PCB Bancorp (NASDAQ:PCB) Sees Large Decrease in Short Interest

PCB Bancorp (NASDAQ:PCB) saw a large decrease in short interest during the month of December. As of December 31st, there was short interest totaling 166,081 shares, a decrease of 19.1% from the December 15th total of 205,291 shares. Currently, 1.6% of the company’s stock are sold short. Based on an average daily trading volume, of 24,010 shares, the short-interest ratio is presently 6.9 days. Based on an average daily trading volume, of 24,010 shares, the short-interest ratio is presently 6.9 days. Currently, 1.6% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PCB. Keefe, Bruyette & Woods lifted their price objective on PCB Bancorp from $23.50 to $25.00 and gave the company a “market perform” rating in a research note on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of PCB Bancorp in a research report on Monday, December 29th. Wall Street Zen upgraded shares of PCB Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Finally, Piper Sandler increased their price objective on shares of PCB Bancorp from $23.00 to $24.00 and gave the company a “neutral” rating in a research report on Monday, October 27th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $24.50.

PCB Bancorp Price Performance

Shares of PCB Bancorp stock traded down $0.19 during trading on Monday, hitting $22.20. 15,228 shares of the company’s stock traded hands, compared to its average volume of 19,192. PCB Bancorp has a 1 year low of $16.00 and a 1 year high of $24.04. The business has a 50-day simple moving average of $22.10 and a 200-day simple moving average of $21.59. The stock has a market capitalization of $316.57 million, a P/E ratio of 9.29 and a beta of 0.54.

PCB Bancorp (NASDAQ:PCB) last issued its earnings results on Thursday, October 23rd. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.17. The business had revenue of $30.39 million during the quarter, compared to analyst estimates of $30.45 million. PCB Bancorp had a return on equity of 11.56% and a net margin of 17.08%. On average, equities analysts predict that PCB Bancorp will post 2.04 earnings per share for the current fiscal year.

PCB Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, November 7th were issued a $0.20 dividend. The ex-dividend date was Friday, November 7th. This represents a $0.80 annualized dividend and a yield of 3.6%. PCB Bancorp’s dividend payout ratio (DPR) is currently 33.47%.

Institutional Investors Weigh In On PCB Bancorp

A number of hedge funds have recently added to or reduced their stakes in PCB. Rhumbline Advisers raised its stake in shares of PCB Bancorp by 4.9% in the second quarter. Rhumbline Advisers now owns 16,056 shares of the company’s stock valued at $337,000 after acquiring an additional 750 shares during the period. CWM LLC raised its holdings in PCB Bancorp by 61.5% in the second quarter. CWM LLC now owns 2,046 shares of the company’s stock worth $43,000 after purchasing an additional 779 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of PCB Bancorp by 28.0% during the third quarter. PNC Financial Services Group Inc. now owns 4,033 shares of the company’s stock worth $85,000 after purchasing an additional 882 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of PCB Bancorp by 88.2% during the second quarter. Tower Research Capital LLC TRC now owns 1,916 shares of the company’s stock valued at $40,000 after acquiring an additional 898 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in PCB Bancorp by 60.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,852 shares of the company’s stock valued at $60,000 after purchasing an additional 1,072 shares in the last quarter. 33.04% of the stock is currently owned by hedge funds and other institutional investors.

PCB Bancorp Company Profile

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.