Luther Burbank Corp (LBC) Position Lowered by Millennium Management LLC
Millennium Management LLC lowered its stake in Luther Burbank Corp (NASDAQ:LBC) by 14.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 321,224 shares of the company’s stock after selling 53,460 shares during the period. Millennium Management LLC owned approximately 0.57% of Luther Burbank worth $3,696,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Luther Burbank in the first quarter valued at about $7,440,000. Maltese Capital Management LLC boosted its stake in 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 buying an additional 155,000 shares in the last quarter. Northern Trust Corp acquired a new stake in Luther Burbank in the first quarter valued at about $1,789,000. First Trust Advisors LP acquired a new stake in Luther Burbank in the second quarter valued at about $920,000. Finally, Legal & General Group Plc acquired a new stake in Luther Burbank in the first quarter valued at about $890,000. Institutional investors own 20.48% of the company’s stock.
LBC has been the topic of several research analyst reports. Zacks Investment Research lowered Luther Burbank from a “buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. Sandler O’Neill reissued a “hold” rating and set a $11.50 price target on shares of Luther Burbank in a research note on Monday, July 30th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $12.00 price target on shares of Luther Burbank in a research note on Wednesday, August 1st. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $12.63.
Luther Burbank (NASDAQ:LBC) last announced its quarterly earnings results on Thursday, July 26th. The company reported $0.20 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.20. The firm had revenue of $31.98 million for the quarter, compared to analyst estimates of $32.60 million. Equities analysts predict that Luther Burbank Corp will post 0.81 EPS for the current year.
Luther Burbank 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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