Connor Clark & Lunn Investment Management Ltd. Has $1.40 Million Stock Position in Preferred Bank (NASDAQ:PFBC)

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Preferred Bank (NASDAQ:PFBC) by 98.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 17,466 shares of the bank’s stock after acquiring an additional 8,654 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Preferred Bank were worth $1,402,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Copeland Capital Management LLC bought a new stake in shares of Preferred Bank during the 3rd quarter worth approximately $54,000. Point72 DIFC Ltd increased its holdings in Preferred Bank by 69.9% during the second quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock worth $64,000 after buying an additional 349 shares during the last quarter. CWM LLC raised its position in Preferred Bank by 96.4% during the second quarter. CWM LLC now owns 1,043 shares of the bank’s stock worth $79,000 after acquiring an additional 512 shares in the last quarter. 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 valued at $112,000 after acquiring an additional 386 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new position in shares of Preferred Bank in the 2nd quarter valued at about $161,000. 72.77% of the stock is owned by institutional investors and hedge funds.

Preferred Bank Stock Performance

Shares of NASDAQ PFBC opened at $95.62 on Wednesday. Preferred Bank has a 12 month low of $61.24 and a 12 month high of $99.78. The stock has a 50 day moving average of $85.70 and a 200-day moving average of $80.78. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $1.38 billion, a P/E ratio of 9.58 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 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 the consensus estimate 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 previous year, the company earned $2.71 earnings per share. As a group, equities research analysts predict that Preferred Bank will post 9.75 EPS for the current year.

Preferred Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Shareholders of record on Monday, October 7th were given a dividend of $0.70 per share. The ex-dividend date was Monday, October 7th. This represents a $2.80 annualized dividend and a yield of 2.93%. Preferred Bank’s dividend payout ratio (DPR) is presently 28.06%.

Wall Street Analyst Weigh In

Separately, Stephens raised 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.

Preferred Bank Company 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.