Northern Trust Corp grew its stake in Preferred Bank (NASDAQ:PFBC) by 4.5% in the second quarter, Holdings Channel reports. The fund owned 272,716 shares of the bank’s stock after purchasing an additional 11,634 shares during the period. Northern Trust Corp’s holdings in Preferred Bank were worth $16,761,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Wells Fargo & Company MN increased its holdings in shares of Preferred Bank by 3.6% during the first quarter. Wells Fargo & Company MN now owns 31,273 shares of the bank’s stock worth $2,007,000 after purchasing an additional 1,095 shares during the period. BlackRock Inc. increased its holdings in shares of Preferred Bank by 1.5% during the first quarter. BlackRock Inc. now owns 807,206 shares of the bank’s stock worth $51,823,000 after purchasing an additional 11,559 shares during the period. California Public Employees Retirement System increased its holdings in shares of Preferred Bank by 5.9% during the first quarter. California Public Employees Retirement System now owns 31,200 shares of the bank’s stock worth $2,003,000 after purchasing an additional 1,747 shares during the period. UBS Group AG increased its holdings in shares of Preferred Bank by 653.1% during the first quarter. UBS Group AG now owns 2,651 shares of the bank’s stock worth $170,000 after purchasing an additional 2,299 shares during the period. Finally, Guggenheim Capital LLC bought a new position in shares of Preferred Bank during the first quarter worth approximately $1,171,000. 88.49% of the stock is owned by institutional investors and hedge funds.
PFBC has been the topic of several recent research reports. Raymond James raised shares of Preferred Bank from an “outperform” rating to a “strong-buy” rating in a report on Thursday, October 4th. ValuEngine cut shares of Preferred Bank from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. Zacks Investment Research raised shares of Preferred Bank from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Saturday, October 6th. BidaskClub raised shares of Preferred Bank from a “strong sell” rating to a “sell” rating in a report on Saturday, October 6th. Finally, B. Riley raised their target price on shares of Preferred Bank from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 20th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $72.00.
Shares of NASDAQ:PFBC opened at $52.82 on Friday. The company has a market capitalization of $689.47 million, a P/E ratio of 15.44, a PEG ratio of 1.12 and a beta of 0.93. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.28. Preferred Bank has a 1 year low of $49.45 and a 1 year high of $69.48.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings data on Wednesday, October 17th. The bank reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.02. The business had revenue of $40.91 million for the quarter, compared to analysts’ expectations of $41.19 million. Preferred Bank had a net margin of 31.74% and a return on equity of 18.39%. As a group, equities analysts predict that Preferred Bank will post 4.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Investors of record on Friday, October 5th were paid a $0.25 dividend. The ex-dividend date was Thursday, October 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.89%. Preferred Bank’s dividend payout ratio (DPR) is 29.24%.
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 in the United States. The company's deposit products include checking, savings, negotiable order of withdrawal, 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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