Pacific City Financial (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 research report report published on Wednesday morning.

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 has been the subject of several other research reports. Keefe, Bruyette & Woods started coverage on Pacific City Financial in a research report on Tuesday, September 4th. They issued a market perform rating and a $22.00 target price for the company. Raymond James started coverage on Pacific City Financial in a research note on Tuesday, September 4th. They issued an outperform rating and a $22.00 price target on the stock. Finally, Sandler O’Neill started coverage on Pacific City Financial in a research note on Wednesday, September 5th. They issued a buy rating and a $23.00 price target on the stock.

Shares of NYSE PCB traded down $0.35 on Wednesday, hitting $16.29. The company had a trading volume of 14,901 shares, compared to its average volume of 55,509. Pacific City Financial has a 12-month low of $14.10 and a 12-month high of $20.95.

Pacific City Financial (NYSE:PCB) last issued its earnings results on Tuesday, October 23rd. The company reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.01). The firm had revenue of $19.30 million during the quarter, compared to the consensus estimate of $21.50 million.

In other Pacific City Financial news, Director Don Rhee purchased 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 28th. The shares were acquired at an average price of $19.78 per share, for a total transaction of $237,360.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Henry Kim purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 23rd. The stock was acquired at an average price of $19.83 per share, for a total transaction of $39,660.00. The disclosure for this purchase can be found here.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Pacific City Financial during the third quarter valued at approximately $12,494,000. Alliancebernstein L.P. acquired a new stake in Pacific City Financial during the third quarter valued at approximately $6,449,000. Cutler Capital Management LLC acquired a new stake in Pacific City Financial during the third quarter valued at approximately $4,728,000. Bank of New York Mellon Corp acquired a new stake in Pacific City Financial during the third quarter valued at approximately $489,000. Finally, Engineers Gate Manager LP acquired a new stake in Pacific City Financial during the third quarter valued at approximately $277,000.

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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