PDT Partners LLC Cuts Stake in Preferred Bank (NASDAQ:PFBC)

PDT Partners LLC lessened its holdings in shares of Preferred Bank (NASDAQ:PFBC) by 24.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,934 shares of the bank’s stock after selling 2,292 shares during the period. PDT Partners LLC’s holdings in Preferred Bank were worth $556,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Copeland Capital Management LLC acquired a new position in Preferred Bank during the 3rd quarter valued at about $54,000. Point72 DIFC Ltd increased its holdings in shares of Preferred Bank by 69.9% during the second quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock valued at $64,000 after acquiring an additional 349 shares in the last quarter. CWM LLC increased its holdings in shares of Preferred Bank by 96.4% during the second quarter. CWM LLC now owns 1,043 shares of the bank’s stock valued at $79,000 after acquiring an additional 512 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of Preferred Bank by 35.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,486 shares of the bank’s stock valued at $112,000 after purchasing an additional 386 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in Preferred Bank by 194.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,906 shares of the bank’s stock worth $153,000 after purchasing an additional 1,258 shares in the last quarter. Institutional investors and hedge funds own 72.77% of the company’s stock.

Preferred Bank Stock Up 0.3 %

Preferred Bank stock opened at $94.64 on Tuesday. The business’s 50-day simple moving average is $86.78 and its two-hundred day simple moving average is $81.22. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market cap of $1.37 billion, a PE ratio of 9.48 and a beta of 0.94. Preferred Bank has a fifty-two week low of $63.90 and a fifty-two week high of $99.78.

Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Monday, October 21st. The bank reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.39 by $0.07. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. The firm had revenue of $132.88 million for the quarter, compared to analyst estimates of $68.80 million. During the same quarter in the prior year, the firm earned $2.71 earnings per share. Equities analysts anticipate that Preferred Bank will post 9.75 EPS for the current year.

Preferred Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Monday, October 7th were paid a dividend of $0.70 per share. The ex-dividend date was Monday, October 7th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.96%. Preferred Bank’s payout ratio is 28.06%.

Wall Street Analysts Forecast Growth

Separately, Stephens raised their price target on shares of Preferred Bank from $90.00 to $94.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd.

About Preferred Bank

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.