RBB Bancorp (NASDAQ:RBB) to Repurchase 1,000,000 Stock

RBB Bancorp (NASDAQ:RBB) declared that its Board of Directors has initiated a stock buyback program on Monday, June 15th, RTT News reports. The company plans to buyback 1,000,000 outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

RBB Bancorp Stock Up 1.1%

Shares of RBB stock traded up $0.26 during mid-day trading on Monday, hitting $25.00. 340,107 shares of the stock traded hands, compared to its average volume of 125,226. The stock has a market cap of $423.50 million, a P/E ratio of 10.59 and a beta of 1.05. The stock’s fifty day moving average is $23.56 and its two-hundred day moving average is $22.15. RBB Bancorp has a 52-week low of $15.94 and a 52-week high of $25.38. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.06 and a quick ratio of 1.06.

RBB Bancorp (NASDAQ:RBB) last released its quarterly earnings results on Monday, April 20th. The company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.45 by $0.21. The business had revenue of $34.75 million during the quarter, compared to analyst estimates of $32.38 million. RBB Bancorp had a net margin of 16.76% and a return on equity of 7.85%. Equities analysts predict that RBB Bancorp will post 2.35 EPS for the current year.

RBB Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Thursday, April 30th. RBB Bancorp’s dividend payout ratio (DPR) is presently 27.12%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Zacks Research raised shares of RBB Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 27th. Hovde Group increased their price target on shares of RBB Bancorp from $23.00 to $26.00 and gave the company a “market perform” rating in a research report on Wednesday, April 22nd. Finally, Weiss Ratings raised shares of RBB Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, RBB Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.33.

Insider Activity at RBB Bancorp

In related news, 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 value of $107,550.00. Following the completion of the transaction, the director directly owned 43,422 shares of the company’s stock, valued at $1,037,785.80. This trade represents a 9.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Gary Fan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $24.04, for a total transaction of $144,240.00. Following the completion of the transaction, the executive vice president directly owned 1,437 shares of the company’s stock, valued at $34,545.48. The trade was a 80.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 24,814 shares of company stock valued at $597,630 in the last three months. 6.78% of the stock is owned by insiders.

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.