Maltese Capital Management LLC Has $6.12 Million Holdings in Preferred Bank $PFBC

Maltese Capital Management LLC cut its stake in shares of Preferred Bank (NASDAQ:PFBC) by 10.6% in the fourth quarter, Holdings Channel reports. The firm owned 64,788 shares of the bank’s stock after selling 7,712 shares during the quarter. Maltese Capital Management LLC’s holdings in Preferred Bank were worth $6,118,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Preferred Bank by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 494,827 shares of the bank’s stock worth $46,727,000 after purchasing an additional 16,348 shares during the period. Nuveen LLC grew its stake in shares of Preferred Bank by 5.4% during the fourth quarter. Nuveen LLC now owns 356,065 shares of the bank’s stock worth $33,623,000 after purchasing an additional 18,309 shares during the period. American Century Companies Inc. grew its stake in shares of Preferred Bank by 15.7% during the third quarter. American Century Companies Inc. now owns 337,804 shares of the bank’s stock worth $30,534,000 after purchasing an additional 45,946 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Preferred Bank by 19.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 206,622 shares of the bank’s stock worth $19,511,000 after purchasing an additional 33,124 shares during the period. Finally, Kennedy Capital Management LLC grew its stake in shares of Preferred Bank by 19.9% during the fourth 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. 72.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PFBC has been the subject of a number of research analyst reports. Janney Montgomery Scott initiated coverage on Preferred Bank in a research note on Tuesday, February 24th. They issued a “neutral” rating and a $100.00 target price for the company. 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. Weiss Ratings raised Preferred Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. Finally, Brean Capital cut Preferred Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 24th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $102.00.

Preferred Bank Stock Down 1.3%

NASDAQ:PFBC opened at $100.26 on Tuesday. Preferred Bank has a 1 year low of $79.60 and a 1 year high of $103.05. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 0.45. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 9.39 and a beta of 0.56. The stock has a 50-day moving average price of $94.85 and a two-hundred day moving average price of $93.45.

Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Wednesday, April 22nd. The bank reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.48 by $0.05. Preferred Bank had a return on equity of 17.52% and a net margin of 26.49%.The firm had revenue of $69.62 million during the quarter, compared to analysts’ expectations of $71.76 million. As a group, equities analysts expect that Preferred Bank will post 10.58 earnings per share for the current year.

Preferred Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 21st. Shareholders of record on Tuesday, April 7th were paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, April 7th. Preferred Bank’s payout ratio is presently 29.96%.

Preferred Bank 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.