ProShare Advisors LLC Sells 12,597 Shares of Preferred Bank $PFBC

ProShare Advisors LLC lowered its position in Preferred Bank (NASDAQ:PFBC) by 14.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,663 shares of the bank’s stock after selling 12,597 shares during the quarter. ProShare Advisors LLC’s holdings in Preferred Bank were worth $6,462,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new position in shares of Preferred Bank during the first quarter valued at approximately $55,000. Copeland Capital Management LLC increased its stake in Preferred Bank by 16.2% in the second quarter. Copeland Capital Management LLC now owns 845 shares of the bank’s stock worth $73,000 after purchasing an additional 118 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Preferred Bank during the second quarter worth $225,000. CWM LLC boosted its stake in shares of Preferred Bank by 10.7% during the first quarter. CWM LLC now owns 2,779 shares of the bank’s stock valued at $232,000 after purchasing an additional 269 shares during the period. Finally, Corton Capital Inc. bought a new position in shares of Preferred Bank in the first quarter worth about $238,000. Institutional investors own 72.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PFBC. Piper Sandler boosted their price objective on shares of Preferred Bank from $112.00 to $119.00 and gave the company an “overweight” rating in a research report on Wednesday, October 22nd. DA Davidson dropped their price objective on Preferred Bank from $108.00 to $104.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 22nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Preferred Bank in a report on Friday, October 31st. Finally, Zacks Research raised Preferred Bank from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $104.67.

Preferred Bank Stock Down 0.5%

Shares of PFBC stock opened at $91.87 on Friday. The stock’s 50-day simple moving average is $91.31 and its 200-day simple moving average is $89.21. The firm has a market capitalization of $1.33 billion, a PE ratio of 9.34 and a beta of 0.73. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.07 and a current ratio of 1.07. Preferred Bank has a fifty-two week low of $71.90 and a fifty-two week high of $99.78.

Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Monday, October 20th. The bank reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.27. The company had revenue of $74.98 million during the quarter, compared to the consensus estimate of $72.74 million. Preferred Bank had a net margin of 25.67% and a return on equity of 16.91%. During the same period in the previous year, the firm posted $2.46 earnings per share. Equities analysts expect that Preferred Bank will post 9.81 earnings per share for the current year.

Preferred Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 21st. Investors of record on Tuesday, October 7th were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Tuesday, October 7th. Preferred Bank’s payout ratio is currently 30.49%.

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. 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.