New York State Common Retirement Fund boosted its position in Preferred Bank (NASDAQ:PFBC – Free Report) by 15.5% during the fourth quarter, HoldingsChannel reports. The fund owned 26,222 shares of the bank’s stock after buying an additional 3,516 shares during the quarter. New York State Common Retirement Fund’s holdings in Preferred Bank were worth $2,265,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PFBC. R Squared Ltd bought a new stake in Preferred Bank in the 4th quarter valued at about $65,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Preferred Bank in the 3rd quarter valued at about $76,000. KBC Group NV raised its stake in Preferred Bank by 46.2% in the 4th quarter. KBC Group NV now owns 914 shares of the bank’s stock valued at $79,000 after acquiring an additional 289 shares during the period. Advisors Asset Management Inc. grew its holdings in Preferred Bank by 194.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,906 shares of the bank’s stock valued at $153,000 after buying an additional 1,258 shares in the last quarter. Finally, Point72 DIFC Ltd grew its holdings in Preferred Bank by 138.7% during the 3rd quarter. Point72 DIFC Ltd now owns 2,024 shares of the bank’s stock valued at $162,000 after buying an additional 1,176 shares in the last quarter. 72.77% of the stock is currently owned by institutional investors.
Preferred Bank Stock Up 1.1 %
PFBC stock opened at $88.75 on Friday. Preferred Bank has a twelve month low of $69.69 and a twelve month high of $99.78. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $1.28 billion, a PE ratio of 9.22 and a beta of 0.97. The stock has a 50-day simple moving average of $87.89 and a two-hundred day simple moving average of $86.21.
Preferred Bank (NASDAQ:PFBC – Get Free Report) last issued its quarterly earnings data on Monday, January 27th. The bank reported $2.25 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.17). Preferred Bank had a return on equity of 17.80% and a net margin of 25.00%. On average, equities analysts predict that Preferred Bank will post 9.81 EPS for the current fiscal year.
Preferred Bank Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 23rd. Stockholders of record on Thursday, January 9th were issued a dividend of $0.75 per share. This is a positive change from Preferred Bank’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, January 10th. This represents a $3.00 annualized dividend and a dividend yield of 3.38%. Preferred Bank’s payout ratio is presently 31.15%.
Analyst Ratings Changes
A number of research analysts have weighed in on PFBC shares. Piper Sandler lifted their target price on Preferred Bank from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, January 31st. DA Davidson lifted their target price on Preferred Bank from $98.00 to $101.00 and gave the company a “neutral” rating in a report on Wednesday, January 29th. Finally, Stephens reaffirmed an “equal weight” rating and set a $100.00 target price on shares of Preferred Bank in a report on Thursday, January 30th.
Get Our Latest Stock Analysis on Preferred Bank
Preferred Bank 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.
Featured Articles
Want to see what other hedge funds are holding PFBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Preferred Bank (NASDAQ:PFBC – Free Report).
Receive News & Ratings for Preferred Bank Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Preferred Bank and related companies with MarketBeat.com’s FREE daily email newsletter.