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

Los Angeles Capital Management LLC lifted its holdings in Preferred Bank (NASDAQ:PFBC) by 46.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,183 shares of the bank’s stock after purchasing an additional 2,600 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Preferred Bank were worth $657,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. LSV Asset Management grew its stake in shares of Preferred Bank by 121.0% in the 2nd quarter. LSV Asset Management now owns 171,330 shares of the bank’s stock worth $12,934,000 after buying an additional 93,815 shares in the last quarter. Kennedy Capital Management LLC purchased a new position in Preferred Bank in the first quarter worth about $3,449,000. AQR Capital Management LLC increased its stake in Preferred Bank by 24.7% during the second quarter. AQR Capital Management LLC now owns 77,745 shares of the bank’s stock worth $5,869,000 after acquiring an additional 15,391 shares during the last quarter. Vanguard Group Inc. raised its position in Preferred Bank by 1.3% during the first quarter. Vanguard Group Inc. now owns 868,073 shares of the bank’s stock valued at $66,642,000 after purchasing an additional 10,931 shares during the period. Finally, Inspire Investing LLC bought a new stake in shares of Preferred Bank in the 2nd quarter valued at approximately $791,000. 72.77% of the stock is owned by hedge funds and other institutional investors.

Preferred Bank Trading Down 1.0 %

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

Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Monday, October 21st. The bank reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.39 by $0.07. The business had revenue of $132.88 million for the quarter, compared to analyst estimates 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 last year, the company posted $2.71 earnings per share. On average, research analysts anticipate that Preferred Bank will post 9.75 EPS for the current year.

Preferred Bank Announces Dividend

The company also recently announced 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. This represents a $2.80 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend was Monday, October 7th. Preferred Bank’s dividend payout ratio (DPR) is presently 28.06%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PFBC shares. Stephens boosted their target price on Preferred Bank from $90.00 to $94.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Piper Sandler raised their price target on Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th.

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.