Luther Burbank (LBC) Sets New 1-Year Low at $9.66

Luther Burbank Corp (NASDAQ:LBC)’s share price hit a new 52-week low during trading on Friday . The company traded as low as $9.66 and last traded at $9.69, with a volume of 2296 shares. The stock had previously closed at $9.85.

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

The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.26 and a current ratio of 1.27.

Luther Burbank (NASDAQ:LBC) last issued its earnings results on Thursday, July 26th. The company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.20. The company had revenue of $31.98 million during the quarter, compared to analyst estimates of $32.60 million. As a group, equities analysts forecast that Luther Burbank Corp will post 0.81 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of LBC. BlackRock Inc. acquired a new stake in shares of Luther Burbank in the 1st quarter valued at about $7,440,000. Maltese Capital Management LLC grew its position in shares of Luther Burbank by 23.4% during the 2nd quarter. Maltese Capital Management LLC now owns 818,300 shares of the company’s stock valued at $9,415,000 after buying an additional 155,000 shares during the last quarter. Northern Trust Corp bought a new stake in shares of Luther Burbank during the 1st quarter valued at about $1,789,000. First Trust Advisors LP bought a new stake in shares of Luther Burbank during the 2nd quarter valued at about $920,000. Finally, Legal & General Group Plc bought a new stake in shares of Luther Burbank during the 1st quarter valued at about $890,000. Institutional investors and hedge funds own 20.48% of the company’s stock.

Luther Burbank Company Profile (NASDAQ:LBC)

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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