Brokerages forecast that Luther Burbank Corp (NASDAQ:LBC) will post $32.85 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Luther Burbank’s earnings, with the lowest sales estimate coming in at $32.70 million and the highest estimate coming in at $33.00 million. Luther Burbank posted sales of $31.98 million in the same quarter last year, which suggests a positive year over year growth rate of 2.7%. The business is scheduled to issue its next earnings report on Thursday, July 25th.
On average, analysts expect that Luther Burbank will report full-year sales of $133.10 million for the current year, with estimates ranging from $132.00 million to $134.20 million. For the next year, analysts forecast that the business will report sales of $141.55 million, with estimates ranging from $137.20 million to $145.90 million. Zacks’ sales calculations are an average based on a survey of analysts that cover Luther Burbank.
Luther Burbank (NASDAQ:LBC) last posted its quarterly earnings results on Monday, April 29th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.20 by $0.01. The business had revenue of $33.47 million during the quarter, compared to analysts’ expectations of $32.55 million. Luther Burbank had a net margin of 18.64% and a return on equity of 7.98%.
LBC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $12.00 target price on shares of Luther Burbank in a research note on Sunday, February 24th. Zacks Investment Research cut shares of Luther Burbank from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $11.83.
In related news, EVP Liana Prieto sold 20,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $10.03, for a total transaction of $200,600.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 20.78% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Mendon Capital Advisors Corp increased its stake in Luther Burbank by 90.9% during the 1st quarter. Mendon Capital Advisors Corp now owns 171,799 shares of the company’s stock worth $1,735,000 after purchasing an additional 81,799 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in Luther Burbank by 23.6% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 1,005,721 shares of the company’s stock worth $10,158,000 after purchasing an additional 191,990 shares in the last quarter. SEI Investments Co bought a new stake in Luther Burbank during the 1st quarter worth approximately $224,000. Charles Schwab Investment Management Inc. increased its stake in Luther Burbank by 4.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 99,919 shares of the company’s stock worth $1,010,000 after purchasing an additional 4,459 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Luther Burbank during the 1st quarter worth approximately $263,000. 22.28% of the stock is currently owned by hedge funds and other institutional investors.
Shares of LBC stock traded up $0.06 during trading on Tuesday, hitting $10.48. 15,002 shares of the company were exchanged, compared to its average volume of 83,602. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market cap of $585.14 million, a P/E ratio of 13.27, a P/E/G ratio of 1.76 and a beta of 1.08. Luther Burbank has a twelve month low of $7.92 and a twelve month high of $12.81.
The business also recently announced a quarterly dividend, which was paid on Monday, May 20th. Investors of record on Thursday, May 9th were given a dividend of $0.0575 per share. This represents a $0.23 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend was Wednesday, May 8th. Luther Burbank’s dividend payout ratio (DPR) is currently 29.11%.
Luther Burbank Company 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.
Read More: Hedge Funds
Get a free copy of the Zacks research report on Luther Burbank (LBC)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Luther Burbank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Luther Burbank and related companies with MarketBeat.com's FREE daily email newsletter.