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

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Luther Burbank (NASDAQ:LBC) announced its earnings results on Thursday, October 25th. The company reported $0.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.01, Fidelity Earnings reports. Luther Burbank had a net margin of 25.84% and a return on equity of 7.67%. The business had revenue of $32.76 million during the quarter, compared to analysts’ expectations of $33.10 million.

NASDAQ LBC traded down $0.09 on Friday, hitting $9.77. 19,270 shares of the stock were exchanged, compared to its average volume of 63,182. The company has a current ratio of 1.21, a quick ratio of 1.26 and a debt-to-equity ratio of 1.96. Luther Burbank has a 52 week low of $9.23 and a 52 week high of $13.60. The firm has a market capitalization of $552.43 million and a P/E ratio of 6.88.

The company also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Monday, November 5th were given a dividend of $0.0575 per share. This represents a $0.23 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend was Friday, November 2nd. Luther Burbank’s dividend payout ratio (DPR) is currently 16.20%.

LBC has been the subject of several recent research reports. Zacks Investment Research cut shares of Luther Burbank from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Sandler O’Neill reaffirmed a “hold” rating and set a $11.50 price target on shares of Luther Burbank in a research report on Monday, July 30th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $12.00 price target on shares of Luther Burbank in a research report on Wednesday, August 1st. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $12.63.

An institutional investor recently raised its position in Luther Burbank stock. Bank of New York Mellon Corp grew its stake in Luther Burbank Corp (NASDAQ:LBC) by 38.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,623 shares of the company’s stock after purchasing 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 SEC filing. 20.68% of the stock is owned by hedge funds and other institutional investors.

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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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