RBB Bancorp (NASDAQ:RBB) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

RBB Bancorp (NASDAQ:RBB) released its earnings results on Monday. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.06, Zacks reports. RBB Bancorp had a net margin of 16.76% and a return on equity of 7.85%. The company had revenue of $33.10 million for the quarter, compared to analyst estimates of $33.17 million.

RBB Bancorp Stock Down 1.2%

NASDAQ:RBB traded down $0.32 during mid-day trading on Monday, hitting $26.74. The stock had a trading volume of 177,195 shares, compared to its average volume of 114,784. The stock has a 50-day simple moving average of $25.21 and a two-hundred day simple moving average of $23.06. The company has a market capitalization of $452.98 million, a PE ratio of 11.33 and a beta of 1.03. RBB Bancorp has a twelve month low of $16.74 and a twelve month high of $28.24. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.50.

Insider Buying and Selling

In other RBB Bancorp news, Director Chuang I. Lin sold 10,000 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $24.23, for a total value of $242,300.00. Following the sale, the director directly 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director David Richard Morris sold 4,500 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.90, for a total transaction of $107,550.00. Following the completion of the sale, the director directly owned 43,422 shares in the company, valued at approximately $1,037,785.80. This represents a 9.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 24,814 shares of company stock worth $597,630 over the last 90 days. 6.78% of the stock is owned by insiders.

Hedge Funds Weigh In On RBB Bancorp

Several large investors have recently bought and sold shares of RBB. BNP Paribas Financial Markets raised its stake in RBB Bancorp by 84.9% in the second quarter. BNP Paribas Financial Markets now owns 1,819 shares of the company’s stock valued at $31,000 after buying an additional 835 shares in the last quarter. CANADA LIFE ASSURANCE Co acquired a new position in shares of RBB Bancorp during the 4th quarter worth about $34,000. Public Employees Retirement System of Ohio boosted its position 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 acquiring an additional 1,000 shares in the last quarter. PNC Financial Services Group Inc. increased 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 acquiring an additional 703 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of 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 acquiring an additional 8,959 shares during the last quarter. Hedge funds and other institutional investors own 40.14% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Hovde Group upgraded shares of RBB Bancorp from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $26.00 to $29.00 in a research note on Tuesday, June 16th. Zacks Research upgraded RBB Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 27th. Finally, Weiss Ratings upgraded RBB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, RBB Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $24.33.

RBB Bancorp announced that its board has authorized a share buyback program on Monday, June 15th that permits the company to buyback 1,000,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.