Pitcairn Co. Sells 149 Shares of Preferred Bank (NASDAQ:PFBC)

Pitcairn Co. decreased its position in shares of Preferred Bank (NASDAQ:PFBC) by 2.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 5,212 shares of the bank’s stock after selling 149 shares during the period. Pitcairn Co.’s holdings in Preferred Bank were worth $418,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PFBC. Copeland Capital Management LLC purchased a new stake in Preferred Bank in the third quarter worth $54,000. Point72 DIFC Ltd grew its position in shares of 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 increased its stake in shares of Preferred Bank by 96.4% in the 2nd 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 position in Preferred Bank by 35.1% during the 2nd 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 period. Finally, Advisors Asset Management Inc. boosted its stake in Preferred Bank by 194.1% during the third quarter. Advisors Asset Management Inc. now owns 1,906 shares of the bank’s stock worth $153,000 after acquiring an additional 1,258 shares in the last quarter. Institutional investors own 72.77% of the company’s stock.

Preferred Bank Price Performance

Shares of NASDAQ:PFBC opened at $95.62 on Wednesday. The business has a fifty day moving average price of $85.70 and a 200-day moving average price of $80.78. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market capitalization of $1.38 billion, a PE ratio of 9.58 and a beta of 0.94. Preferred Bank has a 1-year low of $61.24 and a 1-year high of $99.78.

Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Monday, October 21st. The bank reported $2.46 earnings per share (EPS) for the quarter, topping 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 business had revenue of $132.88 million during the quarter, compared to analysts’ expectations of $68.80 million. During the same period in the previous year, the company earned $2.71 earnings per share. As a group, equities analysts expect that Preferred Bank will post 9.75 EPS for the current fiscal year.

Preferred Bank Announces Dividend

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 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 is 28.06%.

Analysts Set New Price Targets

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 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.