Walleye Capital LLC Purchases New Position in RBB Bancorp $RBB

Walleye Capital LLC acquired a new position in RBB Bancorp (NASDAQ:RBB) during the second quarter, Holdings Channel reports. The institutional investor acquired 45,829 shares of the company’s stock, valued at approximately $1,256,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in RBB Bancorp by 20.4% in the first quarter. Royal Bank of Canada now owns 16,312 shares of the company’s stock valued at $268,000 after acquiring an additional 2,762 shares during the last quarter. Empowered Funds LLC increased its stake 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 during the last quarter. Jane Street Group LLC increased its stake in shares of RBB Bancorp by 75.9% during the 1st quarter. Jane Street Group LLC now owns 28,823 shares of the company’s stock worth $476,000 after purchasing an additional 12,437 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of RBB Bancorp by 5.0% during the 2nd quarter. First Trust Advisors LP now owns 11,647 shares of the company’s stock valued at $200,000 after purchasing an additional 555 shares in the last quarter. Institutional investors own 40.14% of the company’s stock.

Analyst Upgrades and Downgrades

RBB has been the subject of several analyst reports. Zacks Research lowered shares of RBB Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 23rd. Hovde Group raised shares of RBB Bancorp from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $26.00 to $29.00 in a research report on Tuesday, June 16th. Stephens raised their target price on RBB Bancorp from $26.00 to $29.00 and gave the company a “positive” rating in a report on Thursday, July 23rd. Finally, Weiss Ratings upgraded RBB Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

Insider Activity at RBB Bancorp

In other RBB Bancorp news, EVP Gary Fan sold 2,368 shares of RBB Bancorp stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $24.01, for a total value of $56,855.68. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David Richard Morris sold 1,946 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $23.99, for a total value of $46,684.54. Following the transaction, the director owned 43,422 shares of the company’s stock, valued at approximately $1,041,693.78. This trade represents a 4.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 6.78% of the stock is owned by corporate insiders.

RBB Bancorp Stock Up 0.3%

RBB Bancorp stock opened at $27.59 on Friday. The firm has a market cap of $466.71 million, a price-to-earnings ratio of 11.35 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.07 and a quick ratio of 1.06. RBB Bancorp has a fifty-two week low of $16.74 and a fifty-two week high of $28.24. The firm has a fifty day moving average price of $26.44 and a two-hundred day moving average price of $23.82.

RBB Bancorp (NASDAQ:RBB) last released its quarterly 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 company had revenue of $33.10 million during the quarter, compared to analysts’ expectations of $33.17 million. RBB Bancorp had a net margin of 17.26% and a return on equity of 7.94%. As a group, analysts forecast that RBB Bancorp will post 2.37 earnings per share for the current year.

RBB Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Friday, July 31st were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, July 31st. RBB Bancorp’s payout ratio is currently 26.34%.

RBB Bancorp declared that its board has approved a stock buyback plan on Monday, June 15th that authorizes the company to buyback 1,000,000 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors 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.