Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of Preferred Bank (NASDAQ:PFBC) by 52.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 565 shares of the bank’s stock after selling 613 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Preferred Bank were worth $27,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in PFBC. Quantamental Technologies LLC bought a new stake in shares of Preferred Bank in the first quarter worth about $31,000. BNP Paribas Arbitrage SA grew its stake in shares of Preferred Bank by 72,425.0% in the first quarter. BNP Paribas Arbitrage SA now owns 2,901 shares of the bank’s stock worth $130,000 after purchasing an additional 2,897 shares during the last quarter. Convergence Investment Partners LLC bought a new stake in shares of Preferred Bank in the first quarter worth about $139,000. Campbell & CO Investment Adviser LLC bought a new stake in shares of Preferred Bank in the second quarter worth about $205,000. Finally, SG Americas Securities LLC bought a new stake in shares of Preferred Bank in the first quarter worth about $199,000. 77.19% of the stock is currently owned by hedge funds and other institutional investors.
PFBC traded down $0.91 on Friday, hitting $47.94. The company had a trading volume of 1,695 shares, compared to its average volume of 69,415. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.07. Preferred Bank has a 52-week low of $39.87 and a 52-week high of $63.15. The stock has a fifty day simple moving average of $50.69 and a 200-day simple moving average of $48.33. The firm has a market capitalization of $750.39 million, a P/E ratio of 10.54, a P/E/G ratio of 0.96 and a beta of 1.19.
Several analysts recently issued reports on the company. Zacks Investment Research raised Preferred Bank from a “sell” rating to a “hold” rating in a research note on Thursday, July 25th. Raymond James cut Preferred Bank from a “strong-buy” rating to an “outperform” rating and set a $57.00 target price on the stock. in a research note on Friday, July 19th. DA Davidson set a $56.00 target price on Preferred Bank and gave the stock a “hold” rating in a research note on Friday, July 19th. B. Riley cut Preferred Bank from a “buy” rating to a “neutral” rating and cut their target price for the stock from $59.00 to $55.00 in a research note on Wednesday. Finally, ValuEngine raised Preferred Bank from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Preferred Bank presently has an average rating of “Hold” and a consensus target price of $53.20.
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, 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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