Tudor Investment Corp ET AL Acquires 10,998 Shares of Preferred Bank $PFBC

Key Points

• Tudor Investment Corp. increased its stake in Preferred Bank (PFBC) by 65%, acquiring 10,998 shares to hold 27,921 shares (about 0.19% of the company) valued at $2.524 million.
• Preferred Bank beat quarterly expectations, reporting EPS of $2.79 versus $2.78 and revenue of $78.07M versus $74.54M, with a 17.31% return on equity and a 26.41% net margin.
• The bank declared a $0.80 quarterly dividend (ex-dividend Apr 7, payable Apr 21), equal to a $3.20 annualized payout and roughly a 3.4% yield with a 30.83% payout ratio.

Tudor Investment Corp ET AL increased its holdings in Preferred Bank (NASDAQ:PFBC - Free Report) by 65.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,921 shares of the bank's stock after buying an additional 10,998 shares during the period. Tudor Investment Corp ET AL owned about 0.19% of Preferred Bank worth $2,524,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its stake in Preferred Bank by 1,224.0% in the second quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank's stock worth $29,000 after buying an additional 306 shares in the last quarter. Quarry LP raised its stake in Preferred Bank by 1,992.0% in the third quarter. Quarry LP now owns 523 shares of the bank's stock worth $47,000 after buying an additional 498 shares in the last quarter. Johnson Financial Group Inc. bought a new position in Preferred Bank in the third quarter worth approximately $70,000. NewEdge Advisors LLC raised its stake in Preferred Bank by 350.7% in the second quarter. NewEdge Advisors LLC now owns 1,316 shares of the bank's stock worth $114,000 after buying an additional 1,024 shares in the last quarter. Finally, Rexford Capital Inc. bought a new position in Preferred Bank in the second quarter worth approximately $128,000. Institutional investors own 72.77% of the company's stock.

Preferred Bank Price Performance

Shares of PFBC stock opened at $93.67 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.07. The stock's 50-day simple moving average is $90.09 and its 200-day simple moving average is $92.05. Preferred Bank has a fifty-two week low of $73.05 and a fifty-two week high of $103.05. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 9.02 and a beta of 0.57.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last released its earnings results on Thursday, January 22nd. The bank reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.78 by $0.01. Preferred Bank had a return on equity of 17.31% and a net margin of 26.41%.The firm had revenue of $78.07 million for the quarter, compared to the consensus estimate of $74.54 million. As a group, equities analysts forecast that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 21st. Investors of record on Tuesday, April 7th will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, April 7th. Preferred Bank's dividend payout ratio is presently 30.83%.

Analysts Set New Price Targets

A number of brokerages recently commented on PFBC. Brean Capital downgraded shares of Preferred Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 24th. Stephens reissued a "positive" rating on shares of Preferred Bank in a research report on Monday, January 26th. Janney Montgomery Scott assumed coverage on Preferred Bank in a research note on Tuesday, February 24th. They set a "neutral" rating and a $100.00 target price on the stock. Zacks Research downgraded Preferred Bank from a "strong-buy" rating to a "hold" rating in a research note on Friday, December 26th. Finally, Piper Sandler reduced their target price on Preferred Bank from $111.00 to $105.00 and set an "overweight" rating on the stock in a research report on Thursday, April 2nd. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $100.50.

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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