Connor Clark & Lunn Investment Management Ltd. Acquires New Position in PCB Bancorp (NASDAQ:PCB)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in PCB Bancorp (NASDAQ:PCB) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 21,652 shares of the company’s stock, valued at approximately $407,000.

Several other institutional investors have also recently made changes to their positions in PCB. Empowered Funds LLC grew its position in shares of PCB Bancorp by 5.1% during the third quarter. Empowered Funds LLC now owns 52,040 shares of the company’s stock valued at $978,000 after purchasing an additional 2,546 shares in the last quarter. Vanguard Group Inc. increased its position in shares of PCB Bancorp by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 656,732 shares of the company’s stock valued at $10,724,000 after purchasing an additional 4,152 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of PCB Bancorp by 5.9% in the second quarter. Bank of New York Mellon Corp now owns 75,933 shares of the company’s stock valued at $1,236,000 after acquiring an additional 4,242 shares during the period. Renaissance Technologies LLC raised its position in PCB Bancorp by 24.2% in the 2nd quarter. Renaissance Technologies LLC now owns 52,401 shares of the company’s stock worth $853,000 after purchasing an additional 10,200 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of PCB Bancorp by 6.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 461,114 shares of the company’s stock worth $7,506,000 after acquiring an additional 26,859 shares during the last quarter. Hedge funds and other institutional investors own 33.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler increased their price objective on PCB Bancorp from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, October 28th.

PCB Bancorp Stock Performance

PCB opened at $21.49 on Friday. PCB Bancorp has a fifty-two week low of $14.50 and a fifty-two week high of $21.62. The stock has a market capitalization of $306.66 million, a price-to-earnings ratio of 12.72 and a beta of 0.67. The company has a fifty day moving average of $19.37 and a two-hundred day moving average of $17.77.

PCB Bancorp (NASDAQ:PCB) last released its earnings results on Thursday, October 24th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.07. The business had revenue of $48.62 million during the quarter, compared to analyst estimates of $25.50 million. PCB Bancorp had a net margin of 13.27% and a return on equity of 8.68%. On average, equities research analysts forecast that PCB Bancorp will post 1.74 earnings per share for the current year.

PCB Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend was Friday, November 8th. PCB Bancorp’s dividend payout ratio is presently 42.60%.

Insider Transactions at PCB Bancorp

In other PCB Bancorp news, CEO Henry Kim purchased 3,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was acquired at an average price of $21.44 per share, for a total transaction of $64,320.00. Following the completion of the purchase, the chief executive officer now directly owns 22,785 shares in the company, valued at approximately $488,510.40. The trade was a 15.16 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel Cho sold 25,000 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $18.47, for a total value of $461,750.00. Following the completion of the sale, the director now directly owns 98,000 shares in the company, valued at $1,810,060. This represents a 20.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 24,074 shares of company stock worth $505,716. 25.01% of the stock is currently owned by company insiders.

About PCB Bancorp

PCB Bancorp operates as the bank holding company for PCB Bank that provides various banking products and services to small to medium-sized businesses, individuals, and professionals in Southern California. The company offers demand, savings, money market, and time deposits, as well as certificates of deposit; and trade finance, remote deposit capture, courier deposit services, positive pay services, zero balance accounts, and sweep accounts.