Pacific City Financial (NYSE:PCB) Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Pacific City Financial (NYSE:PCB) from a hold rating to a sell rating in a report published on Thursday, 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. “

PCB opened at $16.91 on Thursday. The firm’s 50-day moving average is $16.98. Pacific City Financial has a fifty-two week low of $13.36 and a fifty-two week high of $20.95.

Pacific City Financial (NYSE:PCB) last posted its quarterly earnings results on Friday, April 26th. The company reported $0.40 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. The company had revenue of $19.56 million for the quarter, compared to the consensus estimate of $20.20 million.

In other Pacific City Financial news, insider John Ju sold 10,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $17.00, for a total transaction of $170,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Don Rhee acquired 17,544 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were acquired at an average cost of $17.02 per share, for a total transaction of $298,598.88. The disclosure for this purchase can be found here.

Several institutional investors have recently made changes to their positions in PCB. BNP Paribas Arbitrage SA grew its position in Pacific City Financial by 686.2% during the first quarter. BNP Paribas Arbitrage SA now owns 2,508 shares of the company’s stock valued at $44,000 after acquiring an additional 2,189 shares during the last quarter. New York State Common Retirement Fund bought a new position in Pacific City Financial during the fourth quarter valued at approximately $72,000. Bank of America Corp DE grew its position in Pacific City Financial by 217.0% during the fourth quarter. Bank of America Corp DE now owns 7,731 shares of the company’s stock valued at $122,000 after acquiring an additional 5,292 shares during the last quarter. Rhumbline Advisers bought a new position in Pacific City Financial during the fourth quarter valued at approximately $227,000. Finally, Acadian Asset Management LLC grew its position in Pacific City Financial by 50.1% during the first quarter. Acadian Asset Management LLC now owns 19,821 shares of the company’s stock valued at $347,000 after acquiring an additional 6,616 shares during the last quarter.

Pacific City Financial Company Profile

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.

See Also: Analyst Ratings Trading

Get a free copy of the Zacks research report on Pacific City Financial (PCB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Pacific City Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pacific City Financial and related companies with MarketBeat.com's FREE daily email newsletter.