PCB Bancorp (NASDAQ:PCB) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of PCB Bancorp (NASDAQ:PCBGet Rating) from a hold rating to a buy rating in a research note released on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $22.00 target price on the stock.

According to Zacks, “PCB Bancorp is a bank holding company which, through its subsidiaries, offers savings accounts, debit and credit cards, personal and business loans, cash management, certificate of deposits, online banking, mortgages, wealth management and e-statements. PCB Bancorp, formerly known as Pacific City Financial Corp, is based in Los Angeles, United States. “

Separately, Raymond James cut shares of PCB Bancorp from an outperform rating to a market perform rating in a research report on Wednesday, April 6th.

PCB stock opened at $20.52 on Wednesday. The company has a fifty day moving average price of $21.24 and a 200-day moving average price of $22.26. The company has a market capitalization of $306.67 million, a P/E ratio of 7.49 and a beta of 0.77. PCB Bancorp has a 52-week low of $15.04 and a 52-week high of $26.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.03 and a current ratio of 1.04.

PCB Bancorp (NASDAQ:PCBGet Rating) last posted its quarterly earnings data on Thursday, April 28th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.08. PCB Bancorp had a net margin of 40.19% and a return on equity of 16.65%. As a group, sell-side analysts forecast that PCB Bancorp will post 2.55 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 20th. Stockholders of record on Friday, May 13th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.92%. The ex-dividend date was Thursday, May 12th. PCB Bancorp’s dividend payout ratio (DPR) is presently 21.90%.

In other PCB Bancorp news, insider Justin Chon sold 3,520 shares of the firm’s stock in a transaction on Friday, May 27th. The shares were sold at an average price of $20.00, for a total value of $70,400.00. Following the completion of the sale, the insider now directly owns 3,580 shares in the company, valued at $71,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Janice Chung purchased 8,700 shares of PCB Bancorp stock in a transaction on Tuesday, March 1st. The stock was bought at an average price of $22.70 per share, with a total value of $197,490.00. The disclosure for this purchase can be found here. Company insiders own 24.05% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of PCB. Royal Bank of Canada lifted its position in shares of PCB Bancorp by 96.1% during the second quarter. Royal Bank of Canada now owns 2,716 shares of the company’s stock valued at $43,000 after purchasing an additional 1,331 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of PCB Bancorp by 108.1% during the fourth quarter. Lazard Asset Management LLC now owns 2,913 shares of the company’s stock valued at $63,000 after purchasing an additional 1,513 shares in the last quarter. Hillsdale Investment Management Inc. lifted its position in shares of PCB Bancorp by 33.3% during the fourth quarter. Hillsdale Investment Management Inc. now owns 3,600 shares of the company’s stock valued at $79,000 after purchasing an additional 900 shares in the last quarter. Citigroup Inc. bought a new position in shares of PCB Bancorp during the fourth quarter valued at about $125,000. Finally, Raymond James Financial Services Advisors Inc. bought a new position in shares of PCB Bancorp during the fourth quarter valued at about $214,000. Hedge funds and other institutional investors own 37.85% of the company’s stock.

About PCB Bancorp (Get Rating)

PCB Bancorp operates as the bank holding company for Pacific City Bank that provides various banking products and services to small to medium-sized businesses, individuals, and professionals in Southern California. The company offers demand, savings, money market, and time deposits, as well as certificates of deposit; and remote deposit capture, courier deposit services, positive pay services, zero balance accounts, and sweep accounts.

Further Reading

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