FMR LLC lowered its position in shares of Preferred Bank (NASDAQ:PFBC) by 2.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 212,270 shares of the bank’s stock after selling 6,328 shares during the period. FMR LLC owned about 1.48% of Preferred Bank worth $11,350,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Advisors Asset Management Inc. raised its holdings in Preferred Bank by 5.1% in the 2nd quarter. Advisors Asset Management Inc. now owns 18,970 shares of the bank’s stock worth $1,014,000 after purchasing an additional 929 shares in the last quarter. Systematic Financial Management LP increased its stake in shares of Preferred Bank by 23.8% in the 2nd quarter. Systematic Financial Management LP now owns 136,205 shares of the bank’s stock worth $7,283,000 after acquiring an additional 26,195 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of Preferred Bank in the 2nd quarter worth about $369,000. Capital Fund Management S.A. bought a new position in shares of Preferred Bank in the 2nd quarter worth about $283,000. Finally, John W. Rosenthal Capital Management Inc. increased its stake in shares of Preferred Bank by 2.5% in the 2nd quarter. John W. Rosenthal Capital Management Inc. now owns 32,325 shares of the bank’s stock worth $1,728,000 after acquiring an additional 800 shares in the last quarter. 79.00% of the stock is owned by institutional investors and hedge funds.
PFBC has been the subject of several research reports. Zacks Investment Research upgraded shares of Preferred Bank from a “hold” rating to a “buy” rating and set a $73.00 price target for the company in a research note on Saturday, October 28th. FBR & Co reiterated a “buy” rating and issued a $70.00 price target (up from $65.00) on shares of Preferred Bank in a research note on Wednesday, October 25th. Finally, BidaskClub lowered shares of Preferred Bank from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Preferred Bank presently has an average rating of “Hold” and an average target price of $71.50.
Shares of Preferred Bank (NASDAQ:PFBC) traded up $0.48 during mid-day trading on Tuesday, reaching $58.25. 52,000 shares of the company traded hands, compared to its average volume of 82,805. Preferred Bank has a one year low of $41.90 and a one year high of $66.58. The stock has a market cap of $833.72, a P/E ratio of 18.28, a price-to-earnings-growth ratio of 1.73 and a beta of 0.94. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.35.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings data on Tuesday, October 24th. The bank reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.09. Preferred Bank had a net margin of 29.33% and a return on equity of 15.22%. The company had revenue of $36.67 million for the quarter, compared to the consensus estimate of $34.68 million. analysts anticipate that Preferred Bank will post 3.34 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 20th. Investors of record on Friday, October 6th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.37%. The ex-dividend date was Thursday, October 5th. Preferred Bank’s dividend payout ratio (DPR) is 25.40%.
About Preferred Bank
Preferred Bank is a commercial bank. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.
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