RBB Bancorp (NASDAQ:RBB) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of RBB Bancorp (NASDAQ:RBB) from a strong-buy rating to a hold rating in a report released on Thursday,Zacks.com reports.

Several other equities research analysts also recently issued reports on RBB. Hovde Group raised RBB Bancorp from a “market perform” rating to an “outperform” rating and raised their price target for the company from $26.00 to $29.00 in a research report on Tuesday, June 16th. Stephens boosted their price objective on RBB Bancorp from $26.00 to $29.00 and gave the stock a “positive” rating in a research report on Thursday. Finally, Weiss Ratings upgraded RBB Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, RBB Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $25.50.

RBB Bancorp Price Performance

NASDAQ RBB opened at $26.28 on Thursday. RBB Bancorp has a 1 year low of $16.74 and a 1 year high of $28.24. The company has a fifty day simple moving average of $25.53 and a 200 day simple moving average of $23.25. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.50. The company has a market cap of $445.18 million, a P/E ratio of 10.81 and a beta of 1.03.

RBB Bancorp (NASDAQ:RBB) last announced its earnings results on Monday, July 20th. The company reported $0.59 EPS 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 the consensus estimate of $33.17 million. RBB Bancorp had a net margin of 17.26% and a return on equity of 7.99%. On average, sell-side analysts predict that RBB Bancorp will post 2.37 EPS for the current year.

RBB Bancorp declared that its board has initiated a stock repurchase 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. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

RBB Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Friday, July 31st will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, July 31st. RBB Bancorp’s dividend payout ratio (DPR) is currently 26.34%.

Insider Activity at RBB Bancorp

In other news, EVP Gary Fan sold 6,000 shares of the stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $24.04, for a total value of $144,240.00. Following the completion of the transaction, the executive vice president owned 1,437 shares in the company, valued at approximately $34,545.48. This represents a 80.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Chuang I. Lin sold 10,000 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $24.23, for a total transaction of $242,300.00. Following the transaction, the director owned 51,347 shares of the company’s stock, valued at approximately $1,244,137.81. This represents a 16.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 24,814 shares of company stock worth $597,630 over the last three months. Company insiders own 6.78% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in shares of RBB Bancorp by 20.4% in the 1st quarter. Royal Bank of Canada now owns 16,312 shares of the company’s stock valued at $268,000 after purchasing an additional 2,762 shares in the last quarter. Empowered Funds LLC increased its position in shares of RBB Bancorp by 8.2% during the 1st quarter. Empowered Funds LLC now owns 60,331 shares of the company’s stock worth $995,000 after purchasing an additional 4,571 shares in the last quarter. Jane Street Group LLC lifted its holdings in RBB Bancorp by 75.9% during the 1st quarter. Jane Street Group LLC now owns 28,823 shares of the company’s stock valued at $476,000 after purchasing an additional 12,437 shares during the last quarter. Geode Capital Management LLC lifted its holdings in RBB Bancorp by 4.2% during the 2nd quarter. Geode Capital Management LLC now owns 362,884 shares of the company’s stock valued at $6,246,000 after purchasing an additional 14,751 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in RBB Bancorp by 5.0% in the second quarter. First Trust Advisors LP now owns 11,647 shares of the company’s stock valued at $200,000 after buying an additional 555 shares in the last quarter. 40.14% of the stock is owned by institutional investors.

About RBB Bancorp

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.