Bank of New York Mellon Corp Takes $1.71 Million Position in PCB Bancorp $PCB

Key Points

• Bank of New York Mellon acquired 60,382 shares of PCB Bancorp worth approximately $1.71 million, representing about 0.42% of the company. Institutional investors and hedge funds collectively own 33.04% of PCB Bancorp.
• PCB Bancorp reported quarterly earnings of $0.73 per share, beating analyst expectations of $0.70, while revenue of $30.7 million fell slightly short of estimates. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $27.75.
• Shares opened at $27.77, down 1.3%, and the company pays a quarterly dividend of $0.22 per share, equivalent to an annualized dividend of $0.88 and a 3.2% yield.

Bank of New York Mellon Corp acquired a new position in PCB Bancorp (NASDAQ:PCB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 60,382 shares of the company's stock, valued at approximately $1,713,000. Bank of New York Mellon Corp owned approximately 0.42% of PCB Bancorp as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCB. CANADA LIFE ASSURANCE Co boosted its stake in shares of PCB Bancorp by 45.6% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,447 shares of the company's stock worth $31,000 after buying an additional 453 shares during the last quarter. Russell Investments Group Ltd. boosted its position in PCB Bancorp by 3,769.6% during the second quarter. Russell Investments Group Ltd. now owns 1,780 shares of the company's stock valued at $37,000 after purchasing an additional 1,734 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in PCB Bancorp by 88.2% during the second quarter. Tower Research Capital LLC TRC now owns 1,916 shares of the company's stock valued at $40,000 after purchasing an additional 898 shares during the last quarter. BNP Paribas Financial Markets grew its stake in PCB Bancorp by 273.4% in the third quarter. BNP Paribas Financial Markets now owns 3,939 shares of the company's stock valued at $83,000 after purchasing an additional 2,884 shares in the last quarter. Finally, Strs Ohio bought a new position in PCB Bancorp in the first quarter valued at approximately $94,000. 33.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Weiss Ratings reiterated a "buy (a-)" rating on shares of PCB Bancorp in a research note on Friday, August 7th. Keefe, Bruyette & Woods raised their target price on shares of PCB Bancorp from $29.00 to $29.50 and gave the company a "market perform" rating in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, PCB Bancorp has an average rating of "Moderate Buy" and an average target price of $27.75.

PCB Bancorp Trading Down 1.3%

Shares of NASDAQ:PCB opened at $27.77 on Wednesday. PCB Bancorp has a 52-week low of $19.70 and a 52-week high of $30.83. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $390.03 million, a P/E ratio of 9.61 and a beta of 0.49. The company has a 50-day simple moving average of $28.32 and a 200 day simple moving average of $25.54.

PCB Bancorp (NASDAQ:PCB - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. PCB Bancorp had a return on equity of 12.91% and a net margin of 19.65%.The firm had revenue of $30.70 million for the quarter, compared to the consensus estimate of $31.10 million. Sell-side analysts forecast that PCB Bancorp will post 2.94 earnings per share for the current year.

PCB Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.88 annualized dividend and a yield of 3.2%. PCB Bancorp's dividend payout ratio (DPR) is currently 30.45%.

PCB Bancorp Profile

PCB Bancorp is the bank holding company for Pacific City Bank, a California-chartered bank founded in 1999 and headquartered in Torrance, California. As the parent of an FDIC-insured institution, PCB Bancorp oversees a community-focused banking franchise that serves both retail customers and commercial enterprises. The company's strategy emphasizes personalized service and deep market knowledge to meet the evolving needs of individuals, families and businesses in Southern California.

Through its subsidiary Pacific City Bank, PCB Bancorp offers a broad range of financial products and services, including deposit accounts, commercial real estate and construction lending, residential mortgages, trade finance, treasury management and wealth advisory solutions.

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