Principal Financial Group Inc. boosted its position in shares of Preferred Bank (NASDAQ:PFBC – Free Report) by 10.6% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 77,406 shares of the bank’s stock after buying an additional 7,434 shares during the period. Principal Financial Group Inc.’s holdings in Preferred Bank were worth $7,020,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Qube Research & Technologies Ltd lifted its stake in shares of Preferred Bank by 288.4% in the third quarter. Qube Research & Technologies Ltd now owns 74,636 shares of the bank’s stock worth $6,746,000 after buying an additional 55,418 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Preferred Bank by 40,612.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 52,112 shares of the bank’s stock worth $4,896,000 after acquiring an additional 51,984 shares during the period. Kennedy Capital Management LLC lifted its position in Preferred Bank by 19.9% during the 4th quarter. Kennedy Capital Management LLC now owns 199,419 shares of the bank’s stock worth $18,831,000 after acquiring an additional 33,157 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Preferred Bank by 19.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 206,622 shares of the bank’s stock valued at $19,511,000 after purchasing an additional 33,124 shares during the last quarter. Finally, Trexquant Investment LP grew its stake in shares of Preferred Bank by 572.5% in the 4th quarter. Trexquant Investment LP now owns 38,750 shares of the bank’s stock valued at $3,659,000 after purchasing an additional 32,988 shares during the last quarter. Institutional investors and hedge funds own 72.77% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently commented on PFBC. Stephens upped their price target on Preferred Bank from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Thursday. Piper Sandler lifted their price objective on shares of Preferred Bank from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Finally, Weiss Ratings raised shares of Preferred Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $106.25.
Preferred Bank Trading Up 1.1%
Shares of PFBC stock opened at $104.09 on Tuesday. The business’s fifty day moving average price is $101.25 and its 200 day moving average price is $94.97. Preferred Bank has a 1-year low of $81.50 and a 1-year high of $112.26. The firm has a market capitalization of $1.50 billion, a PE ratio of 9.51 and a beta of 0.55. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.08 and a quick ratio of 1.08.
Preferred Bank (NASDAQ:PFBC – Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.65 by $0.13. Preferred Bank had a return on equity of 17.27% and a net margin of 26.54%.The firm had revenue of $73.47 million during the quarter, compared to analysts’ expectations of $73.60 million. As a group, sell-side analysts forecast that Preferred Bank will post 10.72 EPS for the current fiscal year.
Preferred Bank Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Stockholders of record on Tuesday, July 7th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Tuesday, July 7th. This represents a $3.20 annualized dividend and a dividend yield of 3.1%. Preferred Bank’s payout ratio is 29.25%.
About Preferred Bank
Preferred Bank (NASDAQ: PFBC) is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.
The bank’s core lending portfolio focuses on commercial real estate acquisition, development and investment properties.
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