BlackRock Inc. Purchases Shares of 1,292,135 RBB Bancorp $RBB

Key Points

• BlackRock acquired 1,292,135 shares of RBB Bancorp during the second quarter, valued at approximately $35.4 million, giving it a 7.63% stake. Institutional investors and hedge funds collectively own 40.14% of the company.
• RBB Bancorp reported quarterly earnings of $0.59 per share, beating analyst expectations of $0.54, while revenue totaled $33.1 million. The company also authorized a buyback of up to 1 million shares and pays a quarterly dividend of $0.16.
• RBB shares opened at $25.87, near analysts’ average price target of $25.50, with an overall “Moderate Buy” rating. Price targets from Stephens and Hovde Group were raised to $29.

BlackRock Inc. acquired a new position in shares of RBB Bancorp (NASDAQ:RBB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,292,135 shares of the company's stock, valued at approximately $35,424,000. BlackRock Inc. owned approximately 7.63% of RBB Bancorp as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. BNP Paribas Financial Markets increased 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 buying an additional 835 shares during the last quarter. CANADA LIFE ASSURANCE Co bought a new position in shares of RBB Bancorp in the 4th quarter valued at about $34,000. Public Employees Retirement System of Ohio increased its stake in shares of 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 worth $124,000 after purchasing an additional 1,000 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of RBB Bancorp by 12.9% in 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 during the period. Finally, Russell Investments Group Ltd. lifted its stake in RBB Bancorp by 850.8% in 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 last quarter. Institutional investors and hedge funds own 40.14% of the company's stock.

Insider Transactions at RBB Bancorp

In other RBB Bancorp news, Director David Richard Morris sold 1,946 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $23.99, for a total transaction of $46,684.54. Following the transaction, the director owned 43,422 shares in the company, valued at $1,041,693.78. This represents a 4.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.78% of the stock is owned by corporate insiders.

RBB Bancorp Stock Performance

RBB opened at $25.87 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.07 and a quick ratio of 1.07. The business has a fifty day simple moving average of $26.79 and a 200 day simple moving average of $24.26. RBB Bancorp has a 1 year low of $16.74 and a 1 year high of $28.24. The company has a market capitalization of $437.72 million, a PE ratio of 10.65 and a beta of 1.02.

RBB Bancorp (NASDAQ:RBB - Get Free Report) last posted its quarterly earnings data on Monday, July 20th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.05. The firm had revenue of $33.10 million for the quarter, compared to analysts' expectations of $33.17 million. RBB Bancorp had a return on equity of 7.94% and a net margin of 17.26%. Research analysts expect that RBB Bancorp will post 2.37 EPS for the current year.

RBB Bancorp announced that its Board of Directors has initiated a share buyback program on Monday, June 15th that authorizes the company to buyback 1,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

RBB Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Friday, July 31st were issued a $0.16 dividend. 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 2.5%. RBB Bancorp's payout ratio is currently 26.34%.

Analyst Upgrades and Downgrades

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

RBB Bancorp 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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