BlackRock Inc. grew its holdings in shares of Preferred Bank (NASDAQ:PFBC) by 19.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 968,015 shares of the bank’s stock after buying an additional 160,809 shares during the period. BlackRock Inc. owned 7.34% of Preferred Bank worth $59,493,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of PFBC. Mount Yale Investment Advisors LLC purchased a new position in shares of Preferred Bank during the first quarter valued at approximately $129,000. UBS Group AG increased its stake in shares of Preferred Bank by 653.1% during the first quarter. UBS Group AG now owns 2,651 shares of the bank’s stock valued at $170,000 after buying an additional 2,299 shares during the period. GAM Holding AG purchased a new position in shares of Preferred Bank during the second quarter valued at approximately $241,000. Hsbc Holdings PLC purchased a new position in shares of Preferred Bank during the first quarter valued at approximately $267,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Preferred Bank during the second quarter valued at approximately $318,000. 88.31% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ PFBC opened at $57.98 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.07 and a current ratio of 1.07. Preferred Bank has a twelve month low of $55.65 and a twelve month high of $69.48. The company has a market cap of $771.50 million, a P/E ratio of 17.19, a PEG ratio of 1.26 and a beta of 0.93.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings results on Wednesday, July 18th. The bank reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.05. Preferred Bank had a return on equity of 17.86% and a net margin of 30.57%. The company had revenue of $39.16 million for the quarter, compared to analyst estimates of $38.66 million. Research analysts predict that Preferred Bank will post 4.63 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 19th. Investors of record on Friday, October 5th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.72%. Preferred Bank’s dividend payout ratio is presently 29.24%.
Several research firms recently weighed in on PFBC. Raymond James lowered Preferred Bank from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, July 10th. BidaskClub upgraded Preferred Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 6th. ValuEngine lowered Preferred Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, September 19th. Zacks Investment Research lowered Preferred Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Finally, B. Riley lifted their price target on Preferred Bank from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, July 20th. Two analysts have rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $72.20.
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 in the United States. The company's deposit products include checking, savings, negotiable order of withdrawal, 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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