Pacific City Financial (PCB) Upgraded to Hold by Zacks Investment Research

Pacific City Financial (NYSE:PCB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, 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 opened at $17.08 on Tuesday. 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 quarterly earnings data on Friday, April 26th. The company reported $0.40 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.40. The business had revenue of $19.56 million for the quarter, compared to the consensus estimate of $20.20 million.

Large investors have recently made changes to their positions in the stock. Legal & General Group Plc bought a new position in Pacific City Financial in the 3rd quarter worth about $33,000. BNP Paribas Arbitrage SA grew its position in Pacific City Financial by 686.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,508 shares of the company’s stock worth $44,000 after purchasing an additional 2,189 shares during the last quarter. New York State Common Retirement Fund bought a new position in Pacific City Financial in the 4th quarter worth about $72,000. Wells Fargo & Company MN bought a new position in Pacific City Financial in the 3rd quarter worth about $114,000. Finally, Bank of America Corp DE grew its position in Pacific City Financial by 217.0% in the 4th quarter. Bank of America Corp DE now owns 7,731 shares of the company’s stock worth $122,000 after purchasing an additional 5,292 shares during 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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