BlackRock Inc. Makes New Investment in PCB Bancorp $PCB

Key Points

• BlackRock acquired 865,199 shares of PCB Bancorp during the second quarter, valued at approximately $24.5 million, giving it a 6.08% stake. Institutional investors and hedge funds collectively own 33.04% of the company.
• PCB Bancorp reported quarterly EPS of $0.73, exceeding analysts’ $0.70 estimate, while revenue reached $30.7 million. Analysts expect full-year EPS of $2.94.
• The bank declared a quarterly dividend of $0.22 per share, or $0.88 annualized, representing a 3.2% yield; analysts maintain a “Moderate Buy” consensus with a $27.75 price target.

BlackRock Inc. acquired a new position in shares of PCB Bancorp (NASDAQ:PCB - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 865,199 shares of the company's stock, valued at approximately $24,546,000. BlackRock Inc. owned 6.08% of PCB Bancorp at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. AQR Capital Management LLC purchased a new position in PCB Bancorp in the first quarter valued at $220,000. Goldman Sachs Group Inc. increased its holdings in PCB Bancorp by 83.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 194,598 shares of the company's stock worth $3,641,000 after purchasing an additional 88,589 shares during the period. Empowered Funds LLC raised its position in PCB Bancorp by 7.2% in the 1st quarter. Empowered Funds LLC now owns 58,475 shares of the company's stock valued at $1,094,000 after purchasing an additional 3,925 shares in the last quarter. Jane Street Group LLC acquired a new stake in PCB Bancorp in the 1st quarter valued at about $272,000. Finally, Strs Ohio purchased a new position in shares of PCB Bancorp in the 1st quarter valued at about $94,000. 33.04% of the stock is currently owned by institutional investors and hedge funds.

PCB Bancorp Price Performance

PCB Bancorp stock opened at $27.78 on Thursday. The stock has a market cap of $390.31 million, a P/E ratio of 9.61 and a beta of 0.49. The company has a fifty day simple moving average of $28.33 and a 200-day simple moving average of $25.40. PCB Bancorp has a 12-month low of $19.70 and a 12-month high of $30.83. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.27.

PCB Bancorp (NASDAQ:PCB - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.70 by $0.03. The firm had revenue of $30.70 million for the quarter, compared to analyst estimates of $31.10 million. PCB Bancorp had a return on equity of 12.91% and a net margin of 19.65%. Equities analysts expect that PCB Bancorp will post 2.94 EPS for the current fiscal year.

PCB Bancorp Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have recently commented on PCB. Keefe, Bruyette & Woods boosted their price objective on PCB Bancorp from $29.00 to $29.50 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of PCB Bancorp in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.75.

PCB Bancorp Company 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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