Luther Burbank Corp (NASDAQ:LBC) Sees Large Growth in Short Interest

Luther Burbank Corp (NASDAQ:LBC) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 142,700 shares, a growth of 58.0% from the May 30th total of 90,300 shares. Based on an average trading volume of 77,900 shares, the days-to-cover ratio is presently 1.8 days. Approximately 0.8% of the shares of the company are sold short.

Several research firms recently weighed in on LBC. Sandler O’Neill raised Oritani Financial from a “hold” rating to a “buy” rating and lifted their price target for the stock from $17.00 to $19.00 in a report on Thursday, June 27th. Zacks Investment Research cut Inflarx from a “buy” rating to a “hold” rating in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $11.83.

In other news, EVP Liana Prieto sold 20,000 shares of Luther Burbank stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $10.03, for a total transaction of $200,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 20.78% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rhumbline Advisers boosted its holdings in Luther Burbank by 57.6% in the fourth quarter. Rhumbline Advisers now owns 26,842 shares of the company’s stock worth $242,000 after purchasing an additional 9,812 shares during the period. New York State Common Retirement Fund boosted its holdings in shares of Luther Burbank by 33.6% during the fourth quarter. New York State Common Retirement Fund now owns 15,100 shares of the company’s stock valued at $136,000 after acquiring an additional 3,800 shares during the period. BlackRock Inc. boosted its holdings in shares of Luther Burbank by 17.9% during the fourth quarter. BlackRock Inc. now owns 1,186,799 shares of the company’s stock valued at $10,705,000 after acquiring an additional 180,547 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Luther Burbank by 226.3% during the fourth quarter. Bank of New York Mellon Corp now owns 211,371 shares of the company’s stock valued at $1,907,000 after acquiring an additional 146,590 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Luther Burbank by 14.0% during the fourth quarter. Geode Capital Management LLC now owns 180,975 shares of the company’s stock valued at $1,632,000 after acquiring an additional 22,246 shares during the period. 22.28% of the stock is owned by hedge funds and other institutional investors.

NASDAQ LBC traded down $0.12 during midday trading on Thursday, hitting $11.02. The company had a trading volume of 40,053 shares, compared to its average volume of 74,874. The stock has a market cap of $634.70 million, a P/E ratio of 13.95, a PEG ratio of 1.91 and a beta of 1.13. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 2.15. The business has a 50-day moving average of $10.53. Luther Burbank has a twelve month low of $7.92 and a twelve month high of $12.47.

Luther Burbank (NASDAQ:LBC) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The firm had revenue of $33.47 million during the quarter, compared to analysts’ expectations of $32.55 million. Luther Burbank had a return on equity of 7.98% and a net margin of 18.64%. As a group, equities analysts predict that Luther Burbank will post 0.85 EPS for the current fiscal year.

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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