Public Sector Pension Investment Board Has $4.21 Million Stake in Preferred Bank $PFBC

Public Sector Pension Investment Board lifted its holdings in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 62.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 50,293 shares of the bank's stock after acquiring an additional 19,295 shares during the period. Public Sector Pension Investment Board owned approximately 0.35% of Preferred Bank worth $4,208,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wells Fargo & Company MN increased its position in shares of Preferred Bank by 25.4% during the 4th quarter. Wells Fargo & Company MN now owns 7,848 shares of the bank's stock worth $678,000 after purchasing an additional 1,588 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Preferred Bank by 9.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 13,826 shares of the bank's stock worth $1,194,000 after purchasing an additional 1,219 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Preferred Bank by 3.5% during the 4th quarter. Renaissance Technologies LLC now owns 71,955 shares of the bank's stock worth $6,215,000 after purchasing an additional 2,400 shares in the last quarter. Jump Financial LLC increased its position in shares of Preferred Bank by 2.1% during the 4th quarter. Jump Financial LLC now owns 9,148 shares of the bank's stock worth $790,000 after purchasing an additional 185 shares in the last quarter. Finally, State of Tennessee Department of Treasury increased its position in shares of Preferred Bank by 145.5% during the 4th quarter. State of Tennessee Department of Treasury now owns 8,349 shares of the bank's stock worth $721,000 after purchasing an additional 4,948 shares in the last quarter. 72.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PFBC shares. DA Davidson raised their price objective on shares of Preferred Bank from $90.00 to $108.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Piper Sandler raised their price objective on shares of Preferred Bank from $96.00 to $112.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Finally, Stephens restated an "equal weight" rating and issued a $91.00 price objective on shares of Preferred Bank in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Preferred Bank has a consensus rating of "Hold" and an average target price of $103.67.

Preferred Bank Trading Up 4.1%

Shares of NASDAQ PFBC traded up $3.73 during mid-day trading on Friday, hitting $94.55. The company's stock had a trading volume of 23,744 shares, compared to its average volume of 97,084. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of 9.99 and a beta of 0.75. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.07 and a quick ratio of 1.07. Preferred Bank has a one year low of $71.90 and a one year high of $99.78. The company's fifty day simple moving average is $90.01 and its 200-day simple moving average is $86.05.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The bank reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.43 by $0.09. Preferred Bank had a net margin of 25.04% and a return on equity of 16.64%. The business had revenue of $69.05 million for the quarter, compared to analyst estimates of $70.96 million. On average, sell-side analysts anticipate that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Tuesday, July 8th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Tuesday, July 8th. Preferred Bank's payout ratio is currently 31.71%.

Preferred Bank announced that its Board of Directors has initiated a share buyback plan on Thursday, May 22nd that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the bank to reacquire up to 10.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

About Preferred Bank

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.