Pacific Continental Corp. (PCBK) Downgraded by Zacks Investment Research to “Sell”
Pacific Continental Corp. (NASDAQ:PCBK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “PACIFIC CONTINENTAL is a one-bank holding company. Their principal business activities are conducted through their full- service commercial bank subsidiary, PacificContinental Bank. The Bank is engaged in general commercial banking, with emphasis on lending to small and medium-sized businesses and construction lending for commercial facilities and single family residences. The Bank provides a range of financial services tailored to the needs of the community. “
A number of other research analysts have also recently commented on PCBK. DA Davidson restated a “buy” rating and set a $20.00 price target on shares of Pacific Continental Corp. in a research note on Tuesday, August 23rd. Sandler O’Neill cut Pacific Continental Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $18.50.
Pacific Continental Corp. (NASDAQ:PCBK) opened at 16.46 on Tuesday. The stock has a market capitalization of $324.77 million, a P/E ratio of 17.07 and a beta of 0.89. The company’s 50-day moving average price is $15.93 and its 200 day moving average price is $16.07. Pacific Continental Corp. has a 52 week low of $12.80 and a 52 week high of $17.12.
Pacific Continental Corp. (NASDAQ:PCBK) last released its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by $0.15. Pacific Continental Corp. had a return on equity of 9.86% and a net margin of 21.78%. Equities research analysts expect that Pacific Continental Corp. will post $0.99 EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in shares of Pacific Continental Corp. by 9.5% in the second quarter. Royal Bank of Canada now owns 95,060 shares of the financial services provider’s stock valued at $1,493,000 after buying an additional 8,259 shares during the last quarter. Panagora Asset Management Inc. raised its position in Pacific Continental Corp. by 4.8% in the second quarter. Panagora Asset Management Inc. now owns 242,585 shares of the financial services provider’s stock valued at $3,811,000 after buying an additional 11,013 shares during the period. Barclays PLC raised its position in Pacific Continental Corp. by 75.6% in the second quarter. Barclays PLC now owns 63,306 shares of the financial services provider’s stock valued at $995,000 after buying an additional 27,259 shares during the period. Parametric Portfolio Associates LLC raised its position in Pacific Continental Corp. by 1.4% in the second quarter. Parametric Portfolio Associates LLC now owns 12,597 shares of the financial services provider’s stock valued at $198,000 after buying an additional 177 shares during the period. Finally, State Street Corp raised its position in Pacific Continental Corp. by 1.7% in the second quarter. State Street Corp now owns 322,410 shares of the financial services provider’s stock valued at $5,065,000 after buying an additional 5,524 shares during the period. Institutional investors and hedge funds own 66.50% of the company’s stock.
Pacific Continental Corp. Company Profile
Pacific Continental Corporation is a bank holding company. The Company’s principal business activities are conducted through its subsidiary, Pacific Continental Bank (the Bank), an Oregon state-chartered bank with deposits insured by the Federal Deposit Insurance Corporation (FDIC). The Bank operates in over three primary markets, including Eugene, Oregon, Portland; Oregon/Southwest Washington, and Seattle, Washington.
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