Kim Henry, the President, CEO, and Director of PCB Bancorp (NASDAQ:PCB), recently acquired additional shares in the company. According to a filing with the Securities and Exchange Commission, Henry purchased 3,700 shares of common stock on November 6 at a price of $20.35 per share. The total value of this transaction was approximately $75,295. Following this purchase, Henry's direct and indirect holdings amount to 24,713 shares. The shares were acquired through a spouse's IRA, indicating a strategic increase in personal investment in the company.
In other recent news, Pacific Financial Corp. has seen adjustments in its price target and earnings per share (EPS) estimates by financial services firm Piper Sandler. The firm raised Pacific Financial's price target to $21 from $20 and increased its EPS estimates for 2024 and 2025 to $1.75 and $2.03, respectively. These alterations are attributed to a mix of lower non-interest expenses and loan loss provisions, coupled with stronger net interest income and fees. Additionally, Piper Sandler introduced a new EPS estimate for 2026, projecting that Pacific Financial will achieve an EPS of $2.38.
In related news, PCB Bancorp, the parent company of PCB Bank, announced a quarterly cash dividend of $0.18 per common share, payable in mid-November. This continues the company's tradition of quarterly profit distribution to its shareholders. Furthermore, PCB Bancorp extended its stock repurchase program to August 2025, allowing for the potential repurchase of up to 577,777 shares. The company has already bought back and retired 142,223 shares.
These are recent developments that spotlight the ongoing financial activities and strategic decisions of 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.
InvestingPro Insights
Kim Henry's recent purchase of PCB Bancorp (NASDAQ:PCB) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock is currently trading near its 52-week high, with a significant price uptick of 29.38% over the last six months. This momentum is reflected in the company's market capitalization of $295.94 million.
PCB Bancorp's financial health appears robust, with a P/E ratio of 12.24, suggesting a reasonable valuation relative to earnings. The company has maintained dividend payments for 9 consecutive years and boasts a dividend yield of 3.69%, which may be attractive to income-focused investors.
InvestingPro Tips reveal that PCB Bancorp has raised its dividend for 6 consecutive years, demonstrating a commitment to shareholder returns. This consistent dividend growth, coupled with the company's profitability over the last twelve months, supports Henry's decision to increase his stake.
It's worth noting that InvestingPro offers 9 additional tips for PCB Bancorp, providing investors with a more comprehensive analysis of the company's prospects and potential challenges. These insights could be valuable for those considering following the CEO's lead in investing in PCB Bancorp.
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