GAMMA Investing LLC Has $3.09 Million Holdings in Preferred Bank (NASDAQ:PFBC)

GAMMA Investing LLC grew its stake in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 9,482.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 36,894 shares of the bank's stock after acquiring an additional 36,509 shares during the quarter. GAMMA Investing LLC owned about 0.26% of Preferred Bank worth $3,087,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PFBC. Barclays PLC lifted its position in shares of Preferred Bank by 70.9% during the 3rd quarter. Barclays PLC now owns 27,430 shares of the bank's stock valued at $2,201,000 after acquiring an additional 11,379 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Preferred Bank by 19.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,976 shares of the bank's stock valued at $778,000 after acquiring an additional 1,463 shares during the period. Principal Financial Group Inc. lifted its position in shares of Preferred Bank by 4.3% during the 4th quarter. Principal Financial Group Inc. now owns 70,530 shares of the bank's stock valued at $6,092,000 after acquiring an additional 2,884 shares during the period. New York State Common Retirement Fund lifted its position in shares of Preferred Bank by 15.5% during the 4th quarter. New York State Common Retirement Fund now owns 26,222 shares of the bank's stock worth $2,265,000 after buying an additional 3,516 shares during the last quarter. Finally, Denali Advisors LLC bought a new stake in shares of Preferred Bank during the 4th quarter worth $674,000. 72.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PFBC has been the subject of several recent analyst reports. Piper Sandler dropped their price objective on Preferred Bank from $108.00 to $96.00 and set an "overweight" rating for the company in a research report on Tuesday, April 29th. Stephens restated an "equal weight" rating and set a $91.00 price objective on shares of Preferred Bank in a research report on Tuesday, April 29th. Finally, DA Davidson dropped their price objective on Preferred Bank from $95.00 to $90.00 and set a "neutral" rating for the company in a research report on Monday, April 28th.

Preferred Bank Trading Down 2.9%

Preferred Bank stock traded down $2.46 during trading hours on Friday, hitting $81.75. The stock had a trading volume of 100,527 shares, compared to its average volume of 87,782. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 8.49 and a beta of 0.70. Preferred Bank has a one year low of $71.90 and a one year high of $99.78. The business's 50 day simple moving average is $82.34 and its 200-day simple moving average is $85.58.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last posted its earnings results on Friday, April 25th. The bank reported $2.23 EPS 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 the consensus estimate of $70.78 million. Preferred Bank had a net margin of 25.00% and a return on equity of 17.80%. During the same quarter in the prior year, the business posted $2.44 earnings per share. On average, equities analysts predict that Preferred Bank will post 9.81 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were paid a $0.75 dividend. The ex-dividend date of this dividend was Monday, April 7th. This represents a $3.00 annualized dividend and a dividend yield of 3.67%. Preferred Bank's payout ratio is 31.85%.

Preferred Bank announced that its Board of Directors has authorized a stock repurchase plan on Thursday, May 22nd that authorizes the company to repurchase $125.00 million in shares. This repurchase authorization authorizes the bank to buy up to 10.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is 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.