Sang Young Lee, a director and major shareholder of PCB Bancorp (NASDAQ:PCB), has recently purchased additional shares of the company's common stock, investing a total of $209,540. The transactions took place on May 29, 2024, as reported in the latest filings with the authorities.
The series of purchases were executed at varying prices ranging from $14.95 to $15.00 per share, indicating a strong belief in the future of the company by the director. The largest single transaction involved the acquisition of 3,982 shares at the top price of $15.00 each. Other transactions included the purchase of 9000 shares at $14.95, 275 shares at $14.98, 343 shares at $14.99, and 400 shares at $14.9998.
Following these transactions, Mr. Lee's total ownership in PCB Bancorp has increased to 1,485,705 shares, which are held indirectly by a family trust. This move by a key insider is often seen as a signal of confidence in the company's prospects and may attract the attention of investors seeking clues about potential future performance.
PCB Bancorp, with its headquarters located at 3701 Wilshire Boulevard, Los Angeles, California, operates as a state commercial bank under the industrial classification of State Commercial Banks. The company, formerly known as Pacific City Financial Corp, has a business phone number listed as 213-210-2000.
Investors and market watchers often look to insider buying and selling activities to gauge the sentiment of those with intimate knowledge of a company. Transactions like these are public information and can be found in the latest filings for those interested in following the investment actions of company executives and major shareholders.
InvestingPro Insights
Amidst the recent insider purchases by Sang Young Lee, a director of PCB Bancorp, investors may find it valuable to consider the company's financial health and market performance. PCB Bancorp, with a modest market capitalization of $213.77M, exhibits a price-to-earnings (P/E) ratio of 8.6, which suggests that the stock is trading at a lower multiple compared to some peers. This is further supported by an adjusted P/E ratio for the last twelve months as of Q1 2024, standing at 8.54.
From an income standpoint, PCB Bancorp has demonstrated a commitment to returning value to shareholders, having raised its dividend for 5 consecutive years, and maintained these payments for 9 consecutive years. The dividend yield as of the latest available data is quite attractive at 4.85%, coupled with a substantial dividend growth of 20.0% over the last twelve months as of Q1 2024. These figures may interest income-focused investors, especially those looking for steady dividend-paying stocks.
Nevertheless, the InvestingPro Tips highlight some challenges. Analysts have revised their earnings expectations downwards for the upcoming period, and the company is grappling with weak gross profit margins. Moreover, net income is expected to drop this year, which could be a point of concern. However, analysts also predict that PCB Bancorp will remain profitable this year, a sentiment that may be echoed by Mr. Lee's recent share purchases.
For investors interested in a deeper analysis, there are additional InvestingPro Tips available, providing a comprehensive look at PCB Bancorp's financials and forecasts. By using the coupon code PRONEWS24, investors can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these insights.
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