Luther Burbank Corp (NASDAQ:LBC) was the recipient of a large growth in short interest in July. As of July 31st, there was short interest totalling 101,300 shares, a growth of 18.8% from the June 30th total of 85,300 shares. Based on an average daily trading volume, of 68,900 shares, the days-to-cover ratio is currently 1.5 days. Approximately 0.5% of the company’s stock are short sold.
Several equities research analysts have commented on the stock. Sandler O’Neill raised shares of Luther Burbank from a “hold” rating to a “buy” rating in a research report on Thursday, June 27th. Zacks Investment Research cut shares of Luther Burbank from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Finally, ValuEngine cut shares of Luther Burbank from a “hold” rating to a “sell” rating in a research report on Friday, August 2nd.
Hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA raised its holdings in shares of Luther Burbank by 288.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,333 shares of the company’s stock valued at $44,000 after purchasing an additional 3,218 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in Luther Burbank in the 1st quarter valued at about $85,000. ELCO Management Co. LLC acquired a new position in Luther Burbank in the 1st quarter valued at about $108,000. Virginia Retirement Systems ET AL acquired a new position in Luther Burbank in the 2nd quarter valued at about $118,000. Finally, Trexquant Investment LP acquired a new position in Luther Burbank in the 2nd quarter valued at about $182,000. 22.30% of the stock is currently owned by institutional investors.
Luther Burbank (NASDAQ:LBC) last issued its quarterly earnings results on Monday, July 29th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.20 by $0.01. The firm had revenue of $32.06 million for the quarter, compared to analysts’ expectations of $32.85 million. Luther Burbank had a net margin of 17.97% and a return on equity of 8.00%. Research analysts anticipate that Luther Burbank will post 0.82 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Thursday, August 8th will be issued a $0.058 dividend. The ex-dividend date is Wednesday, August 7th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 2.21%. Luther Burbank’s payout ratio is 29.11%.
About Luther Burbank
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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