Los Angeles Capital Management LLC Boosts Holdings in Preferred Bank (NASDAQ:PFBC)

Los Angeles Capital Management LLC raised its holdings in shares of Preferred Bank (NASDAQ:PFBC) by 46.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,183 shares of the bank’s stock after buying an additional 2,600 shares during the period. Los Angeles Capital Management LLC owned about 0.06% of Preferred Bank worth $657,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Texas Permanent School Fund Corp increased its stake in shares of Preferred Bank by 1.6% in the 1st quarter. Texas Permanent School Fund Corp now owns 10,964 shares of the bank’s stock worth $842,000 after purchasing an additional 169 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Preferred Bank in the first quarter worth about $118,000. Russell Investments Group Ltd. raised its stake in shares of Preferred Bank by 6.2% in the first quarter. Russell Investments Group Ltd. now owns 15,637 shares of the bank’s stock worth $1,200,000 after buying an additional 919 shares during the period. Vanguard Group Inc. lifted its position in shares of Preferred Bank by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 868,073 shares of the bank’s stock valued at $66,642,000 after buying an additional 10,931 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its stake in shares of Preferred Bank by 7.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 11,366 shares of the bank’s stock valued at $871,000 after acquiring an additional 834 shares during the period. 72.77% of the stock is currently owned by institutional investors.

Preferred Bank Stock Down 1.0 %

Shares of PFBC opened at $93.67 on Friday. The business’s 50 day moving average is $83.55 and its 200 day moving average is $79.97. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.20. Preferred Bank has a 12-month low of $61.24 and a 12-month high of $97.21. The company has a market capitalization of $1.35 billion, a PE ratio of 9.39 and a beta of 0.94.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Monday, October 21st. The bank reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.39 by $0.07. Preferred Bank had a net margin of 26.20% and a return on equity of 19.01%. The firm had revenue of $132.88 million for the quarter, compared to analysts’ expectations of $68.80 million. During the same quarter last year, the business posted $2.71 earnings per share. Research analysts expect that Preferred Bank will post 9.75 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 21st. Shareholders of record on Monday, October 7th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Monday, October 7th. Preferred Bank’s payout ratio is currently 28.06%.

Analyst Ratings Changes

PFBC has been the topic of a number of recent analyst reports. 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 note on Monday, July 29th. Stephens lifted their target price on shares of Preferred Bank from $90.00 to $94.00 and gave the company an “overweight” rating in a research note 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.