Denali Advisors LLC Makes New Investment in Preferred Bank (NASDAQ:PFBC)

Denali Advisors LLC purchased a new stake in Preferred Bank (NASDAQ:PFBC) during the second quarter, HoldingsChannel reports. The institutional investor purchased 3,300 shares of the bank’s stock, valued at approximately $249,000.

Several other institutional investors and hedge funds also recently modified their holdings of PFBC. Texas Permanent School Fund Corp lifted its stake in Preferred Bank by 1.6% in the 1st quarter. Texas Permanent School Fund Corp now owns 10,964 shares of the bank’s stock valued at $842,000 after acquiring an additional 169 shares in the last quarter. SummerHaven Investment Management LLC lifted its position in shares of Preferred Bank by 1.6% in the second quarter. SummerHaven Investment Management LLC now owns 12,846 shares of the bank’s stock worth $970,000 after purchasing an additional 201 shares in the last quarter. WINTON GROUP Ltd boosted its holdings in Preferred Bank by 1.7% during the second quarter. WINTON GROUP Ltd now owns 13,970 shares of the bank’s stock worth $1,055,000 after purchasing an additional 232 shares during the last quarter. Federated Hermes Inc. grew its position in Preferred Bank by 0.9% in the second quarter. Federated Hermes Inc. now owns 30,228 shares of the bank’s stock valued at $2,282,000 after purchasing an additional 274 shares in the last quarter. Finally, CWM LLC increased its stake in Preferred Bank by 96.4% in the 2nd quarter. CWM LLC now owns 1,043 shares of the bank’s stock valued at $79,000 after buying an additional 512 shares during the last quarter. 72.77% of the stock is owned by institutional investors and hedge funds.

Preferred Bank Stock Performance

NASDAQ PFBC opened at $80.91 on Wednesday. The firm has a market capitalization of $1.17 billion, a P/E ratio of 7.81 and a beta of 0.96. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.21. The firm’s fifty day moving average price is $80.51 and its two-hundred day moving average price is $77.05. Preferred Bank has a 1 year low of $58.52 and a 1 year high of $91.67.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Thursday, July 25th. The bank reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.39 by $0.09. Preferred Bank had a net margin of 27.35% and a return on equity of 20.24%. The company had revenue of $130.70 million for the quarter, compared to analyst estimates of $70.55 million. During the same period in the previous year, the business earned $2.61 EPS. As a group, research analysts anticipate that Preferred Bank will post 9.61 EPS for the current year.

Preferred Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Shareholders of record on Friday, July 5th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, July 5th. This represents a $2.80 annualized dividend and a yield of 3.46%. Preferred Bank’s dividend payout ratio is 27.03%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Piper Sandler increased their price objective on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Stephens increased their price target on Preferred Bank from $84.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th.

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. The company accepts checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.