New York State Common Retirement Fund Trims Stock Holdings in Preferred Bank $PFBC

New York State Common Retirement Fund decreased its position in Preferred Bank (NASDAQ:PFBC) by 31.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,022 shares of the bank’s stock after selling 10,800 shares during the quarter. New York State Common Retirement Fund owned approximately 0.16% of Preferred Bank worth $1,992,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. American Century Companies Inc. increased its stake in shares of Preferred Bank by 13.5% in the 2nd quarter. American Century Companies Inc. now owns 291,858 shares of the bank’s stock worth $25,259,000 after acquiring an additional 34,796 shares in the last quarter. Boston Partners grew its holdings in Preferred Bank by 1.3% in the second quarter. Boston Partners now owns 532,085 shares of the bank’s stock worth $46,428,000 after purchasing an additional 6,963 shares during the period. Geode Capital Management LLC grew its holdings in Preferred Bank by 1.3% in the second quarter. Geode Capital Management LLC now owns 372,081 shares of the bank’s stock worth $32,205,000 after purchasing an additional 4,896 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Preferred Bank during the second quarter valued at approximately $1,438,000. Finally, Nuveen LLC purchased a new position in shares of Preferred Bank during the first quarter valued at approximately $33,915,000. Institutional investors own 72.77% of the company’s stock.

Preferred Bank Stock Performance

Shares of PFBC opened at $94.73 on Tuesday. The business’s fifty day simple moving average is $91.38 and its two-hundred day simple moving average is $90.54. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.47. Preferred Bank has a 12 month low of $71.90 and a 12 month high of $99.44. The company has a market cap of $1.37 billion, a price-to-earnings ratio of 9.63 and a beta of 0.74.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Monday, October 20th. The bank reported $2.84 EPS for the quarter, topping the consensus estimate of $2.57 by $0.27. Preferred Bank had a return on equity of 16.91% and a net margin of 25.67%.The company had revenue of $74.98 million during the quarter, compared to the consensus estimate of $72.74 million. During the same period last year, the company earned $2.46 EPS. Research analysts anticipate that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Preferred Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 21st. Stockholders of record on Tuesday, October 7th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Tuesday, October 7th. This represents a $3.00 annualized dividend and a dividend yield of 3.2%. Preferred Bank’s dividend payout ratio is presently 30.49%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PFBC. DA Davidson cut their price target on Preferred Bank from $108.00 to $104.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of Preferred Bank in a report on Tuesday, December 2nd. Piper Sandler increased their target price on Preferred Bank from $112.00 to $119.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 22nd. Finally, Zacks Research raised Preferred Bank from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $104.67.

Preferred Bank Company Profile

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.