Zacks: Brokerages Set $12.00 Target Price for Luther Burbank Corp (LBC)

Luther Burbank Corp (NASDAQ:LBC) has been given a consensus broker rating score of 3.00 (Hold) from the four brokers that provide coverage for the stock, Zacks Investment Research reports. Four research analysts have rated the stock with a hold rating.

Brokers have set a 12-month consensus price target of $12.00 for the company and are forecasting that the company will post $0.20 earnings per share for the current quarter, according to Zacks. Zacks has also given Luther Burbank an industry rank of 204 out of 255 based on the ratings given to its competitors.

A number of analysts have issued reports on LBC shares. ValuEngine lowered Luther Burbank from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd. Zacks Investment Research lowered Luther Burbank from a “buy” rating to a “hold” rating in a research note on Tuesday, May 22nd. Sandler O’Neill reissued a “hold” rating and issued a $11.50 price target on shares of Luther Burbank in a research note on Monday, July 30th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $12.00 price target on shares of Luther Burbank in a research note on Wednesday, August 1st.

Shares of NASDAQ:LBC opened at $11.45 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.26 and a debt-to-equity ratio of 2.32. Luther Burbank has a 12-month low of $10.49 and a 12-month high of $13.60. The stock has a market capitalization of $659.92 million and a price-to-earnings ratio of 8.06.

Luther Burbank (NASDAQ:LBC) last issued its quarterly earnings results on Thursday, July 26th. The company reported $0.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.20. The business had revenue of $31.98 million during the quarter, compared to analyst estimates of $32.60 million. sell-side analysts expect that Luther Burbank will post 0.81 earnings per share for the current year.

A number of large investors have recently modified their holdings of LBC. Schwab Charles Investment Management Inc. acquired a new stake in Luther Burbank in the 1st quarter worth about $686,000. American International Group Inc. acquired a new position in shares of Luther Burbank in the 1st quarter valued at about $108,000. Northern Trust Corp acquired a new position in shares of Luther Burbank in the 1st quarter valued at about $1,789,000. BlackRock Inc. acquired a new position in shares of Luther Burbank in the 1st quarter valued at about $7,440,000. Finally, Spark Investment Management LLC acquired a new position in shares of Luther Burbank in the 1st quarter valued at about $774,000. 20.76% of the stock is currently owned by hedge funds and other institutional investors.

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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