Millennium Management LLC Decreases Stock Position in Preferred Bank (NASDAQ:PFBC)

Millennium Management LLC lessened its stake in shares of Preferred Bank (NASDAQ:PFBC) by 9.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 88,860 shares of the bank’s stock after selling 9,627 shares during the period. Millennium Management LLC owned 0.62% of Preferred Bank worth $6,708,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in PFBC. Texas Permanent School Fund Corp grew its holdings in Preferred Bank by 1.6% during the 1st quarter. Texas Permanent School Fund Corp now owns 10,964 shares of the bank’s stock valued at $842,000 after buying an additional 169 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in shares of Preferred Bank by 1.6% during the 2nd quarter. SummerHaven Investment Management LLC now owns 12,846 shares of the bank’s stock valued at $970,000 after acquiring an additional 201 shares during the last quarter. WINTON GROUP Ltd grew its holdings in shares of Preferred Bank by 1.7% in the second quarter. WINTON GROUP Ltd now owns 13,970 shares of the bank’s stock valued at $1,055,000 after purchasing an additional 232 shares in the last quarter. Federated Hermes Inc. increased its position in Preferred Bank by 0.9% in the second quarter. Federated Hermes Inc. now owns 30,228 shares of the bank’s stock worth $2,282,000 after purchasing an additional 274 shares during the last quarter. Finally, Sei Investments Co. raised its stake in Preferred Bank by 6.7% during the second quarter. Sei Investments Co. now owns 5,137 shares of the bank’s stock valued at $388,000 after purchasing an additional 323 shares in the last quarter. Hedge funds and other institutional investors own 72.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PFBC. Piper Sandler boosted their target price on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Stephens lifted their price target on Preferred Bank from $84.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th.

Preferred Bank Stock Performance

NASDAQ:PFBC opened at $80.37 on Friday. The firm has a market capitalization of $1.16 billion, a PE ratio of 7.76 and a beta of 0.95. The stock’s fifty day moving average is $79.34 and its 200 day moving average is $77.77. Preferred Bank has a fifty-two week low of $58.52 and a fifty-two week high of $91.67. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.07.

Preferred Bank (NASDAQ:PFBC) last announced its earnings results on Thursday, July 25th. The bank reported $2.48 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.09. Preferred Bank had a net margin of 27.35% and a return on equity of 20.24%. The business had revenue of $130.70 million for the quarter, compared to the consensus estimate of $70.55 million. During the same quarter in the prior year, the firm posted $2.61 earnings per share. On average, sell-side analysts anticipate that Preferred Bank will post 9.6 earnings per share for the current year.

Preferred Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, October 7th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.48%. The ex-dividend date is Monday, October 7th. Preferred Bank’s payout ratio is currently 27.03%.

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.