Renaissance Technologies LLC Sells 19,900 Shares of Preferred Bank $PFBC

Key Points

• Renaissance Technologies cut its Preferred Bank stake by 40%, selling 19,900 shares and retaining 29,855 shares valued at approximately $2.7 million. Institutional investors collectively own 72.77% of PFBC.
• Analyst sentiment remains mixed, with PFBC holding a consensus “Hold” rating and an average price target of $106.25. Recent targets were raised to $110 and $111, while Weiss Ratings upgraded the stock to “Buy.”
• Preferred Bank beat quarterly EPS estimates, reporting $2.78 per share versus the $2.65 consensus, alongside a 17.27% return on equity and 26.54% net margin. The bank also paid a quarterly dividend of $0.80 per share, representing a 3.0% annualized yield.

Renaissance Technologies LLC cut its position in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 40.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 29,855 shares of the bank's stock after selling 19,900 shares during the quarter. Renaissance Technologies LLC owned 0.21% of Preferred Bank worth $2,708,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PFBC. Charles Schwab Investment Management Inc. lifted its stake in Preferred Bank by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 494,827 shares of the bank's stock valued at $46,727,000 after acquiring an additional 16,348 shares in the last quarter. Nuveen LLC grew its stake in shares of Preferred Bank by 5.4% during the 4th quarter. Nuveen LLC now owns 356,065 shares of the bank's stock worth $33,623,000 after acquiring an additional 18,309 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Preferred Bank by 19.1% during 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 in the last quarter. Kennedy Capital Management LLC raised its holdings in shares of Preferred Bank by 19.9% in the fourth quarter. Kennedy Capital Management LLC now owns 199,419 shares of the bank's stock valued at $18,831,000 after purchasing an additional 33,157 shares during the last quarter. Finally, Hsbc Holdings PLC raised its holdings in shares of Preferred Bank by 18.8% in the first quarter. Hsbc Holdings PLC now owns 171,757 shares of the bank's stock valued at $15,606,000 after purchasing an additional 27,169 shares during the last quarter. Institutional investors and hedge funds own 72.77% of the company's stock.

Analyst Ratings Changes

PFBC has been the subject of several recent research reports. Stephens increased their target price on shares of Preferred Bank from $100.00 to $110.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. Piper Sandler lifted their price target 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. Finally, Weiss Ratings upgraded shares of Preferred Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, June 8th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $106.25.

Preferred Bank Price Performance

PFBC stock opened at $105.76 on Monday. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 9.67 and a beta of 0.56. Preferred Bank has a twelve month low of $81.50 and a twelve month high of $112.26. The business has a 50 day moving average price of $103.22 and a two-hundred day moving average price of $95.54. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.44.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $2.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.65 by $0.13. Preferred Bank had a return on equity of 17.27% and a net margin of 26.54%.The company had revenue of $73.47 million for the quarter, compared to analysts' expectations of $73.60 million. Analysts anticipate that Preferred Bank will post 10.71 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Tuesday, July 7th were given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, July 7th. Preferred Bank's dividend payout ratio is 29.25%.

Preferred Bank Company Profile

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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