Short Interest in PCB Bancorp (NASDAQ:PCB) Drops By 19.1%

PCB Bancorp (NASDAQ:PCB) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totaling 166,081 shares, a drop of 19.1% from the December 15th total of 205,291 shares. Based on an average trading volume of 24,010 shares, the short-interest ratio is presently 6.9 days. Currently, 1.6% of the company’s stock are short sold. Currently, 1.6% of the company’s stock are short sold. Based on an average trading volume of 24,010 shares, the short-interest ratio is presently 6.9 days.

PCB Bancorp Price Performance

Shares of NASDAQ PCB traded down $0.30 during trading hours on Tuesday, hitting $21.91. 11,200 shares of the stock were exchanged, compared to its average volume of 17,545. PCB Bancorp has a one year low of $16.00 and a one year high of $24.04. The company’s 50 day moving average is $22.10 and its 200 day moving average is $21.58. The firm has a market capitalization of $312.37 million, a P/E ratio of 9.17 and a beta of 0.54.

PCB Bancorp (NASDAQ:PCB) last released its earnings results on Thursday, October 23rd. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.17. The firm had revenue of $30.39 million during the quarter, compared to analyst estimates of $30.45 million. PCB Bancorp had a net margin of 17.08% and a return on equity of 11.56%. Research analysts anticipate that PCB Bancorp will post 2.04 earnings per share for the current fiscal year.

PCB Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, November 7th. PCB Bancorp’s dividend payout ratio is currently 33.47%.

Wall Street Analysts Forecast Growth

PCB has been the topic of several research reports. Wall Street Zen raised PCB Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Keefe, Bruyette & Woods boosted their price target on PCB Bancorp from $23.50 to $25.00 and gave the company a “market perform” rating in a research note on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of PCB Bancorp in a research report on Monday, December 29th. Finally, Piper Sandler increased their price target on shares of PCB Bancorp from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Monday, October 27th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $24.50.

Institutional Trading of PCB Bancorp

A number of hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. grew its position in PCB Bancorp by 3,769.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,780 shares of the company’s stock worth $37,000 after purchasing an additional 1,734 shares during the last quarter. Tower Research Capital LLC TRC grew its position in PCB Bancorp by 88.2% during the second quarter. Tower Research Capital LLC TRC now owns 1,916 shares of the company’s stock worth $40,000 after buying an additional 898 shares in the last quarter. CWM LLC grew its position in PCB Bancorp by 61.5% during the second quarter. CWM LLC now owns 2,046 shares of the company’s stock worth $43,000 after buying an additional 779 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in PCB Bancorp during the second quarter valued at about $44,000. Finally, PNC Financial Services Group Inc. raised its holdings in PCB Bancorp by 1,033.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,151 shares of the company’s stock valued at $66,000 after acquiring an additional 2,873 shares in the last quarter. 33.04% of the stock is owned by institutional investors.

PCB Bancorp Company Profile

PCB Bancorp is the bank holding company for Pacific City Bank, a California-chartered bank founded in 1999 and headquartered in Torrance, California. As the parent of an FDIC-insured institution, PCB Bancorp oversees a community-focused banking franchise that serves both retail customers and commercial enterprises. The company’s strategy emphasizes personalized service and deep market knowledge to meet the evolving needs of individuals, families and businesses in Southern California.

Through its subsidiary Pacific City Bank, PCB Bancorp offers a broad range of financial products and services, including deposit accounts, commercial real estate and construction lending, residential mortgages, trade finance, treasury management and wealth advisory solutions.