VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Preferred Bank $PFBC

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Preferred Bank (NASDAQ:PFBC) in the second quarter, Holdings Channel.com reports. The firm bought 16,613 shares of the bank’s stock, valued at approximately $1,438,000.

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

Preferred Bank Price Performance

Shares of PFBC opened at $92.99 on Thursday. Preferred Bank has a 1-year low of $71.90 and a 1-year high of $99.78. The stock has a market cap of $1.34 billion, a PE ratio of 9.45 and a beta of 0.71. The firm has a 50-day simple moving average of $91.92 and a two-hundred day simple moving average of $87.81. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.07 and a quick ratio of 1.07.

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

Preferred Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 21st. Shareholders of record on Tuesday, October 7th were given a dividend of $0.75 per share. The ex-dividend date was Tuesday, October 7th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.2%. Preferred Bank’s dividend payout ratio (DPR) is currently 30.49%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. DA Davidson cut their price objective on shares of Preferred Bank from $108.00 to $104.00 and set a “neutral” rating for the company in a research report on Wednesday. Weiss Ratings restated a “buy (b)” rating on shares of Preferred Bank in a research report on Wednesday, October 8th. Finally, Piper Sandler raised their price objective on shares of Preferred Bank from $112.00 to $119.00 and gave the stock an “overweight” rating in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $104.67.

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.