PCB Bancorp (NASDAQ:PCB) Announces Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• Quarterly results beat: PCB reported EPS of $0.74, beating estimates by $0.07, with a net margin of 17.89% and a return on equity of 12.03%.
• Revenue missed expectations at $30.18 million versus the $31.10 million consensus, and the stock opened at $23.87 (down 0.6%) with a P/E of 9.29 and a market cap around $340 million.
• Dividend and insider activity: PCB raised its quarterly dividend to $0.22 (annualized $0.88, 3.7% yield, DPR 34.24%); a director bought 2,000 shares and insiders and institutions own roughly 25.9% and 33.0% of the company, respectively.

PCB Bancorp (NASDAQ:PCB - Get Free Report) announced its quarterly earnings data on Thursday. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.67 by $0.07, Zacks reports. PCB Bancorp had a net margin of 17.89% and a return on equity of 12.03%. The firm had revenue of $30.18 million for the quarter, compared to the consensus estimate of $31.10 million.

PCB Bancorp Trading Down 0.6%

PCB opened at $23.87 on Friday. The company's 50 day moving average is $22.80 and its 200-day moving average is $22.20. PCB Bancorp has a 1-year low of $18.72 and a 1-year high of $24.99. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.11. The company has a market cap of $339.67 million, a P/E ratio of 9.29 and a beta of 0.53.

PCB Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 13th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.7%. This is an increase from PCB Bancorp's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Friday, February 13th. PCB Bancorp's dividend payout ratio (DPR) is currently 34.24%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PCB shares. Wall Street Zen downgraded shares of PCB Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, March 21st. Zacks Research cut shares of PCB Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 2nd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of PCB Bancorp in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $24.50.

Insider Activity

In other news, Director Sang Young Lee purchased 2,000 shares of the company's stock in a transaction dated Wednesday, March 4th. The stock was bought at an average cost of $22.75 per share, for a total transaction of $45,500.00. Following the purchase, the director owned 1,592,961 shares of the company's stock, valued at approximately $36,239,862.75. The trade was a 0.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have purchased 10,119 shares of company stock worth $227,820. Insiders own 25.86% of the company's stock.

Hedge Funds Weigh In On PCB Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its position in PCB Bancorp by 83.6% in the first quarter. Goldman Sachs Group Inc. now owns 194,598 shares of the company's stock valued at $3,641,000 after purchasing an additional 88,589 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of PCB Bancorp during the second quarter worth about $837,000. Dimensional Fund Advisors LP grew its holdings in shares of PCB Bancorp by 3.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 589,218 shares of the company's stock worth $12,756,000 after purchasing an additional 21,948 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of PCB Bancorp by 94.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 31,908 shares of the company's stock valued at $670,000 after buying an additional 15,467 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in shares of PCB Bancorp in the fourth quarter valued at approximately $308,000. Institutional investors and hedge funds own 33.04% of the company's stock.

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.