New York State Teachers Retirement System Sells 1,199 Shares of Preferred Bank (NASDAQ:PFBC)

New York State Teachers Retirement System trimmed its position in shares of Preferred Bank (NASDAQ:PFBC) by 9.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,531 shares of the bank’s stock after selling 1,199 shares during the quarter. New York State Teachers Retirement System owned 0.08% of Preferred Bank worth $925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of PFBC. Copeland Capital Management LLC purchased a new stake in Preferred Bank during the third quarter valued at $54,000. Point72 DIFC Ltd increased its position in shares of Preferred Bank by 69.9% during the 2nd quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock valued at $64,000 after purchasing an additional 349 shares during the last quarter. CWM LLC lifted its stake in shares of Preferred Bank by 96.4% in the 2nd quarter. CWM LLC now owns 1,043 shares of the bank’s stock worth $79,000 after purchasing an additional 512 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Preferred Bank by 35.1% in the second quarter. Point72 Asset Management L.P. now owns 1,486 shares of the bank’s stock worth $112,000 after buying an additional 386 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in Preferred Bank during the first quarter valued at approximately $118,000. 72.77% of the stock is currently owned by hedge funds and other institutional investors.

Preferred Bank Price Performance

NASDAQ:PFBC opened at $93.39 on Friday. The business’s 50-day moving average is $82.12 and its 200 day moving average is $79.36. Preferred Bank has a 12 month low of $59.96 and a 12 month high of $97.21. The company has a market capitalization of $1.35 billion, a P/E ratio of 9.36 and a beta of 0.94. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.20.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings data on Monday, October 21st. The bank reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.39 by $0.07. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. The business had revenue of $132.88 million for the quarter, compared to analysts’ expectations of $68.80 million. During the same period in the prior year, the firm earned $2.71 EPS. On average, equities research analysts forecast that Preferred Bank will post 9.75 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Monday, October 7th were issued a $0.70 dividend. The ex-dividend date was Monday, October 7th. This represents a $2.80 annualized dividend and a dividend yield of 3.00%. Preferred Bank’s dividend payout ratio (DPR) is presently 28.06%.

Wall Street Analyst Weigh In

Several research firms have weighed in on PFBC. Stephens increased their price target on shares of Preferred Bank from $90.00 to $94.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Piper Sandler lifted their target price on Preferred Bank from $88.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, July 29th.

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.