Allspring Global Investments Holdings LLC grew its holdings in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 40.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,488 shares of the bank's stock after acquiring an additional 2,724 shares during the period. Allspring Global Investments Holdings LLC owned about 0.07% of Preferred Bank worth $794,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of PFBC. Kennedy Capital Management LLC grew its position in shares of Preferred Bank by 274.2% during the 4th quarter. Kennedy Capital Management LLC now owns 90,218 shares of the bank's stock valued at $7,793,000 after acquiring an additional 66,107 shares during the period. American Century Companies Inc. grew its position in shares of Preferred Bank by 44.7% during the 4th quarter. American Century Companies Inc. now owns 199,628 shares of the bank's stock valued at $17,244,000 after acquiring an additional 61,655 shares during the period. GAMMA Investing LLC grew its position in shares of Preferred Bank by 9,482.9% during the 1st quarter. GAMMA Investing LLC now owns 36,894 shares of the bank's stock valued at $3,087,000 after acquiring an additional 36,509 shares during the period. Millennium Management LLC boosted its holdings in Preferred Bank by 28.8% in the 4th quarter. Millennium Management LLC now owns 147,702 shares of the bank's stock worth $12,758,000 after buying an additional 32,990 shares during the period. Finally, Deutsche Bank AG boosted its holdings in Preferred Bank by 405.8% in the 4th quarter. Deutsche Bank AG now owns 36,366 shares of the bank's stock worth $3,141,000 after buying an additional 29,176 shares during the period. Institutional investors own 72.77% of the company's stock.
Preferred Bank Trading Down 1.1%
Shares of NASDAQ:PFBC traded down $1.05 during trading on Friday, reaching $91.43. 47,036 shares of the company were exchanged, compared to its average volume of 88,787. The firm has a market capitalization of $1.32 billion, a PE ratio of 9.71 and a beta of 0.69. The business's fifty day simple moving average is $85.07 and its 200-day simple moving average is $84.89. Preferred Bank has a 12-month low of $71.90 and a 12-month high of $99.78. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.07 and a quick ratio of 1.07.
Preferred Bank (NASDAQ:PFBC - Get Free Report) last announced its earnings results on Friday, April 25th. The bank reported $2.23 earnings per share for the quarter, missing the consensus estimate of $2.33 by ($0.10). The firm had revenue of $65.96 million during the quarter, compared to analyst estimates of $70.78 million. Preferred Bank had a net margin of 24.87% and a return on equity of 16.88%. During the same quarter last year, the business earned $2.44 earnings per share. On average, research analysts anticipate that Preferred Bank will post 9.81 EPS for the current year.
Preferred Bank declared that its Board of Directors has initiated a stock buyback program on Thursday, May 22nd that allows the company to buyback $125.00 million in shares. This buyback authorization allows the bank to reacquire up to 10.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.
Preferred Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Tuesday, July 8th will be paid a dividend of $0.75 per share. The ex-dividend date is Tuesday, July 8th. This represents a $3.00 annualized dividend and a dividend yield of 3.28%. Preferred Bank's payout ratio is currently 31.85%.
Analysts Set New Price Targets
Several brokerages recently weighed in on PFBC. DA Davidson dropped their target price on shares of Preferred Bank from $95.00 to $90.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Piper Sandler dropped their target price on shares of Preferred Bank from $108.00 to $96.00 and set an "overweight" rating for the company in a report on Tuesday, April 29th. Finally, Stephens reaffirmed an "equal weight" rating and issued a $91.00 target price on shares of Preferred Bank in a report on Tuesday, April 29th.
Check Out Our Latest Stock Report on PFBC
Preferred Bank Profile
(
Free Report)
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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