Pacific City Financial (NYSE:PCB) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Pacific City Financial (NYSE:PCB) from a hold rating to a sell rating in a report issued on Thursday morning, Zacks.com reports.

According to Zacks, “Pacific City Financial Corporation is the parent company of Pacific City Bank a commercial bank. Pacific City Bank specializes in commercial banking for small to medium-size businesses by providing commercial real estate loans, small business loans and lines of credit, trade finance loans, auto loans, residential mortgage loans and SBA loans. It operates primarily in Lynwood and Bellevue, Washington; Denver, Colorado; Chicago, Illinois; Annandale, Virginia; Atlanta, Georgia; Orange County and Los Angeles, California; Bayside, New York and Carrollton, Texas. Pacific City Financial Corporation is headquartered in Los Angeles, California. “

PCB stock opened at $16.91 on Thursday. Pacific City Financial has a 52 week low of $13.36 and a 52 week high of $20.95. The business’s 50-day moving average is $16.98.

Pacific City Financial (NYSE:PCB) last released its quarterly earnings data on Friday, April 26th. The company reported $0.40 EPS for the quarter, hitting analysts’ consensus estimates of $0.40. The company had revenue of $19.56 million for the quarter, compared to analysts’ expectations of $20.20 million.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a dividend of $0.06 per share. The ex-dividend date was Thursday, May 30th. This represents a $0.24 dividend on an annualized basis and a yield of 1.42%. This is an increase from Pacific City Financial’s previous quarterly dividend of $0.05.

In related news, Director Don Rhee acquired 17,544 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were purchased at an average price of $17.02 per share, with a total value of $298,598.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John Ju sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $17.00, for a total transaction of $170,000.00. The disclosure for this sale can be found here.

A number of hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA boosted its holdings in Pacific City Financial by 686.2% during the first quarter. BNP Paribas Arbitrage SA now owns 2,508 shares of the company’s stock worth $44,000 after buying an additional 2,189 shares in the last quarter. Context BH Capital Management LP lifted its holdings in shares of Pacific City Financial by 1.5% in the first quarter. Context BH Capital Management LP now owns 192,485 shares of the company’s stock valued at $3,359,000 after purchasing an additional 2,918 shares in the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Pacific City Financial in the fourth quarter valued at about $72,000. Bank of America Corp DE lifted its holdings in shares of Pacific City Financial by 217.0% in the fourth quarter. Bank of America Corp DE now owns 7,731 shares of the company’s stock valued at $122,000 after purchasing an additional 5,292 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Pacific City Financial by 22.4% in the fourth quarter. Bank of New York Mellon Corp now owns 30,997 shares of the company’s stock valued at $485,000 after purchasing an additional 5,678 shares in the last quarter.

Pacific City Financial Company Profile

Pacific City Financial Corporation operates as a bank holding company for Pacific City Bank that provides various commercial banking products and services to individuals, professionals, and small-to-medium sized businesses in Southern California. The company offers checking, savings, and money market accounts, as well as certificates of deposit.

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