Hennion & Walsh Asset Management Inc. purchased a new stake in Preferred Bank (NASDAQ:PFBC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jump Financial LLC boosted its position in Preferred Bank by 2.1% in the fourth quarter. Jump Financial LLC now owns 9,148 shares of the bank's stock valued at $790,000 after buying an additional 185 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Preferred Bank by 3.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,064 shares of the bank's stock worth $610,000 after acquiring an additional 257 shares during the last quarter. Picton Mahoney Asset Management raised its stake in shares of Preferred Bank by 110.7% in the fourth quarter. Picton Mahoney Asset Management now owns 550 shares of the bank's stock worth $47,000 after acquiring an additional 289 shares during the last quarter. KBC Group NV raised its stake in shares of Preferred Bank by 46.2% in the fourth quarter. KBC Group NV now owns 914 shares of the bank's stock worth $79,000 after acquiring an additional 289 shares during the last quarter. Finally, NBC Securities Inc. bought a new position in shares of Preferred Bank in the first quarter worth about $25,000. 72.77% of the stock is currently owned by institutional investors and hedge funds.
Preferred Bank Price Performance
Shares of NASDAQ PFBC traded down $0.88 during trading on Wednesday, reaching $84.47. The company had a trading volume of 67,593 shares, compared to its average volume of 87,539. 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 stock has a market cap of $1.22 billion, a PE ratio of 8.77 and a beta of 0.70. The business's 50 day moving average price is $82.04 and its 200-day moving average price is $85.76. Preferred Bank has a 52 week low of $71.90 and a 52 week high of $99.78.
Preferred Bank (NASDAQ:PFBC - Get Free Report) last posted its quarterly 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 period last year, the firm earned $2.44 earnings per share. Analysts expect that Preferred Bank will post 9.81 earnings per share for the current year.
Preferred Bank Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend was Monday, April 7th. Preferred Bank's dividend payout ratio (DPR) is 31.85%.
Preferred Bank announced that its board has authorized a share buyback program on Thursday, May 22nd that allows the company to buyback $125.00 million in shares. This buyback authorization allows the bank to purchase up to 10.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.
Analysts Set New Price Targets
A number of equities analysts have weighed in on PFBC shares. Stephens reaffirmed an "equal weight" rating and issued a $91.00 target price on shares of Preferred Bank in a research note on Tuesday, April 29th. DA Davidson dropped their target price on shares of Preferred Bank from $95.00 to $90.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Finally, Piper Sandler dropped their target price on shares of Preferred Bank from $108.00 to $96.00 and set an "overweight" rating for the company in a research note on Tuesday, April 29th.
Check Out Our Latest Stock Report on PFBC
About Preferred Bank
(
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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