RBB Bancorp (NASDAQ:RBB – Get Free Report) announced its quarterly earnings results on Monday. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.06, Zacks reports. RBB Bancorp had a net margin of 16.76% and a return on equity of 7.85%.
RBB Bancorp Price Performance
RBB stock traded down $0.32 during trading on Monday, hitting $26.74. The company had a trading volume of 177,170 shares, compared to its average volume of 114,391. The firm has a market capitalization of $452.98 million, a price-to-earnings ratio of 11.33 and a beta of 1.03. The business has a 50 day moving average of $25.21 and a 200 day moving average of $23.06. RBB Bancorp has a fifty-two week low of $16.74 and a fifty-two week high of $28.24. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.50.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on RBB shares. Hovde Group upgraded shares of RBB Bancorp from a “market perform” rating to an “outperform” rating and raised their price target for the company from $26.00 to $29.00 in a research note on Tuesday, June 16th. Zacks Research upgraded RBB Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 27th. Finally, Weiss Ratings raised RBB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.33.
Insider Buying and Selling at RBB Bancorp
In other news, Director David Richard Morris sold 4,500 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.90, for a total value of $107,550.00. Following the completion of the sale, the director directly owned 43,422 shares of the company’s stock, valued at approximately $1,037,785.80. This represents a 9.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Gary Fan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $24.04, for a total transaction of $144,240.00. Following the completion of the transaction, the executive vice president owned 1,437 shares of the company’s stock, valued at $34,545.48. This trade represents a 80.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 24,814 shares of company stock valued at $597,630. Company insiders own 6.78% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets raised its holdings in RBB Bancorp by 84.9% during the second quarter. BNP Paribas Financial Markets now owns 1,819 shares of the company’s stock worth $31,000 after purchasing an additional 835 shares in the last quarter. CANADA LIFE ASSURANCE Co bought a new position in RBB Bancorp during the 4th quarter valued at $34,000. Public Employees Retirement System of Ohio boosted its stake in RBB Bancorp by 17.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 6,593 shares of the company’s stock valued at $124,000 after purchasing an additional 1,000 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in RBB Bancorp by 12.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,145 shares of the company’s stock valued at $127,000 after purchasing an additional 703 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of RBB Bancorp by 850.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 10,012 shares of the company’s stock valued at $188,000 after purchasing an additional 8,959 shares during the period. Institutional investors and hedge funds own 40.14% of the company’s stock.
RBB Bancorp announced that its Board of Directors has authorized a share repurchase plan on Monday, June 15th that authorizes the company to buyback 1,000,000 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
RBB Bancorp Company Profile
RBB Bancorp is a bank holding company headquartered in Los Angeles, California, and the parent of Royal Business Bank. Established in 2008, the company focuses on providing a full range of commercial banking services tailored to small- and medium-sized businesses, professionals and real estate investors. Through its subsidiary, RBB Bancorp delivers deposit products, loan facilities and cash management solutions designed to support operations and growth strategies.
The company’s core offerings include commercial real estate lending, construction and land development loans, Small Business Administration (SBA) lending and trade finance.
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