State of Alaska Department of Revenue Cuts Stake in Preferred Bank (NASDAQ:PFBC)

State of Alaska Department of Revenue lessened its stake in Preferred Bank (NASDAQ:PFBC) by 2.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,077 shares of the bank’s stock after selling 158 shares during the quarter. State of Alaska Department of Revenue’s holdings in Preferred Bank were worth $567,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Preferred Bank by 1.3% in the first quarter. Vanguard Group Inc. now owns 868,073 shares of the bank’s stock worth $66,642,000 after acquiring an additional 10,931 shares during the period. Dimensional Fund Advisors LP grew its position in Preferred Bank by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 680,337 shares of the bank’s stock worth $51,357,000 after purchasing an additional 4,539 shares during the period. LSV Asset Management raised its stake in Preferred Bank by 121.0% during the 2nd quarter. LSV Asset Management now owns 171,330 shares of the bank’s stock valued at $12,934,000 after buying an additional 93,815 shares during the last quarter. Dana Investment Advisors Inc. lifted its holdings in shares of Preferred Bank by 7.4% during the 2nd quarter. Dana Investment Advisors Inc. now owns 98,591 shares of the bank’s stock valued at $7,443,000 after buying an additional 6,809 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Preferred Bank by 24.7% in the 2nd quarter. AQR Capital Management LLC now owns 77,745 shares of the bank’s stock worth $5,869,000 after buying an additional 15,391 shares during the last quarter. Hedge funds and other institutional investors own 72.77% of the company’s stock.

Wall Street Analyst Weigh In

PFBC has been the topic of a number of research reports. Piper Sandler raised their price objective 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 shares of Preferred Bank from $90.00 to $94.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd.

Preferred Bank Price Performance

Shares of NASDAQ:PFBC opened at $91.62 on Friday. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 9.18 and a beta of 0.94. The firm has a fifty day moving average price of $81.91 and a 200 day moving average price of $79.22. Preferred Bank has a fifty-two week low of $59.96 and a fifty-two week high of $97.21. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.08 and a current ratio of 1.08.

Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Monday, October 21st. The bank reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.39 by $0.07. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. The company had revenue of $132.88 million during the quarter, compared to analyst estimates of $68.80 million. During the same period in the prior year, the company earned $2.71 earnings per share. As a group, sell-side analysts expect that Preferred Bank will post 9.71 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Monday, October 7th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Monday, October 7th. Preferred Bank’s dividend payout ratio is 28.06%.

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.