Pitcairn Co. Reduces Stock Position in Preferred Bank (NASDAQ:PFBC)

Pitcairn Co. cut its stake in Preferred Bank (NASDAQ:PFBC) by 2.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,212 shares of the bank’s stock after selling 149 shares during the quarter. Pitcairn Co.’s holdings in Preferred Bank were worth $418,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Preferred Bank by 1.3% in the first quarter. Vanguard Group Inc. now owns 868,073 shares of the bank’s stock worth $66,642,000 after purchasing an additional 10,931 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Preferred Bank in the 3rd quarter worth $294,000. CWM LLC grew its holdings in shares of Preferred Bank by 140.0% in the third quarter. CWM LLC now owns 2,503 shares of the bank’s stock worth $201,000 after acquiring an additional 1,460 shares during the period. GSA Capital Partners LLP grew its holdings in shares of Preferred Bank by 62.5% in the third quarter. GSA Capital Partners LLP now owns 31,726 shares of the bank’s stock worth $2,546,000 after acquiring an additional 12,197 shares during the period. Finally, Quest Partners LLC increased its position in Preferred Bank by 1,376.8% during the third quarter. Quest Partners LLC now owns 8,137 shares of the bank’s stock valued at $653,000 after acquiring an additional 7,586 shares during the last quarter. 72.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Stephens raised their target price on Preferred Bank from $90.00 to $94.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd.

Preferred Bank Stock Down 1.1 %

Shares of PFBC stock opened at $95.62 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.20. Preferred Bank has a 12 month low of $61.24 and a 12 month high of $99.78. The stock has a market cap of $1.38 billion, a P/E ratio of 9.58 and a beta of 0.94. The company has a 50 day simple moving average of $85.70 and a two-hundred day simple moving average of $80.78.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings data on Monday, October 21st. The bank reported $2.46 EPS for the quarter, topping the consensus estimate of $2.39 by $0.07. The firm had revenue of $132.88 million during the quarter, compared to analyst estimates of $68.80 million. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. During the same period in the prior year, the business posted $2.71 EPS. On average, research analysts expect that Preferred Bank will post 9.75 earnings per share for the current year.

Preferred Bank Dividend Announcement

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

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.