Wells Fargo & Company MN lifted its position in shares of Preferred Bank (NASDAQ:PFBC) by 30.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,044 shares of the bank’s stock after purchasing an additional 6,096 shares during the period. Wells Fargo & Company MN owned 0.20% of Preferred Bank worth $1,572,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of PFBC. BNP Paribas Arbitrage SA boosted its holdings in shares of Preferred Bank by 80.4% during the third quarter. BNP Paribas Arbitrage SA now owns 2,415 shares of the bank’s stock worth $146,000 after purchasing an additional 1,076 shares during the period. Stevens Capital Management LP purchased a new stake in shares of Preferred Bank during the third quarter worth about $237,000. Voya Investment Management LLC purchased a new stake in shares of Preferred Bank during the second quarter worth about $269,000. Principal Financial Group Inc. purchased a new stake in shares of Preferred Bank during the second quarter worth about $369,000. Finally, Laurion Capital Management LP purchased a new stake in shares of Preferred Bank during the second quarter worth about $400,000. Institutional investors own 79.89% of the company’s stock.
PFBC has been the subject of a number of analyst reports. Zacks Investment Research lowered shares of Preferred Bank from a “buy” rating to a “hold” rating in a report on Saturday, December 30th. BidaskClub downgraded shares of Preferred Bank from a “hold” rating to a “sell” rating in a research note on Thursday, December 14th. FBR & Co reissued a “buy” rating and issued a $70.00 price target (up from $65.00) on shares of Preferred Bank in a research note on Wednesday, October 25th. ValuEngine downgraded shares of Preferred Bank from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, Raymond James Financial raised shares of Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $71.00 price target for the company in a research note on Tuesday, January 9th. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating, two have given a buy rating and three have given a strong buy rating to the stock. Preferred Bank has a consensus rating of “Buy” and an average target price of $71.33.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings results on Tuesday, October 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.09. Preferred Bank had a net margin of 29.33% and a return on equity of 15.22%. The company had revenue of $36.67 million during the quarter, compared to the consensus estimate of $34.68 million. analysts anticipate that Preferred Bank will post 3.35 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 22nd. Investors of record on Monday, January 8th will be paid a $0.22 dividend. This is an increase from Preferred Bank’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date is Friday, January 5th. Preferred Bank’s dividend payout ratio is presently 27.94%.
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About Preferred Bank
Preferred Bank is a commercial bank. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.
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