Bank of New York Mellon Corp Sells 1,519 Shares of Preferred Bank $PFBC

Bank of New York Mellon Corp lowered its stake in shares of Preferred Bank (NASDAQ:PFBC) by 1.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 135,792 shares of the bank’s stock after selling 1,519 shares during the period. Bank of New York Mellon Corp’s holdings in Preferred Bank were worth $11,752,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PFBC. Envestnet Asset Management Inc. increased its stake in Preferred Bank by 1.4% in the second quarter. Envestnet Asset Management Inc. now owns 13,581 shares of the bank’s stock valued at $1,175,000 after acquiring an additional 187 shares during the last quarter. AlphaQuest LLC boosted its holdings in shares of Preferred Bank by 617.3% in the 2nd quarter. AlphaQuest LLC now owns 24,387 shares of the bank’s stock worth $2,111,000 after purchasing an additional 20,987 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Preferred Bank during the 2nd quarter valued at about $1,438,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in shares of Preferred Bank by 14.9% during the 2nd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 4,978 shares of the bank’s stock valued at $431,000 after buying an additional 646 shares in the last quarter. Finally, Copeland Capital Management LLC raised its holdings in shares of Preferred Bank by 16.2% during the 2nd quarter. Copeland Capital Management LLC now owns 845 shares of the bank’s stock valued at $73,000 after buying an additional 118 shares in the last quarter. 72.77% of the stock is currently owned by hedge funds and other institutional investors.

Preferred Bank Price Performance

Shares of Preferred Bank stock opened at $89.92 on Wednesday. The company’s fifty day simple moving average is $91.02 and its two-hundred day simple moving average is $89.53. Preferred Bank has a 12-month low of $71.90 and a 12-month high of $99.78. The firm has a market cap of $1.30 billion, a PE ratio of 9.14 and a beta of 0.73. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.47.

Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Monday, October 20th. The bank reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.27. The company had revenue of $74.98 million during the quarter, compared to analyst estimates of $72.74 million. Preferred Bank had a net margin of 25.67% and a return on equity of 16.91%. During the same period in the prior year, the business posted $2.46 earnings per share. As a group, equities analysts expect that Preferred Bank will post 9.81 EPS for the current year.

Preferred Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 21st. Shareholders of record on Tuesday, October 7th were issued a $0.75 dividend. The ex-dividend date was Tuesday, October 7th. This represents a $3.00 annualized dividend and a yield of 3.3%. Preferred Bank’s dividend payout ratio (DPR) is 30.49%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. DA Davidson reduced their price target on shares of Preferred Bank from $108.00 to $104.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 22nd. Zacks Research raised shares of Preferred Bank from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 24th. Piper Sandler lifted their target price on shares of Preferred Bank from $112.00 to $119.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Preferred Bank in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Preferred Bank has a consensus rating of “Moderate Buy” and an average price target of $104.67.

Preferred Bank 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.