PCB Bancorp (NASDAQ:PCB) Issues Earnings Results, Beats Expectations By $0.03 EPS

PCB Bancorp (NASDAQ:PCB) posted its quarterly earnings results on Thursday. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.03, Zacks reports. The firm had revenue of $30.70 million for the quarter, compared to analyst estimates of $31.10 million. PCB Bancorp had a net margin of 19.03% and a return on equity of 12.70%.

PCB Bancorp Price Performance

Shares of NASDAQ:PCB opened at $28.90 on Friday. The company’s fifty day moving average is $26.85 and its two-hundred day moving average is $24.29. The company has a quick ratio of 1.06, a current ratio of 1.07 and a debt-to-equity ratio of 0.15. PCB Bancorp has a 12-month low of $19.70 and a 12-month high of $30.83. The company has a market cap of $411.25 million, a P/E ratio of 10.40 and a beta of 0.50.

PCB Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, August 7th. PCB Bancorp’s payout ratio is presently 31.65%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its holdings in shares of PCB Bancorp by 83.6% during the first 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. Marshall Wace LLP purchased a new stake in PCB Bancorp in the 2nd quarter worth approximately $837,000. Dimensional Fund Advisors LP boosted its stake in shares of PCB Bancorp by 3.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 589,218 shares of the company’s stock valued at $12,756,000 after buying an additional 21,948 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in shares of PCB Bancorp by 94.1% during the 3rd 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 purchased a new position in shares of PCB Bancorp during the 4th quarter valued at $308,000. Hedge funds and other institutional investors own 33.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Weiss Ratings upgraded PCB Bancorp from a “buy (b)” rating to a “buy (a-)” rating in a research report on Monday, May 11th. Piper Sandler lifted their target price on PCB Bancorp from $25.50 to $26.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Finally, Zacks Research lowered PCB Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 2nd. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

About PCB Bancorp

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.