Pacific City Financial Corporation (NASDAQ:PCB) stock soared to a 52-week high, reaching a price level of $21.95. With a market capitalization of $311 million, the bank maintains a "GOOD" financial health rating according to InvestingPro analysis. This peak reflects a significant uptrend in the company's market performance, marking a substantial gain from its position a year ago. Over the past year, Pacific City Financial has witnessed an impressive 1-year change, with its stock value climbing by 35.88%. The company offers a 3.3% dividend yield and has maintained dividend payments for nine consecutive years. This rally underscores investor confidence and the financial institution's robust growth trajectory amidst a dynamic banking sector. InvestingPro subscribers can access 8 additional key insights about PCB's financial outlook.
In other recent news, Pacific Financial Corp. has seen adjustments to its price target and earnings per share (EPS) estimates by financial services firm, Piper Sandler. The firm has raised the price target for Pacific Financial from $20 to $21, while maintaining a neutral rating. Piper Sandler has also revised its EPS estimates for the company, projecting $1.75 in 2024, $2.03 in 2025, and introducing a new estimate of $2.38 for 2026. These changes are based on anticipated lower non-interest expenses and loan loss provisions, coupled with stronger net interest income and fees.
In addition, PCB Bancorp, the parent company of PCB Bank, has declared a quarterly cash dividend of $0.18 per common share, set to be payable in mid-November. The company has also extended its stock repurchase program, initially due to expire in August 2024, to August 2025, allowing for potential repurchase of up to 577,777 shares.
These are recent developments that provide an updated financial outlook for Pacific Financial Corp. and PCB Bancorp. It's important to note that these updates are based on company announcements and analyst notes from firms such as Piper Sandler.
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