LOS ANGELES - RBB Bancorp (NASDAQ: RBB) and its subsidiaries, including Royal Business Bank and RBB Asset Management Company, announced a quarterly cash dividend of $0.16 per common share. The dividend is scheduled to be paid on August 12, 2024, to shareholders of record by July 31, 2024.
RBB Bancorp, a bank holding company based in Los Angeles, California, reported that as of March 31, 2024, it had total assets amounting to $3.9 billion. The company operates through its wholly-owned subsidiary, Royal Business Bank, which offers a suite of business banking services. These services cater primarily to the Asian communities across various regions, including Los Angeles County, Orange County, and Ventura County in California, Las Vegas in Nevada, several boroughs in New York, Edison in New Jersey, neighborhoods in Chicago, Illinois, and Oahu, Hawaii.
Royal Business Bank provides a range of financial services such as remote deposit, E-banking, mobile banking, and various types of loans including commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, as well as SBA 7A and 504 loans. Additionally, the bank offers residential loans, trade finance, depository account products, and wealth management services.
The bank's physical presence includes nine branches in Los Angeles County, two in Ventura County, one in Orange County, California, one in Las Vegas, Nevada, multiple branches in New York, one in Edison, New Jersey, two in Chicago, Illinois, and one in Honolulu, Hawaii. RBB Bancorp's administrative and lending center is located in Los Angeles, with a finance and operations center in Buena Park, California.
This press release statement from RBB Bancorp is the source of the information provided in this report. The company's forward-looking statements are subject to various risks and uncertainties that could affect future performance. These include, but are not limited to, regulatory compliance, economic conditions, and the ability to attract and retain deposits.
The announcement of the dividend follows standard corporate practice of returning value to shareholders and reflects the company's financial health and commitment to its investors. Shareholders are advised to note the important dates if they wish to receive the upcoming dividend payment.
In other recent news, RBB Bancorp has seen several significant developments. Piper Sandler has adjusted the price target for RBB Bancorp shares from $19.00 to $21.00, citing recalibration of earnings per share estimates for 2024 and 2025. The firm also acknowledged RBB Bancorp's excess capital and suggested that the company is nearing the completion of its regulatory restructuring, with an expected uptick in net interest income and net interest margin.
In addition, RBB Bancorp announced the appointment of Ms. Christina Kao as the new Chair of the Board. This change is part of the company's efforts to comply with regulatory requirements and enhance its risk management and governance structures.
Furthermore, Keefe, Bruyette & Woods upgraded its stock price target for RBB Bancorp to $22, acknowledging the company's progress in resolving legacy issues. The firm also expressed optimism about the company's future potential in the current economic climate.
Piper Sandler maintained a neutral stance on RBB Bancorp, following meetings with CEO David Morris and CFO Lynn Hopkins. The firm highlighted RBB's efforts to enhance profitability through organic balance sheet growth, which is expected to boost Net Interest Income and Net Interest Margin starting in 2024. These are among the recent developments concerning RBB Bancorp.
InvestingPro Insights
RBB Bancorp (NASDAQ: RBB) continues to demonstrate its commitment to shareholders with the announcement of its upcoming dividend payment. In alignment with this positive news, InvestingPro data and tips provide a deeper look into the company's financial health and market performance.
InvestingPro Data shows that RBB Bancorp has a market capitalization of $403.1 million and maintains a Price/Earnings (P/E) ratio of 10.4, which suggests a potentially attractive valuation in its industry. The company's P/E ratio for the last twelve months as of Q1 2024 is slightly lower at 10.16, indicating a stable earnings outlook. Additionally, investors may find the dividend yield of 2.89% as of the ex-date April 30, 2024, appealing, especially considering the company's track record of raising dividends for three consecutive years.
An InvestingPro Tip that stands out is the company's significant return over the last week, with a 1 Week Price Total Return of 11.27%. This momentum is part of a broader trend, with RBB Bancorp achieving a robust 1 Year Price Total Return of 70.25%. This performance reflects investor confidence and the company's ability to generate returns over both short and long terms.
While RBB Bancorp has been trading near its 52-week high, with the price at 98.61% of the peak, an InvestingPro Tip suggests caution as the Relative Strength Index (RSI) indicates the stock may currently be in overbought territory. This could signal potential volatility or a price correction ahead.
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