New York State Common Retirement Fund Buys 7,600 Shares of Preferred Bank (NASDAQ:PFBC)

New York State Common Retirement Fund boosted its position in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 29.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,822 shares of the bank's stock after purchasing an additional 7,600 shares during the period. New York State Common Retirement Fund owned approximately 0.23% of Preferred Bank worth $2,830,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PFBC. Kennedy Capital Management LLC boosted its holdings in shares of Preferred Bank by 274.2% in the 4th quarter. Kennedy Capital Management LLC now owns 90,218 shares of the bank's stock valued at $7,793,000 after buying an additional 66,107 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Preferred Bank by 44.7% during the 4th quarter. American Century Companies Inc. now owns 199,628 shares of the bank's stock worth $17,244,000 after purchasing an additional 61,655 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Preferred Bank by 9,482.9% in the first quarter. GAMMA Investing LLC now owns 36,894 shares of the bank's stock valued at $3,087,000 after purchasing an additional 36,509 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Preferred Bank by 28.8% during the 4th quarter. Millennium Management LLC now owns 147,702 shares of the bank's stock worth $12,758,000 after purchasing an additional 32,990 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Preferred Bank by 405.8% in the fourth quarter. Deutsche Bank AG now owns 36,366 shares of the bank's stock worth $3,141,000 after acquiring an additional 29,176 shares during the last quarter. 72.77% of the stock is currently owned by institutional investors and hedge funds.

Preferred Bank Stock Down 0.2%

Shares of NASDAQ PFBC traded down $0.22 during trading hours on Friday, hitting $93.91. The stock had a trading volume of 59,240 shares, compared to its average volume of 94,416. The company has a market capitalization of $1.36 billion, a P/E ratio of 9.93 and a beta of 0.69. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.07 and a current ratio of 1.07. The firm's 50-day moving average price is $87.09 and its two-hundred day moving average price is $85.43. 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 issued its quarterly earnings results on Monday, July 21st. The bank reported $2.52 EPS for the quarter, topping analysts' consensus estimates of $2.43 by $0.09. The company had revenue of $69.05 million during the quarter, compared to analyst estimates of $70.96 million. Preferred Bank had a return on equity of 16.64% and a net margin of 25.04%. Analysts anticipate that Preferred Bank will post 9.81 EPS for the current fiscal year.

Preferred Bank declared that its board has authorized a stock repurchase plan on Thursday, May 22nd that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 10.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Preferred Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Tuesday, July 8th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Tuesday, July 8th. Preferred Bank's payout ratio is presently 31.71%.

Wall Street Analysts Forecast Growth

PFBC has been the topic of several research reports. Stephens restated an "equal weight" rating and issued a $91.00 price target on shares of Preferred Bank in a report on Tuesday, April 29th. Piper Sandler boosted their price target on shares of Preferred Bank from $96.00 to $112.00 and gave the company an "overweight" rating in a report on Tuesday. Finally, DA Davidson lifted their price objective on shares of Preferred Bank from $90.00 to $108.00 and gave the company a "neutral" rating in a research note on Tuesday.

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.