PCB Bancorp (NASDAQ:PCB) Posts Quarterly Earnings Results, Beats Expectations By $0.17 EPS

PCB Bancorp (NASDAQ:PCB) posted its earnings results on Thursday. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.61 by $0.17, Zacks reports. The company had revenue of $30.39 million during the quarter, compared to the consensus estimate of $30.45 million. PCB Bancorp had a net margin of 15.82% and a return on equity of 10.58%.

PCB Bancorp Stock Down 1.2%

PCB Bancorp stock opened at $20.27 on Friday. The stock has a market cap of $290.87 million, a PE ratio of 9.52 and a beta of 0.58. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. The firm’s 50-day simple moving average is $21.21 and its 200 day simple moving average is $20.52. PCB Bancorp has a fifty-two week low of $16.00 and a fifty-two week high of $22.45.

PCB Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, November 7th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, November 7th. This represents a $0.80 annualized dividend and a yield of 3.9%. PCB Bancorp’s payout ratio is 37.56%.

Insider Buying and Selling

In other PCB Bancorp news, Director Sang Young Lee purchased 18,200 shares of the company’s stock in a transaction that occurred 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 purchase, the director owned 1,569,210 shares of the company’s stock, valued at $33,659,554.50. This represents a 1.17% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Don Rhee purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $20.13 per share, for a total transaction of $201,300.00. Following the completion of the purchase, the director directly owned 419,044 shares in the company, valued at $8,435,355.72. This represents a 2.44% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 25.86% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Thrivent Financial for Lutherans purchased a new position in shares of PCB Bancorp during the 2nd quarter valued at $204,000. Tower Research Capital LLC TRC grew its position in shares of PCB Bancorp by 88.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,916 shares of the company’s stock valued at $40,000 after purchasing an additional 898 shares in the last quarter. Bridgeway Capital Management LLC grew its position in shares of PCB Bancorp by 4.1% during the 2nd quarter. Bridgeway Capital Management LLC now owns 145,459 shares of the company’s stock valued at $3,052,000 after purchasing an additional 5,784 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of PCB Bancorp during the 2nd quarter valued at $145,000. Finally, Marshall Wace LLP purchased a new position in shares of PCB Bancorp during the 2nd quarter valued at $837,000. 33.04% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PCB has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their target price on shares of PCB Bancorp from $23.00 to $23.50 and gave the stock a “market perform” rating in a research report on Monday, July 28th. Weiss Ratings reissued a “buy (b-)” rating on shares of PCB Bancorp in a research report on Tuesday, October 14th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $22.25.

About PCB Bancorp

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.