Bank of America Corp DE Makes New $1.44 Million Investment in RBB Bancorp $RBB

Key Points

• Bank of America initiated a $1.44 million stake in RBB Bancorp during the second quarter, purchasing 52,415 shares and owning approximately 0.31% of the company. Institutional investors collectively hold 40.14% of RBB’s shares.
• Analyst sentiment is generally positive: RBB has a consensus “Moderate Buy” rating and a $25.50 average price target, while Hovde Group and Stephens raised their targets to $29.
• RBB Bancorp reported quarterly EPS of $0.59, exceeding the $0.54 consensus estimate, and authorized a buyback of up to 1 million shares. The company also pays a quarterly dividend of $0.16 per share, equivalent to a 2.4% annualized yield.

Bank of America Corp DE bought a new stake in shares of RBB Bancorp (NASDAQ:RBB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 52,415 shares of the company's stock, valued at approximately $1,437,000. Bank of America Corp DE owned about 0.31% of RBB Bancorp at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Legal & General Group Plc purchased a new position in RBB Bancorp in the second quarter valued at about $46,000. PNC Financial Services Group Inc. raised its holdings in shares of RBB Bancorp by 10.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,781 shares of the company's stock worth $145,000 after purchasing an additional 636 shares during the period. Ieq Capital LLC purchased a new position in RBB Bancorp in the second quarter valued at approximately $246,000. Canada Pension Plan Investment Board purchased a new position in RBB Bancorp in the second quarter valued at approximately $282,000. Finally, Sei Investments Co. bought a new position in RBB Bancorp during the first quarter valued at $356,000. 40.14% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on RBB shares. Zacks Research downgraded RBB Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 23rd. Weiss Ratings raised RBB Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 21st. Hovde Group upgraded RBB Bancorp from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $26.00 to $29.00 in a research note on Tuesday, June 16th. Finally, Stephens lifted their price objective on RBB Bancorp from $26.00 to $29.00 and gave the stock a "positive" rating in a report on Thursday, July 23rd. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $25.50.

RBB Bancorp Stock Up 0.7%

RBB Bancorp stock opened at $26.22 on Friday. The firm has a 50 day simple moving average of $26.61 and a 200 day simple moving average of $25.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.55. RBB Bancorp has a 1-year low of $16.74 and a 1-year high of $28.24. The firm has a market capitalization of $443.64 million, a price-to-earnings ratio of 10.79 and a beta of 1.04.

RBB Bancorp (NASDAQ:RBB - Get Free Report) last posted its earnings results on Monday, July 20th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.05. RBB Bancorp had a return on equity of 7.94% and a net margin of 17.26%.The firm had revenue of $33.10 million for the quarter, compared to the consensus estimate of $33.17 million. On average, analysts predict that RBB Bancorp will post 2.39 earnings per share for the current year.

RBB Bancorp announced that its Board of Directors has authorized a stock buyback 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 stock is undervalued.

RBB Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Friday, July 31st were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $0.64 dividend on an annualized basis and a yield of 2.4%. RBB Bancorp's dividend payout ratio is 26.34%.

RBB Bancorp Company Profile

RBB Bancorp is a bank holding company headquartered in Los Angeles, California. Through its principal subsidiary, Royal Business Bank, the company provides banking services to businesses, professionals, entrepreneurs and individuals, with a focus on serving small and mid-sized businesses and Asian-American communities.

Royal Business Bank offers commercial and industrial loans, commercial real estate financing, residential mortgage loans, Small Business Administration lending, construction loans and other credit products.

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