Zacks Investment Research Lowers Pacific City Financial (PCB) to Sell

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

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. “

Other equities analysts have also recently issued reports about the company. Sandler O’Neill assumed coverage on Pacific City Financial in a report on Wednesday, September 5th. They issued a buy rating and a $23.00 price target for the company. Raymond James assumed coverage on Pacific City Financial in a report on Tuesday, September 4th. They issued an outperform rating and a $22.00 price target for the company. Finally, Keefe, Bruyette & Woods assumed coverage on Pacific City Financial in a report on Tuesday, September 4th. They issued a market perform rating and a $22.00 price target for the company.

PCB stock traded down $0.35 during midday trading on Wednesday, hitting $16.29. 14,901 shares of the stock were exchanged, compared to its average volume of 55,509. Pacific City Financial has a fifty-two week low of $14.10 and a fifty-two week high of $20.95.

Pacific City Financial (NYSE:PCB) last issued its quarterly earnings data on Tuesday, October 23rd. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.01). The company had revenue of $19.30 million during the quarter, compared to analysts’ expectations of $21.50 million.

In other Pacific City Financial news, Director Don Rhee acquired 12,000 shares of the stock in a transaction dated Tuesday, August 28th. The stock was acquired at an average price of $19.78 per share, with a total value of $237,360.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Henry Kim acquired 2,000 shares of the stock in a transaction dated Thursday, August 23rd. The stock was acquired at an average cost of $19.83 per share, with a total value of $39,660.00. The disclosure for this purchase can be found here.

Large investors have recently made changes to their positions in the company. Cutler Capital Management LLC purchased a new stake in shares of Pacific City Financial in the third quarter valued at $4,728,000. Bank of New York Mellon Corp purchased a new stake in shares of Pacific City Financial in the third quarter valued at $489,000. BlackRock Inc. purchased a new stake in shares of Pacific City Financial in the third quarter valued at $12,494,000. Wells Fargo & Company MN purchased a new stake in shares of Pacific City Financial in the third quarter valued at $114,000. Finally, American International Group Inc. purchased a new stake in shares of Pacific City Financial in the third quarter valued at $152,000.

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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