Wells Fargo & Company MN boosted its position in Preferred Bank (NASDAQ:PFBC) by 30.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,044 shares of the bank’s stock after purchasing an additional 6,096 shares during the quarter. Wells Fargo & Company MN owned about 0.20% of Preferred Bank worth $1,572,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. increased its stake in shares of Preferred Bank by 0.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 77,103 shares of the bank’s stock worth $4,123,000 after acquiring an additional 285 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of Preferred Bank by 60.2% in the 2nd quarter. Prudential Financial Inc. now owns 53,030 shares of the bank’s stock worth $2,836,000 after acquiring an additional 19,920 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Preferred Bank in the 2nd quarter worth $369,000. Swiss National Bank grew its holdings in shares of Preferred Bank by 10.9% during the 2nd quarter. Swiss National Bank now owns 21,389 shares of the bank’s stock worth $1,144,000 after purchasing an additional 2,100 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Preferred Bank by 10.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 303,839 shares of the bank’s stock worth $16,246,000 after purchasing an additional 28,844 shares during the period. 79.95% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on PFBC shares. FBR & Co reiterated a “buy” rating and set a $70.00 price target (up from $65.00) on shares of Preferred Bank in a report on Wednesday, October 25th. Zacks Investment Research upgraded Preferred Bank from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a report on Saturday, October 28th. ValuEngine cut Preferred Bank from a “buy” rating to a “hold” rating in a report on Friday, December 1st. BidaskClub upgraded Preferred Bank from a “sell” rating to a “hold” rating in a report on Wednesday, December 6th. Finally, UBS Group upgraded Preferred Bank from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, January 9th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the stock. Preferred Bank currently has a consensus rating of “Buy” and a consensus target price of $72.60.
Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Monday, January 22nd. The bank reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.08. The business had revenue of $35.78 million for the quarter, compared to analyst estimates of $36.37 million. Preferred Bank had a return on equity of 16.69% and a net margin of 26.51%. sell-side analysts forecast that Preferred Bank will post 4.57 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, January 22nd. Shareholders of record on Monday, January 8th were given a dividend of $0.22 per share. This is a positive change from Preferred Bank’s previous quarterly dividend of $0.20. The ex-dividend date was Friday, January 5th. This represents a $0.88 annualized dividend and a yield of 1.43%. Preferred Bank’s payout ratio is 29.63%.
Preferred Bank Company Profile
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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