Exchange Traded Concepts LLC Decreases Stock Holdings in Preferred Bank (NASDAQ:PFBC)

Exchange Traded Concepts LLC reduced its position in shares of Preferred Bank (NASDAQ:PFBC) by 2.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,938 shares of the bank’s stock after selling 353 shares during the period. Exchange Traded Concepts LLC owned 0.11% of Preferred Bank worth $1,279,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PFBC. Point72 DIFC Ltd lifted its holdings in Preferred Bank by 69.9% in the 2nd quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock worth $64,000 after buying an additional 349 shares during the period. CWM LLC lifted its stake in Preferred Bank by 96.4% in the second quarter. CWM LLC now owns 1,043 shares of the bank’s stock worth $79,000 after acquiring an additional 512 shares during the period. Point72 Asset Management L.P. lifted its stake in Preferred Bank by 35.1% in the second quarter. Point72 Asset Management L.P. now owns 1,486 shares of the bank’s stock worth $112,000 after acquiring an additional 386 shares during the period. SG Americas Securities LLC bought a new stake in Preferred Bank in the first quarter valued at $118,000. Finally, Picton Mahoney Asset Management purchased a new position in Preferred Bank during the 2nd quarter valued at $161,000. 72.77% of the stock is owned by institutional investors.

Preferred Bank Price Performance

PFBC opened at $84.47 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.21. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 8.15 and a beta of 0.95. The stock has a fifty day simple moving average of $79.83 and a two-hundred day simple moving average of $77.98. Preferred Bank has a 12-month low of $58.52 and a 12-month high of $91.67.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $2.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.39 by $0.09. Preferred Bank had a net margin of 27.35% and a return on equity of 20.24%. The company had revenue of $130.70 million during the quarter, compared to analyst estimates of $70.55 million. During the same period last year, the business earned $2.61 EPS. Research analysts predict that Preferred Bank will post 9.54 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be given a $0.70 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.31%. Preferred Bank’s dividend payout ratio is currently 27.03%.

Wall Street Analyst Weigh In

Several research firms have recently commented on PFBC. Piper Sandler raised their target price on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Stephens lifted their price objective on Preferred Bank from $84.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th.

Preferred Bank Profile

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.