Russell Investments Group Ltd. decreased its stake in Preferred Bank (NASDAQ:PFBC) by 44.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,863 shares of the bank’s stock after selling 11,975 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.11% of Preferred Bank worth $870,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAM Holding AG acquired a new stake in shares of Preferred Bank in the second quarter valued at about $241,000. Capital Fund Management S.A. acquired a new position in Preferred Bank during the second quarter worth about $246,000. First Hawaiian Bank acquired a new position in Preferred Bank during the third quarter worth about $257,000. State of Alaska Department of Revenue acquired a new position in Preferred Bank during the third quarter worth about $266,000. Finally, Engineers Gate Manager LP acquired a new position in Preferred Bank during the second quarter worth about $318,000. Institutional investors and hedge funds own 93.37% of the company’s stock.
PFBC opened at $45.87 on Thursday. The stock has a market cap of $597.94 million, a P/E ratio of 10.28, a price-to-earnings-growth ratio of 0.97 and a beta of 1.00. Preferred Bank has a twelve month low of $43.04 and a twelve month high of $69.48. 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 (NASDAQ:PFBC) last posted its quarterly earnings results on Wednesday, October 17th. The bank reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.02. The firm had revenue of $40.91 million for the quarter, compared to analyst estimates of $41.19 million. Preferred Bank had a net margin of 31.74% and a return on equity of 18.39%. Equities analysts predict that Preferred Bank will post 4.67 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 22nd. Shareholders of record on Tuesday, January 8th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.62%. This is a positive change from Preferred Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, January 7th. Preferred Bank’s payout ratio is presently 29.24%.
A number of equities analysts recently weighed in on PFBC shares. B. Riley set a $76.00 price target on shares of Preferred Bank and gave the stock a “buy” rating in a research report on Tuesday, October 30th. Zacks Investment Research upgraded shares of Preferred Bank from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Saturday, October 6th. ValuEngine lowered shares of Preferred Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, September 19th. BidaskClub upgraded shares of Preferred Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 6th. Finally, Raymond James lowered their price target on shares of Preferred Bank from $77.00 to $72.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 19th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company’s stock. Preferred Bank currently has an average rating of “Buy” and a consensus price target of $72.00.
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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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