Luther Burbank (LBC) Stock Rating Lowered by Zacks Investment Research

Luther Burbank (NASDAQ:LBC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

According to Zacks, “Luther Burbank Corporation is a bank holding company which operates through its subsidiary, Luther Burbank Savings. It offers commercial banking products and services to real estate investors, entrepreneurs, high net worth individuals and commercial businesses. The Bank’s principal lending products are real estate secured loans, primarily on smaller, existing multifamily residential properties. Luther Burbank Corporation is headquartered in Santa Rosa, California. “

A number of other research firms also recently issued reports on LBC. Sandler O’Neill reaffirmed a “hold” rating and set a $11.50 price objective on shares of Luther Burbank in a report on Monday, July 30th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $12.00 price objective on shares of Luther Burbank in a report on Wednesday, August 1st. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. The stock presently has an average rating of “Hold” and an average price target of $12.63.

NASDAQ:LBC traded down $0.07 on Thursday, hitting $9.57. The stock had a trading volume of 83,219 shares, compared to its average volume of 78,397. Luther Burbank has a 1 year low of $9.23 and a 1 year high of $13.60.

Luther Burbank (NASDAQ:LBC) last announced its quarterly earnings results on Thursday, October 25th. The company reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The firm had revenue of $32.76 million during the quarter, compared to the consensus estimate of $33.10 million.

A number of large investors have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. increased its position in shares of Luther Burbank by 17.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 66,982 shares of the company’s stock valued at $771,000 after acquiring an additional 9,893 shares during the period. Maltese Capital Management LLC increased its position in shares of Luther Burbank by 23.4% in the second quarter. Maltese Capital Management LLC now owns 818,300 shares of the company’s stock valued at $9,415,000 after acquiring an additional 155,000 shares during the period. American Century Companies Inc. purchased a new position in shares of Luther Burbank in the second quarter valued at about $203,000. Jennison Associates LLC increased its position in shares of Luther Burbank by 1.8% in the second quarter. Jennison Associates LLC now owns 556,068 shares of the company’s stock valued at $6,398,000 after acquiring an additional 9,922 shares during the period. Finally, Strs Ohio increased its position in shares of Luther Burbank by 415.0% in the second quarter. Strs Ohio now owns 20,600 shares of the company’s stock valued at $237,000 after acquiring an additional 16,600 shares during the period. Institutional investors own 20.53% of the company’s stock.

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 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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