Macquarie Group Ltd. reduced its holdings in shares of Preferred Bank (NASDAQ:PFBC) by 43.4% during the fourth quarter, Holdings Channel reports. The fund owned 6,056 shares of the bank’s stock after selling 4,650 shares during the period. Macquarie Group Ltd.’s holdings in Preferred Bank were worth $356,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. BNP Paribas Arbitrage SA grew its position in Preferred Bank by 80.4% during the third quarter. BNP Paribas Arbitrage SA now owns 2,415 shares of the bank’s stock valued at $146,000 after acquiring an additional 1,076 shares during the last quarter. Capital Fund Management S.A. bought a new position in Preferred Bank during the fourth quarter valued at approximately $241,000. First Mercantile Trust Co. bought a new position in Preferred Bank during the fourth quarter valued at approximately $256,000. Teacher Retirement System of Texas bought a new position in Preferred Bank during the fourth quarter valued at approximately $265,000. Finally, Eqis Capital Management Inc. grew its position in Preferred Bank by 26.6% during the fourth quarter. Eqis Capital Management Inc. now owns 5,577 shares of the bank’s stock valued at $328,000 after acquiring an additional 1,172 shares during the last quarter. Institutional investors and hedge funds own 84.06% of the company’s stock.
A number of research analysts have commented on PFBC shares. BidaskClub cut shares of Preferred Bank from a “hold” rating to a “sell” rating in a research report on Thursday, December 14th. Zacks Investment Research lowered Preferred Bank from a “buy” rating to a “hold” rating in a research note on Saturday, December 30th. UBS raised Preferred Bank from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, January 9th. Raymond James Financial raised Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $71.00 price objective for the company in a research note on Tuesday, January 9th. They noted that the move was a valuation call. Finally, Sandler O’Neill reissued a “buy” rating and set a $73.00 price objective on shares of Preferred Bank in a research note on Tuesday, January 23rd. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $72.60.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Monday, January 22nd. The bank reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.08. The firm had revenue of $35.78 million during 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 4.59 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 23rd. Stockholders of record on Monday, April 9th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Friday, April 6th. Preferred Bank’s dividend payout ratio (DPR) is presently 25.73%.
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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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