Illinois Municipal Retirement Fund Sells 194 Shares of Preferred Bank (NASDAQ:PFBC)

Illinois Municipal Retirement Fund cut its holdings in shares of Preferred Bank (NASDAQ:PFBC) by 2.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,690 shares of the bank’s stock after selling 194 shares during the period. Illinois Municipal Retirement Fund’s holdings in Preferred Bank were worth $578,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in Preferred Bank by 0.4% during the third quarter. State Street Corp now owns 592,566 shares of the bank’s stock worth $47,553,000 after acquiring an additional 2,339 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Preferred Bank by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 415,722 shares of the bank’s stock valued at $33,362,000 after purchasing an additional 7,086 shares during the period. Geode Capital Management LLC raised its stake in shares of Preferred Bank by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 352,597 shares of the bank’s stock valued at $28,300,000 after purchasing an additional 12,283 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Preferred Bank by 24.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 186,107 shares of the bank’s stock valued at $14,935,000 after purchasing an additional 35,979 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Preferred Bank by 4.3% in the 4th quarter. Principal Financial Group Inc. now owns 70,530 shares of the bank’s stock valued at $6,092,000 after purchasing an additional 2,884 shares during the period. 72.77% of the stock is currently owned by institutional investors.

Preferred Bank Trading Down 0.8 %

Shares of PFBC stock opened at $88.07 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.27 billion, a P/E ratio of 9.15 and a beta of 0.97. The stock has a 50 day simple moving average of $87.92 and a 200 day simple moving average of $86.41. Preferred Bank has a 1 year low of $70.22 and a 1 year high of $99.78.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Monday, January 27th. The bank reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.17). Preferred Bank had a net margin of 25.00% and a return on equity of 17.80%. On average, research analysts predict that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Preferred Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 23rd. Shareholders of record on Thursday, January 9th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 10th. This is a boost from Preferred Bank’s previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a yield of 3.41%. Preferred Bank’s dividend payout ratio is presently 31.15%.

Analysts Set New Price Targets

PFBC has been the topic of several recent research reports. Piper Sandler lifted their price target on Preferred Bank from $101.00 to $111.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. DA Davidson boosted their price objective on Preferred Bank from $98.00 to $101.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Finally, Stephens reiterated an “equal weight” rating and issued a $100.00 price target on shares of Preferred Bank in a research note on Thursday, January 30th.

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.