Bank of New York Mellon Corp Invests $12.35 Million in Preferred Bank $PFBC

Key Points

• Bank of New York Mellon acquired 116,241 shares of Preferred Bank worth approximately $12.35 million, giving it an estimated 0.81% stake. Institutional investors collectively own 72.77% of PFBC.
• Analysts maintain a consensus “Hold” rating, with an average price target of $106.25; Stephens recently raised its target from $100 to $110.
• Preferred Bank exceeded quarterly earnings expectations, reporting $2.78 in EPS versus the $2.65 estimate, and pays a quarterly dividend of $0.80, equivalent to a 3.1% annualized yield.

Bank of New York Mellon Corp acquired a new stake in Preferred Bank (NASDAQ:PFBC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 116,241 shares of the bank's stock, valued at approximately $12,352,000. Bank of New York Mellon Corp owned approximately 0.81% of Preferred Bank at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Qube Research & Technologies Ltd grew its stake in Preferred Bank by 288.4% in the 3rd quarter. Qube Research & Technologies Ltd now owns 74,636 shares of the bank's stock valued at $6,746,000 after buying an additional 55,418 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Preferred Bank by 40,612.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 52,112 shares of the bank's stock valued at $4,896,000 after buying an additional 51,984 shares in the last quarter. Kennedy Capital Management LLC increased its stake in Preferred Bank by 19.9% in the fourth quarter. Kennedy Capital Management LLC now owns 199,419 shares of the bank's stock valued at $18,831,000 after acquiring an additional 33,157 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Preferred Bank by 19.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 206,622 shares of the bank's stock worth $19,511,000 after buying an additional 33,124 shares during the last quarter. Finally, Trexquant Investment LP boosted its stake in shares of Preferred Bank by 572.5% during the fourth quarter. Trexquant Investment LP now owns 38,750 shares of the bank's stock valued at $3,659,000 after purchasing an additional 32,988 shares in the last quarter. 72.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on PFBC. Stephens increased their price objective on shares of Preferred Bank from $100.00 to $110.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 23rd. Weiss Ratings raised shares of Preferred Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, June 8th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $106.25.

Preferred Bank Stock Performance

NASDAQ PFBC opened at $101.74 on Wednesday. The company has a fifty day moving average of $105.34 and a 200-day moving average of $97.47. Preferred Bank has a 52-week low of $81.50 and a 52-week high of $112.26. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market capitalization of $1.47 billion, a P/E ratio of 9.30 and a beta of 0.54.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $2.78 EPS for the quarter, topping the consensus estimate of $2.65 by $0.13. The firm had revenue of $73.47 million for the quarter, compared to the consensus estimate of $73.60 million. Preferred Bank had a net margin of 26.54% and a return on equity of 17.27%. As a group, equities research analysts predict that Preferred Bank will post 10.71 EPS for the current fiscal year.

Preferred Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Tuesday, July 7th were issued a $0.80 dividend. The ex-dividend date was Tuesday, July 7th. This represents a $3.20 dividend on an annualized basis and a yield of 3.1%. Preferred Bank's dividend payout ratio is 29.25%.

About Preferred Bank

Preferred Bank NASDAQ: PFBC is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.

The bank's core lending portfolio focuses on commercial real estate acquisition, development and investment properties.

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