Preferred Bank $PFBC Shares Sold by Numerai GP LLC

Numerai GP LLC trimmed its holdings in Preferred Bank (NASDAQ:PFBC) by 59.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,396 shares of the bank’s stock after selling 34,540 shares during the quarter. Numerai GP LLC owned about 0.16% of Preferred Bank worth $2,115,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PFBC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Preferred Bank by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,266 shares of the bank’s stock worth $608,000 after buying an additional 202 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Preferred Bank by 19.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 25,931 shares of the bank’s stock valued at $2,169,000 after buying an additional 4,158 shares during the last quarter. Jane Street Group LLC raised its stake in Preferred Bank by 81.0% during the 1st quarter. Jane Street Group LLC now owns 66,428 shares of the bank’s stock worth $5,557,000 after acquiring an additional 29,729 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Preferred Bank by 1.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 13,581 shares of the bank’s stock worth $1,175,000 after acquiring an additional 187 shares in the last quarter. Finally, Allworth Financial LP lifted its position in Preferred Bank by 36,363.6% in the second quarter. Allworth Financial LP now owns 4,011 shares of the bank’s stock valued at $347,000 after acquiring an additional 4,000 shares during the last quarter. 72.77% of the stock is currently owned by hedge funds and other institutional investors.

Preferred Bank Price Performance

Preferred Bank stock opened at $89.11 on Tuesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50 day simple moving average of $90.82 and a 200-day simple moving average of $92.50. Preferred Bank has a 12 month low of $71.90 and a 12 month high of $103.05. The stock has a market capitalization of $1.29 billion, a PE ratio of 8.58 and a beta of 0.62.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.78 by $0.01. The firm had revenue of $78.07 million for the quarter, compared to analyst estimates of $74.54 million. Preferred Bank had a net margin of 26.41% and a return on equity of 17.31%. Equities analysts predict that Preferred Bank will post 9.81 earnings per share for the current year.

Analyst Upgrades and Downgrades

PFBC has been the subject of several research analyst reports. Stephens restated a “positive” rating on shares of Preferred Bank in a research note on Monday, January 26th. Piper Sandler reduced their target price on Preferred Bank from $121.00 to $111.00 and set an “overweight” rating for the company in a report on Monday, January 26th. Zacks Research cut Preferred Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Brean Capital downgraded Preferred Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Preferred Bank in a research report on Monday, December 29th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $102.00.

About Preferred Bank

Preferred Bank (NASDAQ: PFBC) is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.

The bank’s core lending portfolio focuses on commercial real estate acquisition, development and investment properties.