Principal Financial Group Inc. raised its holdings in shares of Preferred Bank (NASDAQ:PFBC – Free Report) by 4.3% during the fourth quarter, HoldingsChannel reports. The fund owned 70,530 shares of the bank’s stock after purchasing an additional 2,884 shares during the quarter. Principal Financial Group Inc.’s holdings in Preferred Bank were worth $6,092,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its position in Preferred Bank by 10.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,513 shares of the bank’s stock worth $598,000 after buying an additional 694 shares in the last quarter. Meritage Portfolio Management bought a new position in shares of Preferred Bank during the third quarter valued at about $366,000. Los Angeles Capital Management LLC increased its stake in shares of Preferred Bank by 46.6% during the third quarter. Los Angeles Capital Management LLC now owns 8,183 shares of the bank’s stock valued at $657,000 after buying an additional 2,600 shares during the period. Versor Investments LP boosted its stake in shares of Preferred Bank by 28.7% during the 3rd quarter. Versor Investments LP now owns 16,154 shares of the bank’s stock valued at $1,296,000 after purchasing an additional 3,600 shares in the last quarter. Finally, GSA Capital Partners LLP grew its holdings in shares of Preferred Bank by 62.5% during the 3rd quarter. GSA Capital Partners LLP now owns 31,726 shares of the bank’s stock worth $2,546,000 after acquiring an additional 12,197 shares during the period. Hedge funds and other institutional investors own 72.77% of the company’s stock.
Preferred Bank Stock Up 1.1 %
PFBC opened at $88.75 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.08. The firm’s fifty day moving average is $87.89 and its 200 day moving average is $86.27. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 9.22 and a beta of 0.97. Preferred Bank has a fifty-two week low of $69.69 and a fifty-two week high of $99.78.
Preferred Bank (NASDAQ:PFBC – Get Free Report) last released 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 net margin of 25.00% and a return on equity of 17.80%. On average, sell-side analysts forecast that Preferred Bank will post 9.81 earnings per share for the current fiscal year.
Preferred Bank Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 23rd. Shareholders of record on Thursday, January 9th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 10th. This is an increase from Preferred Bank’s previous quarterly dividend of $0.70. This represents a $3.00 dividend on an annualized basis and a yield of 3.38%. Preferred Bank’s dividend payout ratio is 31.15%.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the stock. Piper Sandler lifted their price target on shares of Preferred Bank from $101.00 to $111.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Stephens reaffirmed an “equal weight” rating and set a $100.00 price target on shares of Preferred Bank in a report on Thursday, January 30th. Finally, DA Davidson increased 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.
Get Our Latest Analysis on PFBC
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.
Further Reading
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