Victory Capital Management Inc. Sells 3,761 Shares of Preferred Bank (NASDAQ:PFBC)

Victory Capital Management Inc. reduced its stake in Preferred Bank (NASDAQ:PFBC) by 15.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,524 shares of the bank’s stock after selling 3,761 shares during the period. Victory Capital Management Inc.’s holdings in Preferred Bank were worth $1,647,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. SummerHaven Investment Management LLC boosted its stake in shares of Preferred Bank by 1.6% during the 2nd quarter. SummerHaven Investment Management LLC now owns 12,846 shares of the bank’s stock valued at $970,000 after purchasing an additional 201 shares in the last quarter. WINTON GROUP Ltd raised its holdings in Preferred Bank by 1.7% in the second quarter. WINTON GROUP Ltd now owns 13,970 shares of the bank’s stock worth $1,055,000 after buying an additional 232 shares during the last quarter. Federated Hermes Inc. boosted its stake in Preferred Bank by 0.9% during the 2nd quarter. Federated Hermes Inc. now owns 30,228 shares of the bank’s stock valued at $2,282,000 after purchasing an additional 274 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Preferred Bank by 6.7% in the 2nd quarter. Sei Investments Co. now owns 5,137 shares of the bank’s stock worth $388,000 after purchasing an additional 323 shares in the last quarter. Finally, Point72 DIFC Ltd lifted its stake in Preferred Bank by 69.9% during the 2nd quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock valued at $64,000 after acquiring an additional 349 shares during the period. Hedge funds and other institutional investors own 72.77% of the company’s stock.

Analyst Upgrades and Downgrades

PFBC has been the topic of a number of research reports. Stephens raised their price target on Preferred Bank from $90.00 to $94.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Piper Sandler boosted their price objective on Preferred Bank from $88.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, July 29th.

Preferred Bank Stock Up 1.1 %

PFBC opened at $96.73 on Tuesday. Preferred Bank has a 52 week low of $61.24 and a 52 week high of $99.78. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.20. The firm has a 50-day simple moving average of $85.08 and a two-hundred day simple moving average of $80.53. The company has a market capitalization of $1.40 billion, a PE ratio of 9.87 and a beta of 0.94.

Preferred Bank (NASDAQ:PFBC) last announced its earnings results 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. The firm had revenue of $132.88 million for the quarter, compared to analysts’ expectations of $68.80 million. Preferred Bank had a net margin of 26.20% and a return on equity of 19.01%. During the same period in the prior year, the company earned $2.71 EPS. Analysts forecast that Preferred Bank will post 9.75 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 21st. Shareholders of record on Monday, October 7th were paid a $0.70 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $2.80 dividend on an annualized basis and a yield of 2.89%. Preferred Bank’s payout ratio is 28.06%.

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.