Zacks Investment Research Upgrades Pacific City Financial (NYSE:PCB) to Buy

Pacific City Financial (NYSE:PCB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday, Zacks.com reports. The firm presently has a $11.00 price objective on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 17.90% from the stock’s previous close.

According to Zacks, “PCB Bancorp is a bank holding company which, through its subsidiaries, offers savings accounts, debit and credit cards, personal and business loans, cash management, certificate of deposits, online banking, mortgages, wealth management and e-statements. PCB Bancorp, formerly known as Pacific City Financial Corp, is based in Los Angeles, United States. “

Shares of PCB stock opened at $9.33 on Friday. Pacific City Financial has a fifty-two week low of $7.31 and a fifty-two week high of $17.75. The business’s 50 day moving average price is $9.51 and its 200-day moving average price is $9.62.

Pacific City Financial (NYSE:PCB) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.11. The business had revenue of $18.28 million during the quarter, compared to the consensus estimate of $16.70 million.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCB. SG Americas Securities LLC bought a new stake in shares of Pacific City Financial during the second quarter valued at approximately $113,000. California Public Employees Retirement System boosted its position in shares of Pacific City Financial by 9.8% during the second quarter. California Public Employees Retirement System now owns 12,176 shares of the company’s stock valued at $125,000 after purchasing an additional 1,091 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Pacific City Financial by 43.6% during the second quarter. Goldman Sachs Group Inc. now owns 16,726 shares of the company’s stock valued at $172,000 after purchasing an additional 5,082 shares in the last quarter. Rhumbline Advisers raised its stake in Pacific City Financial by 10.8% during the first quarter. Rhumbline Advisers now owns 20,568 shares of the company’s stock valued at $201,000 after buying an additional 2,000 shares during the last quarter. Finally, Strs Ohio raised its stake in Pacific City Financial by 58.5% during the second quarter. Strs Ohio now owns 23,300 shares of the company’s stock valued at $239,000 after buying an additional 8,600 shares during the last quarter.

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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