LOS ANGELES - PCB Bancorp (NASDAQ: NASDAQ:PCB), the parent company of PCB Bank, has announced the extension of its current stock repurchase program. Initially set to expire on August 2, 2024, the program's deadline has now been extended to August 1, 2025. This amendment allows additional time for the repurchase of up to 577,777 shares, following the 142,223 shares already bought back and retired by the company as of July 24, 2024.
The repurchase program enables PCB Bancorp to buy back shares of its common stock from the open market, including block purchases, or through privately negotiated transactions.
The exact number of shares to be repurchased, as well as the timing and price, will be at the company's discretion, influenced by market conditions, stock price, trading volume, and the company's operational performance. PCB Bancorp has clarified that the program may be halted or terminated at any time and does not commit the company to purchase any particular number of shares.
In line with the repurchase strategy, PCB Bancorp plans to adopt a trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. This plan is designed to allow stock repurchases at times when the company might otherwise be prevented from doing so due to insider trading laws or because of self-imposed trading blackout periods. An independent broker will administer the plan, which will comply with specific price, market volume, and timing conditions.
PCB Bancorp, headquartered in Southern California, operates PCB Bank, which provides a range of commercial banking services. The bank primarily serves small to medium-sized businesses, individuals, and professionals within the Korean-American and other minority communities in the region.
The company has cautioned that this press release contains forward-looking statements based on current expectations and projections about future events. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Investors are advised that all forward-looking statements are made as of the date of this press release, and the company does not undertake any obligation to update them.
This news is based on a press release statement from PCB Bancorp and does not involve any endorsement or opinion from the reporting outlet.
In other recent news, Pacific Financial Corp. has seen a shift in its stock price target, which was lowered to $17.00 from $18.00 by Piper Sandler. Despite this adjustment, Piper Sandler maintained a Neutral rating on the shares, indicating no immediate change in its outlook on the stock.
Alongside this, the firm increased its earnings per share (EPS) estimates for Pacific Financial Corp. for the years 2024 and 2025 to $1.71 and $1.70, respectively. This change was attributed to stronger fee income and improved non-interest expense outcomes.
The new stock price target reflects an 8.5 times multiple of the company's 2025 EPS estimate, which aligns with the average of its Asian American peer group. Piper Sandler's revised price target and EPS estimates suggest a blend of caution and acknowledgment of Pacific Financial Corp.'s recent developments in financial performance and positioning.
InvestingPro Insights
As PCB Bancorp (NASDAQ: PCB) extends its stock repurchase program, several metrics and tips from InvestingPro offer a deeper look into the company's financial health and market performance. Notably, PCB Bancorp has been consistent in rewarding its shareholders, having increased its dividend for five consecutive years, which is a testament to the company's commitment to returning value to its investors. This consistency is further underscored by the fact that the company has maintained dividend payments for nine consecutive years, a streak that income-focused investors often look for.
InvestingPro Data shows that PCB Bancorp has a market capitalization of $273.01 million and a price-to-earnings (P/E) ratio of 10.89, which may suggest that the company's stock is reasonably valued compared to some of its peers. Moreover, the company is trading near its 52-week high, reflecting a positive market sentiment that has been bolstered by strong returns over the last month and three months, with price total returns of 22.93% and 22.58% respectively.
Investors considering PCB Bancorp will find additional insights on the company's financial performance and market valuation by exploring the full range of InvestingPro Tips. With a total of nine tips available, including expectations of profitability this year and an analysis of the company's gross profit margins, InvestingPro provides a comprehensive outlook for those looking to make informed investment decisions. To access these valuable insights, visit https://www.investing.com/pro/PCB and remember to use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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