slipped 3.1% and the S&P 500 has gained 2.4%.
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