XTX Topco Ltd Sells 4,245 Shares of Preferred Bank (NASDAQ:PFBC)

Key Points

• XTX Topco Ltd reduced its holdings in Preferred Bank by 52.6%, now owning 3,818 shares valued at $319,000 after selling 4,245 shares in the first quarter.
• Preferred Bank has a recent quarterly dividend of $0.75, resulting in an annualized yield of 3.3%, with a payout ratio of 31.71%.
• The company's stock price targets were raised, with Piper Sandler increasing it from $96.00 to $112.00 and D.A. Davidson from $90.00 to $108.00, suggesting a positive outlook from analysts.

XTX Topco Ltd lowered its position in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 52.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,818 shares of the bank's stock after selling 4,245 shares during the quarter. XTX Topco Ltd's holdings in Preferred Bank were worth $319,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PFBC. T. Rowe Price Investment Management Inc. raised its holdings in shares of Preferred Bank by 0.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,129,287 shares of the bank's stock worth $97,548,000 after purchasing an additional 5,114 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of Preferred Bank by 0.3% in the 4th quarter. Nuveen Asset Management LLC now owns 468,759 shares of the bank's stock worth $40,491,000 after purchasing an additional 1,443 shares during the period. Geode Capital Management LLC raised its holdings in shares of Preferred Bank by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 360,025 shares of the bank's stock worth $31,105,000 after purchasing an additional 7,428 shares during the period. Hsbc Holdings PLC raised its holdings in shares of Preferred Bank by 11.9% in the 4th quarter. Hsbc Holdings PLC now owns 261,130 shares of the bank's stock worth $22,815,000 after purchasing an additional 27,760 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Preferred Bank by 28.8% in 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 period. Institutional investors own 72.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PFBC shares. Stephens reaffirmed 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 lifted their price target on shares of Preferred Bank from $96.00 to $112.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Finally, DA Davidson boosted their target price on shares of Preferred Bank from $90.00 to $108.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd.

Preferred Bank Trading Up 1.5%

Shares of PFBC stock opened at $91.15 on Monday. The company's fifty day simple moving average is $88.55 and its two-hundred day simple moving average is $85.82. 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 1 year low of $71.90 and a 1 year high of $99.78. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 9.64 and a beta of 0.75.

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

Preferred Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Tuesday, July 8th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Tuesday, July 8th. Preferred Bank's dividend payout ratio (DPR) is 31.71%.

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

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.

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