Denali Advisors LLC Acquires 16,400 Shares of Preferred Bank $PFBC

Key Points

• Denali Advisors LLC boosted its stake in Preferred Bank by 48% in the fourth quarter, adding 16,400 shares to bring its total holdings to 50,600 shares worth about $4.78 million.
• Preferred Bank reported better-than-expected quarterly earnings of $2.53 per share, topping analyst estimates, while also posting a 26.49% net margin and 17.52% return on equity.
• The bank paid a quarterly dividend of $0.80 per share, equal to an annualized yield of 3.4%, while analysts currently have an average Hold rating with a $102 price target.

Denali Advisors LLC increased its position in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 48.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,600 shares of the bank's stock after acquiring an additional 16,400 shares during the period. Denali Advisors LLC owned about 0.35% of Preferred Bank worth $4,778,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its stake in shares of Preferred Bank by 1,224.0% during the second quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank's stock valued at $29,000 after acquiring an additional 306 shares during the last quarter. Quarry LP raised its stake in shares of Preferred Bank by 1,992.0% during the third quarter. Quarry LP now owns 523 shares of the bank's stock valued at $47,000 after acquiring an additional 498 shares during the last quarter. Johnson Financial Group Inc. bought a new position in shares of Preferred Bank during the third quarter valued at $70,000. NewEdge Advisors LLC raised its stake in shares of Preferred Bank by 350.7% during the second quarter. NewEdge Advisors LLC now owns 1,316 shares of the bank's stock valued at $114,000 after acquiring an additional 1,024 shares during the last quarter. Finally, PharVision Advisers LLC bought a new position in shares of Preferred Bank during the third quarter valued at $275,000. Institutional investors and hedge funds own 72.77% of the company's stock.

Preferred Bank Trading Up 0.3%

PFBC opened at $95.04 on Friday. Preferred Bank has a 1-year low of $79.60 and a 1-year high of $103.05. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 0.45. The company has a market cap of $1.37 billion, a P/E ratio of 8.90 and a beta of 0.56. The company has a fifty day moving average price of $91.64 and a two-hundred day moving average price of $92.71.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $2.53 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.05. Preferred Bank had a net margin of 26.49% and a return on equity of 17.52%. The firm had revenue of $69.62 million during the quarter, compared to the consensus estimate of $71.76 million. Analysts predict that Preferred Bank will post 10.58 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 21st. Shareholders of record on Tuesday, April 7th were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Tuesday, April 7th. Preferred Bank's payout ratio is 29.96%.

Wall Street Analyst Weigh In

PFBC has been the subject of a number of analyst reports. Stephens reissued a "positive" rating on shares of Preferred Bank in a research note on Monday, January 26th. Brean Capital downgraded shares of Preferred Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 24th. Janney Montgomery Scott initiated coverage on shares of Preferred Bank in a research note on Tuesday, February 24th. They set a "neutral" rating and a $100.00 target price for the company. Finally, Piper Sandler lifted their target price on shares of Preferred Bank from $105.00 to $111.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $102.00.

Preferred Bank Profile

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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