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

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. “

Shares of Pacific City Financial stock opened at $17.00 on Thursday. Pacific City Financial has a 1 year low of $13.36 and a 1 year high of $20.95.

Pacific City Financial (NYSE:PCB) last announced its quarterly earnings data on Thursday, January 24th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. The business had revenue of $20.10 million during the quarter, compared to analysts’ expectations of $19.90 million.

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 28th were paid a dividend of $0.05 per share. The ex-dividend date was Wednesday, February 27th. This is an increase from Pacific City Financial’s previous quarterly dividend of $0.03. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.18%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of Pacific City Financial by 32.4% during the 4th quarter. Geode Capital Management LLC now owns 57,417 shares of the company’s stock worth $898,000 after purchasing an additional 14,037 shares in the last quarter. Context BH Capital Management LP raised its stake in shares of Pacific City Financial by 15.6% during the 4th quarter. Context BH Capital Management LP now owns 189,567 shares of the company’s stock worth $2,967,000 after purchasing an additional 25,608 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Pacific City Financial by 217.0% during the 4th quarter. Bank of America Corp DE now owns 7,731 shares of the company’s stock worth $122,000 after purchasing an additional 5,292 shares in the last quarter. Basswood Capital Management L.L.C. raised its stake in shares of Pacific City Financial by 1.8% during the 4th quarter. Basswood Capital Management L.L.C. now owns 367,668 shares of the company’s stock worth $5,754,000 after purchasing an additional 6,499 shares in the last quarter. Finally, EJF Capital LLC raised its stake in shares of Pacific City Financial by 7.8% during the 4th quarter. EJF Capital LLC now owns 728,098 shares of the company’s stock worth $11,395,000 after purchasing an additional 52,994 shares in the last quarter.

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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