Luther Burbank (NASDAQ:LBC) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

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Luther Burbank (NASDAQ:LBC) issued its earnings results on Thursday, October 25th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01, Fidelity Earnings reports. The business had revenue of $32.76 million during the quarter, compared to analysts’ expectations of $33.10 million. Luther Burbank had a return on equity of 7.73% and a net margin of 25.84%.

Shares of LBC traded down $0.05 on Friday, reaching $9.67. 22,374 shares of the company’s stock traded hands, compared to its average volume of 76,478. The company has a current ratio of 1.27, a quick ratio of 1.26 and a debt-to-equity ratio of 2.32. The company has a market capitalization of $550.22 million and a price-to-earnings ratio of 6.81. Luther Burbank has a 52-week low of $9.23 and a 52-week high of $13.60.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, November 5th will be given a dividend of $0.0575 per share. This represents a $0.23 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Friday, November 2nd. Luther Burbank’s payout ratio is 16.20%.

A hedge fund recently raised its stake in Luther Burbank stock. Bank of New York Mellon Corp boosted its position in Luther Burbank Corp (NASDAQ:LBC) by 38.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,623 shares of the company’s stock after buying an additional 14,815 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.09% of Luther Burbank worth $617,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 20.53% of the company’s stock.

Several equities research analysts recently commented on the company. Sandler O’Neill restated a “hold” rating and set a $11.50 target price on shares of Luther Burbank in a research report on Monday, July 30th. Piper Jaffray Companies reiterated a “hold” rating and issued a $12.00 price target on shares of Luther Burbank in a report on Wednesday, August 1st. Finally, Zacks Investment Research lowered Luther Burbank from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $12.63.

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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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