Keefe, Bruyette & Woods Issues Positive Forecast for PCB Bancorp (NASDAQ:PCB) Stock Price

Key Points

• Keefe, Bruyette & Woods has increased its target price for PCB Bancorp from $23.00 to $23.50, suggesting a potential upside of 10.96% from the current stock price.
• PCB Bancorp reported $0.62 earnings per share for the last quarter, exceeding analysts' expectations of $0.60 and with revenues of $29.29 million.
• Hedge funds and institutional investors now own 33.04% of PCB Bancorp’s stock, with significant increases in holdings from firms like Tower Research Capital LLC and CWM LLC.

PCB Bancorp (NASDAQ:PCB - Free Report) had its price objective upped by Keefe, Bruyette & Woods from $23.00 to $23.50 in a research report released on Monday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

PCB Bancorp Stock Down 0.0%

Shares of PCB traded down $0.01 during mid-day trading on Monday, reaching $21.41. The company's stock had a trading volume of 52,828 shares, compared to its average volume of 21,765. The business has a fifty day moving average of $20.64 and a 200 day moving average of $19.68. The company has a market cap of $306.38 million, a price-to-earnings ratio of 10.05 and a beta of 0.57. PCB Bancorp has a 1 year low of $16.00 and a 1 year high of $22.37. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.09.

PCB Bancorp (NASDAQ:PCB - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.02. The company had revenue of $29.29 million during the quarter, compared to analyst estimates of $28.63 million. PCB Bancorp had a return on equity of 10.26% and a net margin of 15.82%. As a group, analysts forecast that PCB Bancorp will post 2.04 earnings per share for the current fiscal year.

PCB Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 8th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, August 8th. This represents a $0.80 annualized dividend and a dividend yield of 3.74%. PCB Bancorp's dividend payout ratio is 37.56%.

Insider Activity

In related news, Director Sang Young Lee bought 18,200 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were bought at an average cost of $21.45 per share, for a total transaction of $390,390.00. Following the completion of the acquisition, the director directly owned 1,569,210 shares in the company, valued at approximately $33,659,554.50. This represents a 1.17% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 25.01% of the company's stock.

Hedge Funds Weigh In On PCB Bancorp

Institutional investors have recently bought and sold shares of the stock. Rhino Investment Partners Inc grew its position in shares of PCB Bancorp by 50.9% in the fourth quarter. Rhino Investment Partners Inc now owns 609,931 shares of the company's stock valued at $12,345,000 after purchasing an additional 205,668 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in PCB Bancorp by 4.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 511,588 shares of the company's stock valued at $10,355,000 after purchasing an additional 23,925 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in PCB Bancorp by 83.6% during 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 in the last quarter. Bridgeway Capital Management LLC raised its stake in shares of PCB Bancorp by 1.0% in the fourth quarter. Bridgeway Capital Management LLC now owns 146,850 shares of the company's stock valued at $2,972,000 after acquiring an additional 1,510 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of PCB Bancorp by 83.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 84,601 shares of the company's stock valued at $1,712,000 after acquiring an additional 38,371 shares during the last quarter. 33.04% of the stock is currently owned by institutional investors.

PCB Bancorp Company 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.