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

Zacks Investment Research lowered shares of Pacific City Financial (NYSE:PCB) from a hold rating to a sell rating in a research report report published on Thursday, 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. “

Pacific City Financial stock opened at $16.91 on Thursday. Pacific City Financial has a fifty-two week low of $13.36 and a fifty-two week high of $20.95. The firm has a 50 day moving average of $16.98.

Pacific City Financial (NYSE:PCB) last issued its quarterly earnings results on Friday, April 26th. The company reported $0.40 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. The business had revenue of $19.56 million during the quarter, compared to analysts’ expectations of $20.20 million.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend was Thursday, May 30th. This is a boost from Pacific City Financial’s previous quarterly dividend of $0.05.

In other Pacific City Financial news, Director Don Rhee purchased 17,544 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was bought at an average price of $17.02 per share, with a total value of $298,598.88. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Ju sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $17.00, for a total transaction of $170,000.00. The disclosure for this sale can be found here.

A number of hedge funds have recently modified their holdings of PCB. BlackRock Inc. raised its stake in Pacific City Financial by 3.0% during the 4th quarter. BlackRock Inc. now owns 665,119 shares of the company’s stock worth $10,409,000 after acquiring an additional 19,132 shares in the last quarter. Basswood Capital Management L.L.C. raised its stake in Pacific City Financial by 1.8% during the 4th quarter. Basswood Capital Management L.L.C. now owns 367,668 shares of the company’s stock worth $5,754,000 after acquiring an additional 6,499 shares in the last quarter. Context BH Capital Management LP raised its stake in Pacific City Financial by 1.5% during the 1st quarter. Context BH Capital Management LP now owns 192,485 shares of the company’s stock worth $3,359,000 after acquiring an additional 2,918 shares in the last quarter. Pacific Ridge Capital Partners LLC raised its stake in Pacific City Financial by 21.2% during the 1st quarter. Pacific Ridge Capital Partners LLC now owns 166,463 shares of the company’s stock worth $2,905,000 after acquiring an additional 29,070 shares in the last quarter. Finally, Cadence Capital Management LLC acquired a new stake in Pacific City Financial during the 1st quarter worth $1,307,000.

About Pacific City Financial

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.

See Also: What are gap-up stocks?

Get a free copy of the Zacks research report on Pacific City Financial (PCB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Pacific City Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pacific City Financial and related companies with MarketBeat.com's FREE daily email newsletter.