New York State Teachers Retirement System Decreases Stake in Preferred Bank $PFBC

Key Points

• New York State Teachers Retirement System cut its Preferred Bank stake by 89.1% in the first quarter, selling 9,866 shares and leaving it with 1,213 shares valued at about $110,000.
• Preferred Bank reported Q1 EPS of $2.53, topping analyst expectations, while revenue came in slightly below estimates at $69.62 million. The bank also posted a 26.49% net margin and 17.52% return on equity.
• The company declared a quarterly dividend of $0.80 per share, equal to a 3.0% annualized yield, and analysts currently have an average rating of Hold with a $102.00 price target.

New York State Teachers Retirement System lowered its stake in Preferred Bank (NASDAQ:PFBC - Free Report) by 89.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,213 shares of the bank's stock after selling 9,866 shares during the quarter. New York State Teachers Retirement System's holdings in Preferred Bank were worth $110,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its stake in shares of Preferred Bank by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 494,827 shares of the bank's stock worth $46,727,000 after buying an additional 16,348 shares during the period. Nuveen LLC boosted its position in Preferred Bank by 5.4% during the 4th quarter. Nuveen LLC now owns 356,065 shares of the bank's stock valued at $33,623,000 after buying an additional 18,309 shares during the period. Goldman Sachs Group Inc. grew its holdings in Preferred Bank by 19.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 206,622 shares of the bank's stock worth $19,511,000 after acquiring an additional 33,124 shares during the last quarter. Kennedy Capital Management LLC grew its holdings in Preferred Bank by 19.9% in the 4th quarter. Kennedy Capital Management LLC now owns 199,419 shares of the bank's stock worth $18,831,000 after acquiring an additional 33,157 shares during the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of Preferred Bank by 24.3% in the fourth quarter. Hsbc Holdings PLC now owns 144,588 shares of the bank's stock valued at $13,957,000 after acquiring an additional 28,268 shares during the period. Institutional investors own 72.77% of the company's stock.

Preferred Bank Stock Performance

NASDAQ:PFBC opened at $105.85 on Wednesday. The stock has a market cap of $1.53 billion, a P/E ratio of 9.91 and a beta of 0.55. The firm's fifty day simple moving average is $98.99 and its 200 day simple moving average is $94.42. Preferred Bank has a twelve month low of $81.50 and a twelve month high of $112.26. The company has a quick ratio of 1.06, a current ratio of 1.07 and a debt-to-equity ratio of 0.45.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $2.53 EPS for the quarter, topping 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 business had revenue of $69.62 million during the quarter, compared to analyst estimates of $71.76 million. As a group, research analysts predict that Preferred Bank will post 10.67 EPS for the current year.

Preferred Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 21st. Investors of record on Tuesday, July 7th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, July 7th. Preferred Bank's dividend payout ratio is presently 29.96%.

Analyst Upgrades and Downgrades

PFBC has been the subject of several recent analyst reports. Piper Sandler upped their price objective on shares of Preferred Bank from $105.00 to $111.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Weiss Ratings raised Preferred Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, June 8th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $102.00.

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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