Pillar Pacific Capital Management LLC decreased its position in Preferred Bank (NASDAQ:PFBC) by 15.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,700 shares of the bank’s stock after selling 875 shares during the quarter. Pillar Pacific Capital Management LLC’s holdings in Preferred Bank were worth $247,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC increased its stake in shares of Preferred Bank by 10.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 931,544 shares of the bank’s stock valued at $44,016,000 after acquiring an additional 85,003 shares during the last quarter. LSV Asset Management lifted its holdings in Preferred Bank by 31.1% during the 2nd quarter. LSV Asset Management now owns 301,602 shares of the bank’s stock valued at $14,250,000 after purchasing an additional 71,569 shares during the last quarter. Royal Bank of Canada increased its position in Preferred Bank by 82.8% during the 2nd quarter. Royal Bank of Canada now owns 156,356 shares of the bank’s stock worth $7,388,000 after buying an additional 70,809 shares during the period. Putnam Investments LLC bought a new position in Preferred Bank during the 2nd quarter worth $2,882,000. Finally, Morgan Stanley increased its position in Preferred Bank by 861.2% during the 2nd quarter. Morgan Stanley now owns 63,423 shares of the bank’s stock worth $2,997,000 after buying an additional 56,825 shares during the period. 77.58% of the stock is currently owned by institutional investors.
Shares of Preferred Bank stock traded up $0.29 during trading on Friday, hitting $55.49. 420 shares of the stock traded hands, compared to its average volume of 58,151. The stock has a market cap of $828.65 million, a price-to-earnings ratio of 12.13 and a beta of 1.15. Preferred Bank has a 52 week low of $39.87 and a 52 week high of $55.55. The firm’s fifty day moving average is $52.95 and its 200-day moving average is $49.87. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.26.
Preferred Bank (NASDAQ:PFBC) last released its earnings results on Wednesday, October 16th. The bank reported $1.32 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.32. The company had revenue of $43.21 million during the quarter, compared to analysts’ expectations of $44.22 million. Preferred Bank had a return on equity of 17.53% and a net margin of 32.86%. On average, analysts forecast that Preferred Bank will post 5.18 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Monday, October 7th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend was Friday, October 4th. Preferred Bank’s payout ratio is currently 26.37%.
A number of research analysts recently commented on the company. ValuEngine cut Preferred Bank from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Zacks Investment Research lowered Preferred Bank from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 23rd. BidaskClub raised Preferred Bank from a “hold” rating to a “buy” rating in a research note on Saturday, August 31st. DA Davidson set a $56.00 price objective on Preferred Bank and gave the stock a “hold” rating in a research note on Friday, July 19th. Finally, Janney Montgomery Scott lowered Preferred Bank from a “buy” rating to a “neutral” rating in a research note on Thursday, October 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Preferred Bank has an average rating of “Hold” and an average price target of $53.00.
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 in the United States. The company's deposit products include 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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