Renaissance Technologies LLC Acquires 26,002 Shares of Preferred Bank (PFBC)
Renaissance Technologies LLC raised its holdings in Preferred Bank (NASDAQ:PFBC) by 7.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 373,057 shares of the bank’s stock after purchasing an additional 26,002 shares during the period. Renaissance Technologies LLC owned 2.60% of Preferred Bank worth $19,947,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. US Bancorp DE lifted its holdings in shares of Preferred Bank by 14.5% in the first quarter. US Bancorp DE now owns 3,402 shares of the bank’s stock valued at $183,000 after purchasing an additional 431 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Preferred Bank by 86.9% in the first quarter. SG Americas Securities LLC now owns 3,726 shares of the bank’s stock valued at $200,000 after purchasing an additional 1,732 shares in the last quarter. UBS Asset Management Americas Inc. purchased a new stake in shares of Preferred Bank in the first quarter valued at about $207,000. Sheaff Brock Investment Advisors LLC purchased a new stake in shares of Preferred Bank in the second quarter valued at about $220,000. Finally, Eqis Capital Management Inc. lifted its holdings in shares of Preferred Bank by 9.4% in the second quarter. Eqis Capital Management Inc. now owns 4,486 shares of the bank’s stock valued at $240,000 after purchasing an additional 385 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors.
Preferred Bank (NASDAQ:PFBC) opened at 59.46 on Friday. The company’s 50 day moving average is $55.57 and its 200 day moving average is $53.68. Preferred Bank has a 52 week low of $34.34 and a 52 week high of $60.99. The stock has a market cap of $854.38 million, a P/E ratio of 20.42 and a beta of 0.94.
Preferred Bank (NASDAQ:PFBC) last released its earnings results on Tuesday, July 18th. The bank reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.05. The business had revenue of $32.55 million for the quarter, compared to the consensus estimate of $31.78 million. Preferred Bank had a net margin of 28.91% and a return on equity of 14.05%. Equities analysts predict that Preferred Bank will post $3.21 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, October 6th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Thursday, October 5th. Preferred Bank’s dividend payout ratio (DPR) is currently 27.49%.
Several brokerages have issued reports on PFBC. BidaskClub downgraded shares of Preferred Bank from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Zacks Investment Research downgraded shares of Preferred Bank from a “buy” rating to a “hold” rating in a report on Wednesday, September 20th. Stephens raised shares of Preferred Bank from an “equal weight” rating to an “overweight” rating in a research note on Monday, July 10th. Finally, FBR & Co reissued a “buy” rating on shares of Preferred Bank in a research note on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $65.00.
Preferred Bank Company Profile
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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