Pacific City Financial (PCB) Downgraded by Zacks Investment Research

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

NYSE PCB traded up $0.27 during trading hours on Wednesday, reaching $18.33. 309 shares of the company traded hands, compared to its average volume of 34,236. Pacific City Financial has a 12 month low of $13.36 and a 12 month high of $20.95.

Pacific City Financial (NYSE:PCB) last posted its quarterly earnings data on Thursday, January 24th. The company reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.02. The company had revenue of $20.10 million for the quarter, compared to the consensus estimate of $19.90 million.

Several institutional investors have recently bought and sold shares of the company. EJF Capital LLC lifted its position in shares of Pacific City Financial by 7.8% in the 4th quarter. EJF Capital LLC now owns 728,098 shares of the company’s stock worth $11,395,000 after buying an additional 52,994 shares during the last quarter. BlackRock Inc. lifted its position in Pacific City Financial by 3.0% in the 4th quarter. BlackRock Inc. now owns 665,119 shares of the company’s stock valued at $10,409,000 after purchasing an additional 19,132 shares during the last quarter. Basswood Capital Management L.L.C. lifted its position in Pacific City Financial by 1.8% in the 4th quarter. Basswood Capital Management L.L.C. now owns 367,668 shares of the company’s stock valued at $5,754,000 after purchasing an additional 6,499 shares during the last quarter. Context BH Capital Management LP lifted its position in Pacific City Financial by 15.6% in the 4th quarter. Context BH Capital Management LP now owns 189,567 shares of the company’s stock valued at $2,967,000 after purchasing an additional 25,608 shares during the last quarter. Finally, Vanguard Group Inc bought a new stake in Pacific City Financial in the 3rd quarter valued at about $1,327,000.

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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