Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of RBB Bancorp (NASDAQ:RBB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 103,297 shares of the company's stock, valued at approximately $2,832,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.61% of RBB Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of RBB Bancorp during the 2nd quarter worth $35,424,000. Dimensional Fund Advisors LP increased its stake in RBB Bancorp by 2.1% during the first quarter. Dimensional Fund Advisors LP now owns 830,214 shares of the company's stock worth $17,742,000 after acquiring an additional 16,695 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of RBB Bancorp by 4.2% in the 2nd quarter. Geode Capital Management LLC now owns 362,884 shares of the company's stock worth $6,246,000 after purchasing an additional 14,751 shares during the period. Rhino Investment Partners Inc lifted its stake in shares of RBB Bancorp by 9.4% in the 1st quarter. Rhino Investment Partners Inc now owns 338,810 shares of the company's stock valued at $7,240,000 after purchasing an additional 29,070 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of RBB Bancorp by 0.5% in the 4th quarter. State Street Corp now owns 320,706 shares of the company's stock valued at $6,619,000 after purchasing an additional 1,550 shares in the last quarter. 40.14% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms recently issued reports on RBB. 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. Zacks Research cut shares of RBB Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 23rd. Stephens boosted their price objective on shares of RBB Bancorp from $26.00 to $29.00 and gave the stock a "positive" rating in a research note on Thursday, July 23rd. Finally, Hovde Group raised shares of RBB Bancorp from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $26.00 to $29.00 in a research report on Tuesday, June 16th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, RBB Bancorp currently has an average rating of "Moderate Buy" and an average price target of $25.50.
Get Our Latest Research Report on RBB
RBB Bancorp Trading Up 0.1%
Shares of RBB opened at $26.27 on Friday. The stock's 50-day moving average is $26.78 and its two-hundred day moving average is $24.19. The stock has a market cap of $444.49 million, a PE ratio of 10.81 and a beta of 1.03. RBB Bancorp has a 12 month low of $16.74 and a 12 month high of $28.24. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.07 and a quick ratio of 1.07.
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, beating analysts' consensus estimates of $0.54 by $0.05. The business had revenue of $33.10 million during the quarter, compared to analyst estimates of $33.17 million. RBB Bancorp had a return on equity of 7.94% and a net margin of 17.26%. Equities analysts forecast that RBB Bancorp will post 2.37 earnings per share for the current fiscal year.
RBB Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Friday, July 31st were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, July 31st. RBB Bancorp's dividend payout ratio is currently 26.34%.
RBB Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Monday, June 15th that permits the company to repurchase 1,000,000 shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.
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 value of $46,684.54. Following the completion of the sale, the director owned 43,422 shares of the company's stock, valued at $1,041,693.78. This trade represents a 4.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.78% of the stock is owned by company insiders.
RBB Bancorp Company Profile
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Free Report)
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.
See Also
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