Bank of New York Mellon Corp Buys 4,242 Shares of PCB Bancorp (NASDAQ:PCB)

Bank of New York Mellon Corp grew its stake in PCB Bancorp (NASDAQ:PCB) by 5.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,933 shares of the company’s stock after purchasing an additional 4,242 shares during the quarter. Bank of New York Mellon Corp’s holdings in PCB Bancorp were worth $1,236,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Empowered Funds LLC raised its position in shares of PCB Bancorp by 8.1% in the 1st quarter. Empowered Funds LLC now owns 46,074 shares of the company’s stock worth $752,000 after acquiring an additional 3,434 shares in the last quarter. Vanguard Group Inc. grew its stake in PCB Bancorp by 0.6% in the first quarter. Vanguard Group Inc. now owns 656,732 shares of the company’s stock worth $10,724,000 after purchasing an additional 4,152 shares during the period. Finally, O Shaughnessy Asset Management LLC grew its stake in PCB Bancorp by 51.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 22,391 shares of the company’s stock worth $366,000 after purchasing an additional 7,588 shares during the period. 33.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their price objective on PCB Bancorp from $17.00 to $20.00 and gave the company a “market perform” rating in a research report on Monday, July 29th.

PCB Bancorp Price Performance

Shares of PCB opened at $18.75 on Friday. PCB Bancorp has a fifty-two week low of $14.50 and a fifty-two week high of $20.22. The firm’s 50-day simple moving average is $18.39 and its two-hundred day simple moving average is $16.46. The stock has a market cap of $267.19 million, a PE ratio of 10.71 and a beta of 0.67. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.07 and a current ratio of 1.07.

PCB Bancorp (NASDAQ:PCB) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.04. The company had revenue of $24.22 million for the quarter, compared to analysts’ expectations of $25.10 million. PCB Bancorp had a net margin of 13.37% and a return on equity of 8.55%. Analysts anticipate that PCB Bancorp will post 1.66 earnings per share for the current fiscal year.

PCB Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.84%. The ex-dividend date was Friday, August 9th. PCB Bancorp’s dividend payout ratio is currently 41.14%.

Insider Activity

In other news, Director Daniel Cho sold 25,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $18.47, for a total transaction of $461,750.00. Following the sale, the director now owns 98,000 shares of the company’s stock, valued at approximately $1,810,060. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 25.01% of the company’s stock.

PCB Bancorp Company Profile

PCB Bancorp operates as the bank holding company for PCB Bank that provides various banking products and services to small to medium-sized businesses, individuals, and professionals in Southern California. The company offers demand, savings, money market, and time deposits, as well as certificates of deposit; and trade finance, remote deposit capture, courier deposit services, positive pay services, zero balance accounts, and sweep accounts.