LOS ANGELES - PCB Bancorp (NASDAQ: NASDAQ:PCB), the parent company of PCB Bank, has declared a quarterly cash dividend of $0.18 per common share, payable on or about November 15, 2024, to shareholders of record as of November 8, 2024. This announcement was made public today, reflecting the company's commitment to providing returns to its shareholders.
PCB Bancorp, a bank holding company based in California, operates PCB Bank, which serves small to medium-sized businesses, individuals, and professionals. The bank has a strong presence in Southern California, catering to Korean-American and other minority communities with its commercial banking services.
The declaration of the dividend follows PCB Bancorp's established pattern of rewarding its shareholders and indicates the company's ongoing financial health. This move is part of the company's regular financial activities and is not indicative of any broader market trends or industry impacts.
Investors and shareholders of PCB Bancorp can anticipate the upcoming dividend payment in mid-November, marking a continuation of the company's practice of distributing profits on a quarterly basis.
The information in this article is based on a press release statement from PCB Bancorp.
In other recent news, PCB Bancorp, the parent company of PCB Bank, has extended its stock repurchase program. The program, initially set to expire in August 2024, will now run until August 2025, allowing more time for the repurchase of up to 577,777 shares. The company has already bought back and retired 142,223 shares. The number of shares to be repurchased, along with the timing and price, will be determined by PCB Bancorp based on various factors, including market conditions and the company's operational performance.
In other updates, Pacific Financial Corp.'s stock price target has been lowered from $18.00 to $17.00 by Piper Sandler. Despite this change, the firm maintained a Neutral rating on the shares. Piper Sandler also increased its earnings per share (EPS) estimates for Pacific Financial Corp. for 2024 and 2025 to $1.71 and $1.70, respectively, citing stronger fee income and improved non-interest expense outcomes.
These are recent developments that reflect the dynamic nature of the financial market and the strategic decisions made by the companies in response to these changes. It's important to note that these developments are based on company announcements and analyst notes, providing a snapshot of the current state of affairs for these companies.
InvestingPro Insights
PCB Bancorp's recent dividend declaration aligns with its strong track record of shareholder returns. According to InvestingPro data, the company boasts a dividend yield of 3.95% as of the latest available information. This attractive yield is supported by PCB's consistent dividend history, with InvestingPro Tips highlighting that the company has raised its dividend for 5 consecutive years and maintained dividend payments for 9 consecutive years.
The bank's financial health appears solid, with a price-to-earnings (P/E) ratio of 10.87, suggesting a potentially undervalued stock compared to industry peers. PCB Bancorp's price-to-book ratio of 0.9 further indicates that the stock may be trading below its book value, which could be of interest to value investors.
Despite facing challenges such as weak gross profit margins, as noted in one of the InvestingPro Tips, PCB Bancorp remains profitable. The company reported a revenue of $93.74 million in the last twelve months as of Q2 2024, with an impressive operating income margin of 35.78%. This profitability is expected to continue, with analysts predicting the company will remain in the black this year.
For investors seeking more comprehensive analysis, InvestingPro offers additional insights with 7 more tips available for PCB Bancorp, providing a deeper understanding of the company's financial position and future prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.