Globeflex Capital L P Purchases New Stake in Preferred Bank $PFBC

Globeflex Capital L P acquired a new position in shares of Preferred Bank (NASDAQ:PFBC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,510 shares of the bank’s stock, valued at approximately $798,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new position in Preferred Bank in the second quarter valued at about $12,352,000. Qube Research & Technologies Ltd increased its stake in shares of Preferred Bank by 288.4% during the 3rd quarter. Qube Research & Technologies Ltd now owns 74,636 shares of the bank’s stock worth $6,746,000 after purchasing an additional 55,418 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Preferred Bank by 40,612.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 52,112 shares of the bank’s stock worth $4,896,000 after purchasing an additional 51,984 shares during the period. Kennedy Capital Management LLC raised its holdings in shares of Preferred Bank by 19.9% in the 4th quarter. Kennedy Capital Management LLC now owns 199,419 shares of the bank’s stock worth $18,831,000 after purchasing an additional 33,157 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in Preferred Bank by 19.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 206,622 shares of the bank’s stock valued at $19,511,000 after purchasing an additional 33,124 shares during the last quarter. Institutional investors own 72.77% of the company’s stock.

Preferred Bank Price Performance

PFBC opened at $104.06 on Tuesday. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 9.51 and a beta of 0.56. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.44. The firm has a 50-day moving average price of $104.94 and a 200-day moving average price of $96.92. Preferred Bank has a twelve month low of $81.50 and a twelve month high of $112.26.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.65 by $0.13. The company had revenue of $73.47 million for the quarter, compared to analyst estimates of $73.60 million. Preferred Bank had a net margin of 26.54% and a return on equity of 17.27%. Equities analysts expect that Preferred Bank will post 10.71 EPS for the current year.

Preferred Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Stockholders of record on Tuesday, July 7th were given a $0.80 dividend. The ex-dividend date was Tuesday, July 7th. This represents a $3.20 annualized dividend and a dividend yield of 3.1%. Preferred Bank’s payout ratio is 29.25%.

Analyst Upgrades and Downgrades

PFBC has been the subject of several research reports. Stephens increased their price objective on Preferred Bank from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. Piper Sandler boosted their target price on Preferred Bank from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Finally, Weiss Ratings raised Preferred Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $106.25.

Preferred Bank Company Profile

Preferred Bank (NASDAQ: PFBC) is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.

The bank’s core lending portfolio focuses on commercial real estate acquisition, development and investment properties.