RBB Bancorp up as Hovde turns bullish, cites buyback, better credit outlook
BUZZ-RBB Bancorp up as Hovde turns bullish, cites buyback, better credit outlook ** Shares of lender RBB Bancorp RBB.O rise 3.76% to $25.94 after Hovde Group upgrades to "outperform" from "market perform"
** Brokerage cites dual capital actions - partial redemption of subordinated debt and a new share buyback authorization (incl. ~6% of shares)
** Brokerage says credit improved, with line of sight to resolution of several large non-performing assets by year-end
** Notes that management continues to deploy excess capital and sees profitability improving
** Brokerage also raised PT to $29 from $26, which is a 16% upside to the stock's last close
** Five of five analysts rate the stock "hold"; their median PT is $26 - data compiled by LSEG
** Including session's move, stock up 25.9% YTD
(Reporting by Pragyan Kalita in Bengaluru)