Zacks Investment Research Lowers Pacific City Financial (PCB) to Sell

Pacific City Financial (NYSE:PCB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, 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. “

Shares of NYSE:PCB opened at $18.11 on Wednesday. Pacific City Financial has a 1 year low of $13.36 and a 1 year high of $20.95.

Pacific City Financial (NYSE:PCB) last announced its earnings results on Thursday, January 24th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.02. The business had revenue of $20.10 million for the quarter, compared to analyst estimates of $19.90 million.

A number of large investors have recently made changes to their positions in the stock. Legal & General Group Plc acquired a new position in Pacific City Financial during the 3rd quarter valued at about $33,000. BNP Paribas Arbitrage SA increased its position in Pacific City Financial by 686.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,508 shares of the company’s stock valued at $44,000 after buying an additional 2,189 shares in the last quarter. Bank of Montreal Can increased its position in Pacific City Financial by 100.1% during the 4th quarter. Bank of Montreal Can now owns 8,388 shares of the company’s stock valued at $131,000 after buying an additional 4,197 shares in the last quarter. New York State Common Retirement Fund acquired a new position in Pacific City Financial during the 4th quarter valued at about $72,000. Finally, Bank of America Corp DE increased 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 during the period.

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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