Virginia Retirement Systems ET AL lessened its holdings in Preferred Bank (NASDAQ:PFBC) by 15.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,700 shares of the bank’s stock after selling 2,600 shares during the period. Virginia Retirement Systems ET AL owned 0.11% of Preferred Bank worth $944,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of PFBC. Boston Partners purchased a new stake in shares of Preferred Bank in the first quarter worth $14,549,000. Allianz Asset Management GmbH raised its position in shares of Preferred Bank by 68.8% in the fourth quarter. Allianz Asset Management GmbH now owns 269,229 shares of the bank’s stock worth $15,825,000 after buying an additional 109,686 shares in the last quarter. Millennium Management LLC raised its position in shares of Preferred Bank by 34.8% in the fourth quarter. Millennium Management LLC now owns 291,484 shares of the bank’s stock worth $17,133,000 after buying an additional 75,177 shares in the last quarter. Deutsche Bank AG raised its position in shares of Preferred Bank by 118.1% in the fourth quarter. Deutsche Bank AG now owns 107,803 shares of the bank’s stock worth $6,335,000 after buying an additional 58,369 shares in the last quarter. Finally, Driehaus Capital Management LLC raised its position in shares of Preferred Bank by 35.8% in the fourth quarter. Driehaus Capital Management LLC now owns 184,640 shares of the bank’s stock worth $10,853,000 after buying an additional 48,632 shares in the last quarter. Institutional investors own 85.26% of the company’s stock.
A number of research firms have weighed in on PFBC. BidaskClub upgraded Preferred Bank from a “hold” rating to a “buy” rating in a research report on Tuesday, April 3rd. Zacks Investment Research downgraded Preferred Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, February 14th. Sandler O’Neill restated a “buy” rating and set a $73.00 price target on shares of Preferred Bank in a research report on Tuesday, January 23rd. Finally, B. Riley restated a “buy” rating and set a $76.00 price target on shares of Preferred Bank in a research report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $72.60.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings results on Thursday, April 19th. The bank reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.03. Preferred Bank had a return on equity of 18.48% and a net margin of 28.88%. The business had revenue of $37.71 million for the quarter, compared to the consensus estimate of $37.29 million. equities research analysts forecast that Preferred Bank will post 4.63 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 23rd. Stockholders of record on Monday, April 9th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, April 6th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.39%. Preferred Bank’s dividend payout ratio (DPR) is currently 25.73%.
About Preferred Bank
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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