Thomson Horstmann & Bryant Inc. lifted its holdings in Preferred Bank (NASDAQ:PFBC) by 4.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 66,863 shares of the bank’s stock after acquiring an additional 2,551 shares during the quarter. Thomson Horstmann & Bryant Inc.’s holdings in Preferred Bank were worth $3,930,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in PFBC. Schwab Charles Investment Management Inc. grew its position 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 buying an additional 285 shares during the period. Prudential Financial Inc. grew its position 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 buying an additional 19,920 shares during the period. Principal Financial Group Inc. purchased a new stake in shares of Preferred Bank in the 2nd quarter worth about $369,000. Swiss National Bank grew its position in shares of Preferred Bank by 10.9% in the 2nd quarter. Swiss National Bank now owns 21,389 shares of the bank’s stock worth $1,144,000 after buying an additional 2,100 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Preferred Bank by 10.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 303,839 shares of the bank’s stock worth $16,246,000 after buying an additional 28,844 shares during the period. 79.89% of the stock is currently owned by hedge funds and other institutional investors.
PFBC has been the topic of a number of recent research reports. BidaskClub downgraded shares of Preferred Bank from a “hold” rating to a “sell” rating in a research report on Thursday, December 14th. Zacks Investment Research raised shares of Preferred Bank from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Wednesday, November 29th. ValuEngine cut shares of Preferred Bank from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. FBR & Co reiterated a “buy” rating and issued a $70.00 price target (up previously from $65.00) on shares of Preferred Bank in a research note on Wednesday, October 25th. Finally, Raymond James Financial upgraded shares of Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $71.00 price target on the stock in a research note on Tuesday. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $69.33.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Tuesday, October 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.09. The company had revenue of $36.67 million for the quarter, compared to analysts’ expectations of $34.68 million. Preferred Bank had a net margin of 29.33% and a return on equity of 15.22%. analysts expect that Preferred Bank will post 3.35 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 22nd. Investors of record on Monday, January 8th will be paid a $0.22 dividend. This is a boost from Preferred Bank’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, January 5th. This represents a $0.88 dividend on an annualized basis and a yield of 1.42%. Preferred Bank’s payout ratio is presently 27.94%.
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About Preferred Bank
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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