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.
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. “
Several other brokerages have also commented on PCB. Sandler O’Neill assumed coverage on Pacific City Financial in a research report on Wednesday, September 5th. They set a “buy” rating and a $23.00 target price on the stock. Raymond James assumed coverage on Pacific City Financial in a research report on Tuesday, September 4th. They set an “outperform” rating and a $22.00 target price on the stock. Finally, Keefe, Bruyette & Woods assumed coverage on Pacific City Financial in a research report on Tuesday, September 4th. They set a “market perform” rating and a $22.00 target price on the stock.
Pacific City Financial (NYSE:PCB) last announced its earnings results on Tuesday, October 23rd. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.01). The company had revenue of $19.30 million during the quarter, compared to the consensus estimate of $21.50 million.
In other news, CEO Henry Kim purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The shares were acquired at an average cost of $19.83 per share, with a total value of $39,660.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Don Rhee purchased 12,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 28th. The shares were purchased at an average cost of $19.78 per share, for a total transaction of $237,360.00. The disclosure for this purchase can be found here.
A number of hedge funds have recently bought and sold shares of PCB. Wells Fargo & Company MN acquired a new position in Pacific City Financial during the 3rd quarter worth approximately $114,000. Engineers Gate Manager LP purchased a new stake in shares of Pacific City Financial in the third quarter worth approximately $277,000. Bank of New York Mellon Corp purchased a new stake in shares of Pacific City Financial in the third quarter worth approximately $489,000. Cutler Capital Management LLC purchased a new stake in shares of Pacific City Financial in the third quarter worth approximately $4,728,000. Finally, Alliancebernstein L.P. purchased a new stake in shares of Pacific City Financial in the third quarter worth approximately $6,449,000.
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.
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