LSV Asset Management Sells 49,840 Shares of Preferred Bank $PFBC

LSV Asset Management reduced its position in Preferred Bank (NASDAQ:PFBC) by 93.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,700 shares of the bank’s stock after selling 49,840 shares during the quarter. LSV Asset Management’s holdings in Preferred Bank were worth $334,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PFBC. Amalgamated Bank boosted its position in shares of Preferred Bank by 3.5% during the 3rd quarter. Amalgamated Bank now owns 3,452 shares of the bank’s stock worth $312,000 after acquiring an additional 116 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Preferred Bank by 1.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 13,581 shares of the bank’s stock valued at $1,175,000 after purchasing an additional 187 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Preferred Bank by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,266 shares of the bank’s stock valued at $608,000 after purchasing an additional 202 shares during the last quarter. Texas Permanent School Fund Corp raised its holdings in shares of Preferred Bank by 3.5% during the 2nd quarter. Texas Permanent School Fund Corp now owns 7,374 shares of the bank’s stock worth $638,000 after buying an additional 252 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Preferred Bank by 1,224.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank’s stock worth $29,000 after buying an additional 306 shares during the last quarter. 72.77% of the stock is currently owned by institutional investors and hedge funds.

Preferred Bank Price Performance

Shares of NASDAQ:PFBC opened at $91.87 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.07. Preferred Bank has a 52 week low of $71.90 and a 52 week high of $103.05. The firm has a market cap of $1.33 billion, a PE ratio of 8.85 and a beta of 0.65. The firm’s fifty day moving average is $94.17 and its 200-day moving average is $92.84.

Preferred Bank (NASDAQ:PFBC) last announced its earnings results on Thursday, January 22nd. The bank reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.78 by $0.01. The business had revenue of $78.07 million during the quarter, compared to analyst estimates of $74.54 million. Preferred Bank had a return on equity of 17.31% and a net margin of 26.41%. Sell-side analysts predict that Preferred Bank will post 9.81 earnings per share for the current year.

Preferred Bank Dividend Announcement

The business also recently announced an annual dividend, which was paid on Tuesday, January 20th. Investors of record on Tuesday, January 6th were issued a $3.20 dividend. The ex-dividend date was Tuesday, January 6th. This represents a yield of 336.0%. Preferred Bank’s dividend payout ratio is presently 30.83%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Piper Sandler decreased their target price on Preferred Bank from $121.00 to $111.00 and set an “overweight” rating on the stock in a research report on Monday, January 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Preferred Bank in a report on Monday, December 29th. Stephens reiterated a “positive” rating on shares of Preferred Bank in a research report on Monday, January 26th. Zacks Research lowered shares of Preferred Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Finally, DA Davidson lowered their price target on shares of Preferred Bank from $108.00 to $104.00 and set a “neutral” rating for the company in a report on Wednesday, October 22nd. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Preferred Bank currently has an average rating of “Moderate Buy” and a consensus target price of $102.67.

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.