Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Preferred Bank (NASDAQ:PFBC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 8,541 shares of the bank's stock, valued at approximately $715,000. Hennion & Walsh Asset Management Inc. owned approximately 0.06% of Preferred Bank at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the company. Jump Financial LLC lifted its position in shares of Preferred Bank by 2.1% during the fourth quarter. Jump Financial LLC now owns 9,148 shares of the bank's stock valued at $790,000 after purchasing an additional 185 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Preferred Bank by 3.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,064 shares of the bank's stock valued at $610,000 after purchasing an additional 257 shares in the last quarter. Picton Mahoney Asset Management increased its holdings in Preferred Bank by 110.7% during the fourth quarter. Picton Mahoney Asset Management now owns 550 shares of the bank's stock worth $47,000 after buying an additional 289 shares during the last quarter. KBC Group NV increased its holdings in Preferred Bank by 46.2% during the fourth quarter. KBC Group NV now owns 914 shares of the bank's stock worth $79,000 after buying an additional 289 shares during the last quarter. Finally, NBC Securities Inc. purchased a new stake in Preferred Bank during the first quarter worth about $25,000. 72.77% of the stock is owned by institutional investors.
Preferred Bank Stock Performance
NASDAQ PFBC opened at $84.09 on Friday. Preferred Bank has a 52-week low of $71.43 and a 52-week high of $99.78. The company has a 50-day simple moving average of $81.70 and a 200 day simple moving average of $85.96. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market capitalization of $1.21 billion, a PE ratio of 8.73 and a beta of 0.70.
Preferred Bank (NASDAQ:PFBC - Get Free Report) last issued its earnings results on Friday, April 25th. The bank reported $2.23 earnings per share for the quarter, missing analysts' consensus estimates of $2.33 by ($0.10). The business had revenue of $65.96 million for the quarter, compared to the consensus estimate of $70.78 million. Preferred Bank had a return on equity of 17.80% and a net margin of 25.00%. During the same quarter in the prior year, the business earned $2.44 EPS. On average, research analysts predict that Preferred Bank will post 9.81 EPS for the current year.
Preferred Bank Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were given a dividend of $0.75 per share. The ex-dividend date was Monday, April 7th. This represents a $3.00 dividend on an annualized basis and a yield of 3.57%. Preferred Bank's dividend payout ratio is presently 31.85%.
Preferred Bank declared that its Board of Directors has authorized a share repurchase program on Thursday, May 22nd that allows the company to buyback $125.00 million in shares. This buyback authorization allows the bank to buy up to 10.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on PFBC shares. DA Davidson decreased their price objective on shares of Preferred Bank from $95.00 to $90.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Stephens restated an "equal weight" rating and set a $91.00 price objective on shares of Preferred Bank in a report on Tuesday, April 29th. Finally, Piper Sandler decreased their price objective on shares of Preferred Bank from $108.00 to $96.00 and set an "overweight" rating for the company in a report on Tuesday, April 29th.
Read Our Latest Analysis on Preferred Bank
Preferred Bank Profile
(
Free Report)
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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