Copeland Capital Management LLC Boosts Position in Preferred Bank $PFBC

Copeland Capital Management LLC raised its stake in shares of Preferred Bank (NASDAQ:PFBC) by 16.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 845 shares of the bank’s stock after buying an additional 118 shares during the quarter. Copeland Capital Management LLC’s holdings in Preferred Bank were worth $73,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PFBC. Nuveen LLC purchased a new position in Preferred Bank during the 1st quarter valued at about $33,915,000. American Century Companies Inc. grew its holdings in Preferred Bank by 28.8% during the 1st quarter. American Century Companies Inc. now owns 257,062 shares of the bank’s stock valued at $21,506,000 after buying an additional 57,434 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Preferred Bank by 9.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 475,025 shares of the bank’s stock valued at $39,741,000 after buying an additional 40,435 shares in the last quarter. GAMMA Investing LLC grew its holdings in Preferred Bank by 9,482.9% during the 1st quarter. GAMMA Investing LLC now owns 36,894 shares of the bank’s stock valued at $3,087,000 after buying an additional 36,509 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in Preferred Bank by 81.0% during the 1st quarter. Jane Street Group LLC now owns 66,428 shares of the bank’s stock valued at $5,557,000 after buying an additional 29,729 shares in the last quarter. Hedge funds and other institutional investors own 72.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on PFBC shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Preferred Bank in a report on Saturday, September 27th. Piper Sandler boosted their price objective on Preferred Bank from $96.00 to $112.00 and gave the stock an “overweight” rating in a report on Tuesday, July 22nd. Finally, DA Davidson boosted their price objective on Preferred Bank from $90.00 to $108.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $103.67.

Preferred Bank Stock Up 0.4%

Shares of NASDAQ PFBC opened at $90.03 on Friday. Preferred Bank has a 12 month low of $71.90 and a 12 month high of $99.78. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 9.52 and a beta of 0.71. The business has a 50-day moving average of $92.57 and a 200-day moving average of $87.31.

Preferred Bank (NASDAQ:PFBC) last released its earnings results on Monday, July 21st. The bank reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.43 by $0.09. The company had revenue of $69.05 million during the quarter, compared to the consensus estimate of $70.96 million. Preferred Bank had a return on equity of 16.64% and a net margin of 25.04%. Sell-side analysts expect that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Preferred Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Tuesday, October 7th will be given a $0.75 dividend. The ex-dividend date is Tuesday, October 7th. This represents a $3.00 dividend on an annualized basis and a yield of 3.3%. Preferred Bank’s payout ratio is presently 31.71%.

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.