Bank of New York Mellon Corp Purchases 13,529 Shares of PCB Bancorp (NASDAQ:PCB)

Bank of New York Mellon Corp lifted its position in shares of PCB Bancorp (NASDAQ:PCB) by 19.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 82,023 shares of the company’s stock after purchasing an additional 13,529 shares during the period. Bank of New York Mellon Corp’s holdings in PCB Bancorp were worth $1,660,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in shares of PCB Bancorp by 0.7% during the third quarter. Geode Capital Management LLC now owns 255,959 shares of the company’s stock worth $4,810,000 after purchasing an additional 1,751 shares during the period. Empowered Funds LLC increased its stake in shares of PCB Bancorp by 4.8% during the fourth quarter. Empowered Funds LLC now owns 54,550 shares of the company’s stock worth $1,104,000 after purchasing an additional 2,510 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of PCB Bancorp by 6.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 30,841 shares of the company’s stock worth $580,000 after purchasing an additional 1,814 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of PCB Bancorp during the third quarter worth approximately $407,000. Finally, JPMorgan Chase & Co. increased its stake in shares of PCB Bancorp by 99.6% during the third quarter. JPMorgan Chase & Co. now owns 21,189 shares of the company’s stock worth $398,000 after purchasing an additional 10,571 shares during the period. Institutional investors own 33.04% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their target price on PCB Bancorp from $20.00 to $23.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

Insider Buying and Selling

In other PCB Bancorp news, Director Sang Young Lee bought 4,504 shares of PCB Bancorp stock in a transaction on Thursday, February 13th. The shares were purchased at an average price of $19.78 per share, with a total value of $89,089.12. Following the acquisition, the director now owns 1,530,711 shares in the company, valued at $30,277,463.58. This trade represents a 0.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 25.01% of the stock is currently owned by company insiders.

PCB Bancorp Price Performance

Shares of NASDAQ:PCB opened at $18.70 on Friday. The company has a market capitalization of $268.92 million, a P/E ratio of 10.75 and a beta of 0.65. PCB Bancorp has a 1 year low of $14.50 and a 1 year high of $22.20. The business’s 50 day simple moving average is $19.38 and its 200 day simple moving average is $19.55.

PCB Bancorp (NASDAQ:PCB) last issued its quarterly earnings results on Thursday, January 30th. The company reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. PCB Bancorp had a return on equity of 9.02% and a net margin of 13.45%. On average, sell-side analysts anticipate that PCB Bancorp will post 2.04 EPS for the current fiscal year.

PCB Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 14th were given a dividend of $0.20 per share. The ex-dividend date was Friday, February 14th. This represents a $0.80 dividend on an annualized basis and a yield of 4.28%. This is an increase from PCB Bancorp’s previous quarterly dividend of $0.18. PCB Bancorp’s dividend payout ratio is currently 45.98%.

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.