State Street Corp Acquires 148,363 Shares of Preferred Bank (PFBC)
State Street Corp increased its holdings in shares of Preferred Bank (NASDAQ:PFBC) by 61.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 388,696 shares of the bank’s stock after purchasing an additional 148,363 shares during the quarter. State Street Corp owned approximately 2.71% of Preferred Bank worth $20,782,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in PFBC. Ameriprise Financial Inc. boosted its holdings in Preferred Bank by 209.9% during the second quarter. Ameriprise Financial Inc. now owns 140,126 shares of the bank’s stock worth $7,491,000 after purchasing an additional 94,905 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Preferred Bank by 10.2% during the first quarter. Vanguard Group Inc. now owns 522,054 shares of the bank’s stock worth $28,013,000 after purchasing an additional 48,266 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Preferred Bank by 46.7% during the second quarter. New York State Common Retirement Fund now owns 114,693 shares of the bank’s stock worth $6,133,000 after purchasing an additional 36,497 shares during the last quarter. Thrivent Financial For Lutherans acquired a new position in Preferred Bank during the second quarter worth $1,741,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Preferred Bank by 7.0% during the first quarter. Dimensional Fund Advisors LP now owns 474,744 shares of the bank’s stock worth $25,475,000 after purchasing an additional 30,981 shares during the last quarter. Institutional investors and hedge funds own 79.00% of the company’s stock.
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Shares of Preferred Bank (PFBC) opened at $59.69 on Friday. The company has a market cap of $778.75, a price-to-earnings ratio of 18.69, a price-to-earnings-growth ratio of 1.77 and a beta of 0.94. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.04 and a quick ratio of 1.04. Preferred Bank has a 12 month low of $42.74 and a 12 month high of $66.58.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Tuesday, October 24th. The bank reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.09. The firm had revenue of $36.67 million during the quarter, compared to analysts’ expectations of $34.68 million. Preferred Bank had a net margin of 29.33% and a return on equity of 15.22%. equities research analysts expect that Preferred Bank will post 3.34 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 20th. Shareholders of record on Friday, October 6th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date was Thursday, October 5th. Preferred Bank’s dividend payout ratio is currently 25.32%.
PFBC has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Preferred Bank from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a report on Saturday, October 28th. FBR & Co reiterated a “buy” rating and issued a $70.00 price target (up previously from $65.00) on shares of Preferred Bank in a research note on Wednesday, October 25th. Finally, BidaskClub cut shares of Preferred Bank from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $71.50.
Preferred Bank 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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