Patriot Financial Partners GP LP bought a new position in Luther Burbank Corp (NASDAQ:LBC) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 14,049 shares of the company’s stock, valued at approximately $159,000. Luther Burbank accounts for about 0.1% of Patriot Financial Partners GP LP’s holdings, making the stock its 16th biggest position.
Several other hedge funds and other institutional investors have also recently modified their holdings of LBC. Rhumbline Advisers grew its position in shares of Luther Burbank by 9.3% in the 3rd quarter. Rhumbline Advisers now owns 30,175 shares of the company’s stock worth $342,000 after buying an additional 2,569 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Luther Burbank by 3.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 103,782 shares of the company’s stock valued at $1,131,000 after purchasing an additional 3,863 shares during the last quarter. Bank of America Corp DE grew its stake in Luther Burbank by 11.3% in the second quarter. Bank of America Corp DE now owns 57,891 shares of the company’s stock valued at $630,000 after purchasing an additional 5,870 shares during the last quarter. Northern Trust Corp grew its stake in Luther Burbank by 3.1% in the second quarter. Northern Trust Corp now owns 224,325 shares of the company’s stock valued at $2,443,000 after purchasing an additional 6,640 shares during the last quarter. Finally, Swiss National Bank grew its stake in Luther Burbank by 25.3% in the second quarter. Swiss National Bank now owns 36,700 shares of the company’s stock valued at $400,000 after purchasing an additional 7,400 shares during the last quarter. 21.83% of the stock is currently owned by institutional investors.
Several equities analysts have issued reports on LBC shares. ValuEngine lowered Luther Burbank from a “sell” rating to a “strong sell” rating in a research note on Monday, October 21st. Zacks Investment Research upgraded Luther Burbank from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Thursday, October 24th.
LBC traded down $0.06 on Friday, hitting $11.77. The company had a trading volume of 26,800 shares, compared to its average volume of 57,349. Luther Burbank Corp has a 12-month low of $7.92 and a 12-month high of $11.99. The stock has a market capitalization of $661.97 million, a price-to-earnings ratio of 14.90 and a beta of 1.17. The stock has a fifty day moving average price of $11.26 and a 200-day moving average price of $10.79. The company has a debt-to-equity ratio of 2.05, a quick ratio of 1.21 and a current ratio of 1.21.
Luther Burbank (NASDAQ:LBC) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.03. Luther Burbank had a return on equity of 7.98% and a net margin of 17.57%. The company had revenue of $33.58 million during the quarter, compared to the consensus estimate of $31.50 million. Analysts forecast that Luther Burbank Corp will post 0.89 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 4th will be issued a $0.058 dividend. This represents a $0.23 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Friday, November 1st. Luther Burbank’s payout ratio is presently 29.11%.
Luther Burbank Profile
Luther Burbank Corporation operates as the bank holding company for Luther Burbank Savings that provides various banking products and services for real estate investors, professionals, entrepreneurs, high net worth individuals, and commercial businesses. The company offers interest and noninterest-bearing transaction accounts, certificates of deposit, and money market accounts.
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