Allspring Global Investments Holdings LLC Decreases Position in Preferred Bank $PFBC

Allspring Global Investments Holdings LLC cut its stake in Preferred Bank (NASDAQ:PFBC - Free Report) by 43.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,360 shares of the bank's stock after selling 4,128 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Preferred Bank were worth $464,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PFBC. Illinois Municipal Retirement Fund lifted its stake in Preferred Bank by 2.1% in the 1st quarter. Illinois Municipal Retirement Fund now owns 6,828 shares of the bank's stock valued at $571,000 after buying an additional 138 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Preferred Bank by 12.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,106 shares of the bank's stock valued at $849,000 after buying an additional 1,130 shares in the last quarter. Teacher Retirement System of Texas lifted its stake in Preferred Bank by 51.4% in the 1st quarter. Teacher Retirement System of Texas now owns 3,842 shares of the bank's stock valued at $321,000 after buying an additional 1,304 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Preferred Bank by 2.8% in the 1st quarter. Principal Financial Group Inc. now owns 72,537 shares of the bank's stock worth $6,068,000 after purchasing an additional 2,007 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its stake in Preferred Bank by 29.0% in the 1st quarter. New York State Common Retirement Fund now owns 33,822 shares of the bank's stock worth $2,830,000 after purchasing an additional 7,600 shares in the last quarter. 72.77% of the stock is owned by hedge funds and other institutional investors.

Preferred Bank Trading Up 1.4%

Shares of Preferred Bank stock opened at $93.09 on Friday. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of 9.46 and a beta of 0.71. Preferred Bank has a fifty-two week low of $71.90 and a fifty-two week high of $99.78. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a 50 day moving average of $91.91 and a 200 day moving average of $88.05.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last issued its quarterly earnings data on Monday, October 20th. The bank reported $2.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.57 by $0.27. The firm had revenue of $74.98 million during the quarter, compared to the consensus estimate of $72.74 million. Preferred Bank had a return on equity of 16.91% and a net margin of 25.67%.During the same period last year, the company earned $2.46 EPS. As a group, research analysts predict that Preferred Bank will post 9.81 earnings per share for the current year.

Preferred Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 21st. Investors of record on Tuesday, October 7th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 3.2%. The ex-dividend date was Tuesday, October 7th. Preferred Bank's dividend payout ratio (DPR) is 30.49%.

Analysts Set New Price Targets

A number of research firms have weighed in on PFBC. Piper Sandler raised their target price on shares of Preferred Bank from $112.00 to $119.00 and gave the stock an "overweight" rating in a research note on Wednesday. Weiss Ratings reissued a "buy (b)" rating on shares of Preferred Bank in a research note on Wednesday, October 8th. Finally, DA Davidson decreased their target price on shares of Preferred Bank from $108.00 to $104.00 and set a "neutral" rating on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Preferred Bank currently has a consensus rating of "Moderate Buy" and an average price target of $104.67.

About Preferred Bank

Preferred Bank provides various commercial banking products and services to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals, and high net worth individuals. The company accepts checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.

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