Basswood Capital Management L.L.C. decreased its position in Luther Burbank Corp (NASDAQ:LBC) by 13.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,513,685 shares of the company’s stock after selling 382,291 shares during the quarter. Luther Burbank accounts for approximately 1.3% of Basswood Capital Management L.L.C.’s holdings, making the stock its 20th largest position. Basswood Capital Management L.L.C. owned 4.45% of Luther Burbank worth $22,673,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Research Global Investors grew its position in shares of Luther Burbank by 16.7% in the 3rd quarter. Capital Research Global Investors now owns 1,750,000 shares of the company’s stock worth $19,040,000 after acquiring an additional 250,000 shares in the last quarter. BlackRock Inc. grew its position in shares of Luther Burbank by 17.9% in the 4th quarter. BlackRock Inc. now owns 1,186,799 shares of the company’s stock worth $10,705,000 after acquiring an additional 180,547 shares in the last quarter. Maltese Capital Management LLC grew its position in shares of Luther Burbank by 7.7% in the 3rd quarter. Maltese Capital Management LLC now owns 881,000 shares of the company’s stock worth $9,585,000 after acquiring an additional 62,700 shares in the last quarter. Vanguard Group Inc grew its position in shares of Luther Burbank by 36.3% in the 3rd quarter. Vanguard Group Inc now owns 480,997 shares of the company’s stock worth $5,233,000 after acquiring an additional 128,048 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Luther Burbank by 36.3% in the 3rd quarter. Vanguard Group Inc. now owns 480,997 shares of the company’s stock worth $5,233,000 after acquiring an additional 128,048 shares in the last quarter. Institutional investors own 22.72% of the company’s stock.
Shares of NASDAQ LBC opened at $10.36 on Friday. The company has a market capitalization of $571.23 million, a P/E ratio of 13.11, a P/E/G ratio of 1.81 and a beta of 1.16. Luther Burbank Corp has a 12-month low of $7.92 and a 12-month high of $13.16. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.24 and a current ratio of 1.24.
Luther Burbank (NASDAQ:LBC) last announced its quarterly earnings results on Monday, January 28th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.01). The company had revenue of $33.00 million during the quarter, compared to the consensus estimate of $32.65 million. Luther Burbank had a return on equity of 7.95% and a net margin of 19.58%. On average, research analysts forecast that Luther Burbank Corp will post 0.8 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, February 19th. Investors of record on Friday, February 8th were issued a $0.058 dividend. This represents a $0.23 annualized dividend and a dividend yield of 2.24%. The ex-dividend date was Thursday, February 7th. Luther Burbank’s dividend payout ratio (DPR) is 29.11%.
Several analysts recently issued reports on LBC shares. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $12.00 price target on shares of Luther Burbank in a report on Sunday, February 24th. Zacks Investment Research downgraded Luther Burbank from a “hold” rating to a “sell” rating in a report on Tuesday, January 1st. Finally, ValuEngine downgraded Luther Burbank from a “hold” rating to a “sell” rating in a report on Monday, February 4th. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Luther Burbank currently has an average rating of “Hold” and a consensus target price of $12.50.
In related news, CEO Simone Lagomarsino purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 15th. The shares were acquired at an average price of $10.46 per share, with a total value of $104,600.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 20.40% of the company’s stock.
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About Luther Burbank
Luther Burbank Corporation operates as the bank holding company for Luther Burbank Savings that provides various banking products and services for individuals, entrepreneurs, professionals, and businesses in the United States. The company offers interest and noninterest-bearing transaction accounts, certificates of deposit, and money market accounts.
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