Preferred Bank (NASDAQ:PFBC) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its position in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 40.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,488 shares of the bank's stock after buying an additional 2,724 shares during the period. Allspring Global Investments Holdings LLC owned 0.07% of Preferred Bank worth $794,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Preferred Bank by 12.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,106 shares of the bank's stock worth $849,000 after acquiring an additional 1,130 shares in the last quarter. Illinois Municipal Retirement Fund boosted its position in Preferred Bank by 2.1% during the first quarter. Illinois Municipal Retirement Fund now owns 6,828 shares of the bank's stock worth $571,000 after purchasing an additional 138 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in Preferred Bank by 1.5% during the first quarter. SummerHaven Investment Management LLC now owns 10,412 shares of the bank's stock worth $871,000 after purchasing an additional 157 shares in the last quarter. Wedge Capital Management L L P NC grew its holdings in Preferred Bank by 14.6% in the first quarter. Wedge Capital Management L L P NC now owns 10,335 shares of the bank's stock valued at $865,000 after purchasing an additional 1,320 shares during the period. Finally, Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Preferred Bank in the first quarter valued at approximately $715,000. Institutional investors and hedge funds own 72.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PFBC shares. DA Davidson dropped their price target on shares of Preferred Bank from $95.00 to $90.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Piper Sandler decreased their price objective on shares of Preferred Bank from $108.00 to $96.00 and set an "overweight" rating on the stock in a report on Tuesday, April 29th. Finally, Stephens reissued an "equal weight" rating and set a $91.00 target price on shares of Preferred Bank in a research note on Tuesday, April 29th.

Preferred Bank Price Performance

Shares of NASDAQ:PFBC traded down $1.05 during trading on Friday, reaching $91.43. The stock had a trading volume of 47,036 shares, compared to its average volume of 88,808. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.07 and a current ratio of 1.07. Preferred Bank has a 1-year low of $71.90 and a 1-year high of $99.78. The stock has a market cap of $1.32 billion, a PE ratio of 9.71 and a beta of 0.69. The business has a fifty day moving average price of $85.07 and a 200-day moving average price of $84.92.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last announced its earnings results on Friday, April 25th. The bank reported $2.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.33 by ($0.10). Preferred Bank had a return on equity of 16.88% and a net margin of 24.87%. The business had revenue of $65.96 million for the quarter, compared to analyst estimates of $70.78 million. During the same period last year, the firm earned $2.44 EPS. On average, equities analysts forecast that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Tuesday, July 8th will be given a dividend of $0.75 per share. The ex-dividend date is Tuesday, July 8th. This represents a $3.00 dividend on an annualized basis and a yield of 3.28%. Preferred Bank's payout ratio is presently 31.85%.

Preferred Bank announced that its board has approved a share buyback plan on Thursday, May 22nd that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the bank to buy up to 10.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Preferred Bank Company Profile

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.