KLP Kapitalforvaltning AS Sells 400 Shares of Preferred Bank $PFBC

KLP Kapitalforvaltning AS cut its position in Preferred Bank (NASDAQ:PFBC) by 3.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 10,200 shares of the bank’s stock after selling 400 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Preferred Bank were worth $883,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PFBC. Nuveen LLC acquired a new stake in Preferred Bank in the first quarter worth $33,915,000. American Century Companies Inc. raised its holdings in Preferred Bank by 28.8% in the first quarter. American Century Companies Inc. now owns 257,062 shares of the bank’s stock worth $21,506,000 after purchasing an additional 57,434 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Preferred Bank by 9.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 475,025 shares of the bank’s stock worth $39,741,000 after purchasing an additional 40,435 shares during the period. Jane Street Group LLC raised its holdings in Preferred Bank by 81.0% in the first quarter. Jane Street Group LLC now owns 66,428 shares of the bank’s stock worth $5,557,000 after purchasing an additional 29,729 shares during the period. Finally, Denali Advisors LLC raised its holdings in Preferred Bank by 337.3% in the first quarter. Denali Advisors LLC now owns 34,113 shares of the bank’s stock worth $2,854,000 after purchasing an additional 26,313 shares during the period. 72.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PFBC. DA Davidson raised their price objective on shares of Preferred Bank from $90.00 to $108.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Piper Sandler raised their price objective on shares of Preferred Bank from $96.00 to $112.00 and gave the stock an “overweight” rating in a report on Tuesday, July 22nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Preferred Bank in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Preferred Bank presently has a consensus rating of “Moderate Buy” and an average target price of $103.67.

Preferred Bank Stock Down 1.4%

Preferred Bank stock opened at $89.14 on Thursday. The company has a market cap of $1.29 billion, a P/E ratio of 9.42 and a beta of 0.71. Preferred Bank has a 1-year low of $71.90 and a 1-year high of $99.78. The company has a fifty day simple moving average of $92.29 and a 200 day simple moving average of $87.57. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.47.

Preferred Bank (NASDAQ:PFBC) last released its earnings results on Monday, July 21st. The bank reported $2.52 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.09. The business had revenue of $69.05 million during the quarter, compared to the consensus estimate of $70.96 million. Preferred Bank had a net margin of 25.04% and a return on equity of 16.64%. Research analysts anticipate that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Tuesday, October 7th will be given a $0.75 dividend. The ex-dividend date of this dividend is Tuesday, October 7th. This represents a $3.00 dividend on an annualized basis and a yield of 3.4%. Preferred Bank’s dividend payout ratio (DPR) is 31.71%.

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.