AlphaQuest LLC Raises Stock Holdings in Preferred Bank $PFBC

Key Points

• AlphaQuest LLC significantly increased its holdings in Preferred Bank by 617.3% during Q2, owning approximately 0.17% of the bank worth $2.11 million after purchasing an additional 20,987 shares.
• Preferred Bank reported earnings per share of $2.84 for the latest quarter, surpassing the consensus estimate of $2.57, with a revenue of $74.98 million, exceeding analyst expectations.
• The bank declared a quarterly dividend of $0.75 per share, yielding 3.2%, with a current dividend payout ratio of 30.49% as of the last report.

AlphaQuest LLC lifted its holdings in Preferred Bank (NASDAQ:PFBC - Free Report) by 617.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 24,387 shares of the bank's stock after buying an additional 20,987 shares during the quarter. AlphaQuest LLC owned approximately 0.17% of Preferred Bank worth $2,111,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PFBC. Nuveen LLC bought a new position in Preferred Bank in the first quarter worth approximately $33,915,000. American Century Companies Inc. grew its stake in Preferred Bank by 28.8% in the first quarter. American Century Companies Inc. now owns 257,062 shares of the bank's stock worth $21,506,000 after purchasing an additional 57,434 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Preferred Bank by 9.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 475,025 shares of the bank's stock worth $39,741,000 after purchasing an additional 40,435 shares in the last quarter. Jane Street Group LLC boosted its position in Preferred Bank by 81.0% during the 1st quarter. Jane Street Group LLC now owns 66,428 shares of the bank's stock valued at $5,557,000 after acquiring an additional 29,729 shares in the last quarter. Finally, Denali Advisors LLC boosted its position in Preferred Bank by 337.3% during the 1st quarter. Denali Advisors LLC now owns 34,113 shares of the bank's stock valued at $2,854,000 after acquiring an additional 26,313 shares in the last quarter. 72.77% of the stock is currently owned by hedge funds and other institutional investors.

Preferred Bank Stock Up 0.4%

Shares of PFBC stock opened at $93.35 on Friday. The stock has a 50 day moving average of $91.88 and a 200 day moving average of $87.92. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.47. The stock has a market cap of $1.35 billion, a P/E ratio of 9.38 and a beta of 0.71. Preferred Bank has a twelve month low of $71.90 and a twelve month high of $99.78.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last announced its quarterly earnings results on Monday, October 20th. The bank reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.27. The company had revenue of $74.98 million during the quarter, compared to analysts' expectations 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 business earned $2.46 earnings per share. As a group, sell-side analysts expect that Preferred Bank will post 9.81 EPS for the current year.

Preferred Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 21st. Investors of record on Tuesday, October 7th were given a dividend of $0.75 per share. 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 currently 30.49%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PFBC. DA Davidson dropped their target price on Preferred Bank from $108.00 to $104.00 and set a "neutral" rating on the stock in a research report on Wednesday. Weiss Ratings reissued a "buy (b)" rating on shares of Preferred Bank in a research report on Wednesday, October 8th. Finally, Piper Sandler raised their price objective on Preferred Bank from $112.00 to $119.00 and gave the stock an "overweight" rating in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $104.67.

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.

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