Mendon Capital Advisors Corp raised its holdings in shares of Luther Burbank Corp (NASDAQ:LBC) by 62.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 279,077 shares of the company’s stock after purchasing an additional 107,278 shares during the quarter. Mendon Capital Advisors Corp’s holdings in Luther Burbank were worth $3,039,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in LBC. JPMorgan Chase & Co. lifted its position in shares of Luther Burbank by 5,518.5% during the second quarter. JPMorgan Chase & Co. now owns 286,823 shares of the company’s stock worth $3,085,000 after purchasing an additional 281,718 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Luther Burbank by 590.8% during the second quarter. Renaissance Technologies LLC now owns 179,600 shares of the company’s stock worth $1,956,000 after purchasing an additional 153,600 shares during the last quarter. Kennedy Capital Management Inc. bought a new stake in shares of Luther Burbank during the first quarter worth $1,313,000. Acadian Asset Management LLC lifted its position in shares of Luther Burbank by 1,967.6% during the first quarter. Acadian Asset Management LLC now owns 51,690 shares of the company’s stock worth $522,000 after purchasing an additional 49,190 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Luther Burbank by 710.3% during the fourth quarter. Bank of America Corp DE now owns 55,983 shares of the company’s stock worth $505,000 after purchasing an additional 49,074 shares during the last quarter. Institutional investors and hedge funds own 21.65% of the company’s stock.
LBC has been the subject of several research analyst reports. Sandler O’Neill upgraded Luther Burbank from a “hold” rating to a “buy” rating in a research report on Thursday, June 27th. ValuEngine lowered Luther Burbank from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd.
Shares of Luther Burbank stock traded up $0.11 during trading on Friday, hitting $11.63. 1,165 shares of the stock traded hands, compared to its average volume of 37,242. The firm has a market cap of $619.86 million, a P/E ratio of 14.66, a price-to-earnings-growth ratio of 1.92 and a beta of 1.15. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 2.05. Luther Burbank Corp has a 52-week low of $7.92 and a 52-week high of $11.90. The stock’s fifty day simple moving average is $10.68 and its 200 day simple moving average is $10.53.
Luther Burbank (NASDAQ:LBC) last announced its quarterly earnings results on Monday, July 29th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.20 by $0.01. The firm had revenue of $32.06 million for the quarter, compared to analyst estimates of $32.85 million. Luther Burbank had a return on equity of 7.94% and a net margin of 17.97%. As a group, equities analysts expect that Luther Burbank Corp will post 0.82 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Thursday, August 8th were paid a dividend of $0.058 per share. The ex-dividend date was Wednesday, August 7th. This represents a $0.23 annualized dividend and a dividend yield of 1.99%. Luther Burbank’s dividend payout ratio is currently 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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