10,393 Shares in Preferred Bank $PFBC Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new position in Preferred Bank (NASDAQ:PFBC) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,393 shares of the bank’s stock, valued at approximately $1,088,000.

Several other institutional investors have also bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new position in Preferred Bank during the second quarter valued at $25,000. Integrated Wealth Concepts LLC bought a new stake in shares of Preferred Bank in the second quarter valued at $55,000. Nykredit A S bought a new stake in shares of Preferred Bank in the second quarter valued at $102,000. Great Lakes Advisors LLC purchased a new position in shares of Preferred Bank during the 2nd quarter valued at $201,000. Finally, Vise Technologies Inc. purchased a new position in shares of Preferred Bank during the 3rd quarter valued at $234,000. Hedge funds and other institutional investors own 72.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Weiss Ratings upgraded Preferred Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Zacks Research upgraded Preferred Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 30th. Piper Sandler upped their price objective on shares of Preferred Bank from $120.00 to $130.00 and gave the company an “overweight” rating in a report on Monday, October 26th. Stephens increased their target price on shares of Preferred Bank from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 23rd. Finally, Benchmark upgraded shares of Preferred Bank to a “strong-buy” rating in a research note on Wednesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $113.33.

Preferred Bank Price Performance

Shares of NASDAQ:PFBC opened at $102.89 on Monday. The company has a 50 day moving average of $105.00 and a 200 day moving average of $98.55. The stock has a market cap of $1.48 billion, a P/E ratio of 9.50 and a beta of 0.57. Preferred Bank has a 12 month low of $81.50 and a 12 month high of $112.26. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 0.44.

Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Friday, October 23rd. The bank reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.69 by $0.04. Preferred Bank had a net margin of 26.20% and a return on equity of 16.84%. The business had revenue of $71.70 million for the quarter, compared to analyst estimates of $73.10 million. As a group, sell-side analysts forecast that Preferred Bank will post 10.82 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 19th. Stockholders of record on Monday, October 5th were given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Monday, October 5th. Preferred Bank’s payout ratio is 29.55%.

About Preferred Bank

Preferred Bank (NASDAQ: PFBC) is a commercial bank headquartered in Los Angeles, California. Founded in 1991, the bank provides banking and financial services to businesses, professionals and individuals, with a particular focus on commercial banking and relationship-based service.

The bank’s principal offerings include commercial and industrial loans, commercial real estate financing, construction and residential real estate loans, and consumer lending. Preferred Bank also provides deposit accounts, cash-management services, online banking and other treasury-management solutions for business and personal customers.

Preferred Bank operates a network of full-service branches in California and New York, serving customers in major metropolitan markets including the greater Los Angeles area, the San Francisco Bay Area and New York City.