ClariVest Asset Management LLC lowered its stake in Preferred Bank (NASDAQ:PFBC) by 15.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 89,913 shares of the bank’s stock after selling 16,717 shares during the period. ClariVest Asset Management LLC owned approximately 0.68% of Preferred Bank worth $5,772,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Affinity Investment Advisors LLC increased its holdings in shares of Preferred Bank by 26.5% in the first quarter. Affinity Investment Advisors LLC now owns 5,595 shares of the bank’s stock valued at $359,000 after buying an additional 1,172 shares in the last quarter. Stevens Capital Management LP bought a new position in shares of Preferred Bank in the first quarter valued at $220,000. LSV Asset Management increased its holdings in shares of Preferred Bank by 69.9% in the first quarter. LSV Asset Management now owns 17,500 shares of the bank’s stock valued at $1,123,000 after buying an additional 7,200 shares in the last quarter. Palouse Capital Management Inc. bought a new position in shares of Preferred Bank in the first quarter valued at $322,000. Finally, Swiss National Bank increased its holdings in shares of Preferred Bank by 7.0% in the first quarter. Swiss National Bank now owns 22,889 shares of the bank’s stock valued at $1,469,000 after buying an additional 1,500 shares in the last quarter. 85.26% of the stock is currently owned by institutional investors.
Shares of NASDAQ:PFBC opened at $63.36 on Friday. Preferred Bank has a 12-month low of $63.32 and a 12-month high of $63.43. The firm has a market cap of $833.48 million, a price-to-earnings ratio of 18.53, a PEG ratio of 1.37 and a beta of 0.98.
Preferred Bank (NASDAQ:PFBC) last announced its earnings results on Thursday, April 19th. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.03. Preferred Bank had a net margin of 28.88% and a return on equity of 18.48%. The company had revenue of $37.71 million for the quarter, compared to the consensus estimate of $37.29 million. equities research analysts anticipate that Preferred Bank will post 4.63 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, April 23rd. Shareholders of record on Monday, April 9th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend was Friday, April 6th. Preferred Bank’s dividend payout ratio (DPR) is currently 25.73%.
Several research analysts have issued reports on PFBC shares. Sandler O’Neill reaffirmed a “buy” rating and issued a $73.00 price target on shares of Preferred Bank in a report on Tuesday, January 23rd. B. Riley reaffirmed a “buy” rating and issued a $76.00 price target on shares of Preferred Bank in a report on Wednesday, January 24th. Zacks Investment Research cut Preferred Bank from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. Finally, BidaskClub cut Preferred Bank from a “hold” rating to a “sell” rating in a report on Thursday, March 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. Preferred Bank has a consensus rating of “Buy” and a consensus price target of $72.60.
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 in the United States. The company's deposit products include checking, savings, negotiable order of withdrawal, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.
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