Luther Burbank Corp (LBC) Expected to Announce Quarterly Sales of $32.55 Million

Analysts forecast that Luther Burbank Corp (NASDAQ:LBC) will report $32.55 million in sales for the current quarter, according to Zacks. Two analysts have made estimates for Luther Burbank’s earnings. The highest sales estimate is $32.60 million and the lowest is $32.50 million. Luther Burbank reported sales of $31.49 million during the same quarter last year, which indicates a positive year over year growth rate of 3.4%. The business is scheduled to issue its next quarterly earnings results on Thursday, April 25th.

On average, analysts expect that Luther Burbank will report full year sales of $133.05 million for the current year, with estimates ranging from $133.00 million to $133.10 million. For the next year, analysts expect that the business will post sales of $148.35 million, with estimates ranging from $143.80 million to $152.90 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Luther Burbank.

Luther Burbank (NASDAQ:LBC) last issued its quarterly earnings results on Monday, January 28th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.01). Luther Burbank had a net margin of 19.58% and a return on equity of 7.95%. The company had revenue of $33.00 million for the quarter, compared to analyst estimates of $32.65 million.

Several brokerages recently commented on LBC. Zacks Investment Research cut Luther Burbank from a “hold” rating to a “strong sell” rating in a research report on Friday, February 1st. Keefe, Bruyette & Woods restated a “hold” rating and issued a $12.00 price objective on shares of Luther Burbank in a research note on Sunday, February 24th. Finally, ValuEngine lowered Luther Burbank from a “hold” rating to a “sell” rating in a research note on Monday, February 4th. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $12.50.

Shares of NASDAQ LBC opened at $10.57 on Thursday. Luther Burbank has a 52 week low of $7.92 and a 52 week high of $13.16. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 2.24. The company has a market cap of $590.43 million, a P/E ratio of 13.38, a P/E/G ratio of 1.86 and a beta of 1.14.

In other Luther Burbank news, CEO Simone Lagomarsino acquired 10,000 shares of the company’s stock in a transaction on Friday, February 15th. The shares were purchased at an average price of $10.46 per share, for a total transaction of $104,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 20.78% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in LBC. New York State Common Retirement Fund increased its stake in shares of Luther Burbank by 33.6% during the fourth quarter. New York State Common Retirement Fund now owns 15,100 shares of the company’s stock worth $136,000 after purchasing an additional 3,800 shares during the period. M3F Inc. bought a new position in shares of Luther Burbank during the fourth quarter worth approximately $226,000. Rhumbline Advisers increased its stake in shares of Luther Burbank by 57.6% during the fourth quarter. Rhumbline Advisers now owns 26,842 shares of the company’s stock worth $242,000 after purchasing an additional 9,812 shares during the period. Wells Fargo & Company MN increased its stake in shares of Luther Burbank by 72.5% during the third quarter. Wells Fargo & Company MN now owns 23,968 shares of the company’s stock worth $260,000 after purchasing an additional 10,077 shares during the period. Finally, Citadel Advisors LLC bought a new position in shares of Luther Burbank during the third quarter worth approximately $273,000. Institutional investors own 22.73% of the company’s stock.

About Luther Burbank

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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Earnings History and Estimates for Luther Burbank (NASDAQ:LBC)

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