PCB Bancorp $PCB Shares Sold by Rhino Investment Partners Inc

Key Points

• Rhino Investment Partners Inc reduced its stake in PCB Bancorp by 7.8%, selling 47,295 shares and maintaining ownership of 562,636 shares, which constitutes 2.6% of its portfolio.
• In the latest quarter, several hedge funds increased their stakes in PCB Bancorp, with Tower Research Capital LLC leading the way with a 71.6% increase in holdings.
• PCB Bancorp recently declared a quarterly dividend of $0.20 per share, translating to an annualized dividend yield of 3.7%.

Rhino Investment Partners Inc lowered its stake in shares of PCB Bancorp (NASDAQ:PCB - Free Report) by 7.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 562,636 shares of the company's stock after selling 47,295 shares during the period. PCB Bancorp makes up approximately 2.6% of Rhino Investment Partners Inc's investment portfolio, making the stock its 13th largest position. Rhino Investment Partners Inc owned 3.91% of PCB Bancorp worth $10,527,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PCB. Tower Research Capital LLC TRC boosted its position in shares of PCB Bancorp by 71.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,599 shares of the company's stock worth $32,000 after purchasing an additional 667 shares during the period. Wells Fargo & Company MN lifted its holdings in PCB Bancorp by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 6,404 shares of the company's stock worth $130,000 after buying an additional 1,395 shares in the last quarter. Deutsche Bank AG lifted its holdings in PCB Bancorp by 39.5% during the 4th quarter. Deutsche Bank AG now owns 7,283 shares of the company's stock worth $147,000 after buying an additional 2,063 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in PCB Bancorp during the 4th quarter worth approximately $186,000. Finally, Bank of America Corp DE lifted its holdings in PCB Bancorp by 40.3% during the 4th quarter. Bank of America Corp DE now owns 12,223 shares of the company's stock worth $247,000 after buying an additional 3,511 shares in the last quarter. Hedge funds and other institutional investors own 33.04% of the company's stock.

Insiders Place Their Bets

In other news, Director Sang Young Lee acquired 18,200 shares of PCB Bancorp stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $21.45 per share, for a total transaction of $390,390.00. Following the acquisition, the director owned 1,569,210 shares of the company's stock, valued at $33,659,554.50. This trade represents a 1.17% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Don Rhee acquired 10,000 shares of PCB Bancorp stock in a transaction dated Friday, August 1st. The stock was purchased at an average price of $20.13 per share, for a total transaction of $201,300.00. Following the completion of the acquisition, the director directly owned 419,044 shares in the company, valued at approximately $8,435,355.72. This represents a 2.44% increase in their position. The disclosure for this purchase can be found here. 25.86% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their target price on shares of PCB Bancorp from $23.00 to $23.50 and gave the stock a "market perform" rating in a report on Monday, July 28th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, PCB Bancorp currently has a consensus rating of "Hold" and a consensus price target of $22.25.

PCB Bancorp Stock Up 4.5%

Shares of PCB traded up $0.97 during midday trading on Friday, reaching $22.39. The stock had a trading volume of 46,726 shares, compared to its average volume of 28,531. PCB Bancorp has a 1-year low of $16.00 and a 1-year high of $22.45. The company's fifty day simple moving average is $21.22 and its two-hundred day simple moving average is $19.92. The company has a market cap of $321.30 million, a price-to-earnings ratio of 10.51 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06.

PCB Bancorp (NASDAQ:PCB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.02. PCB Bancorp had a net margin of 15.82% and a return on equity of 10.58%. The business had revenue of $29.29 million for the quarter, compared to analyst estimates of $28.63 million. Equities research analysts expect that PCB Bancorp will post 2.04 earnings per share for the current year.

PCB Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Friday, August 8th. PCB Bancorp's dividend payout ratio (DPR) is presently 37.56%.

PCB Bancorp Profile

PCB Bancorp operates as the bank holding company for PCB 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 trade finance, remote deposit capture, courier deposit services, positive pay services, zero balance accounts, and sweep accounts.