Preferred Bank (NASDAQ:PFBC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its position in Preferred Bank (NASDAQ:PFBC) by 3.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,646 shares of the bank’s stock after selling 2,628 shares during the quarter. Principal Financial Group Inc. owned 0.47% of Preferred Bank worth $5,429,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in shares of Preferred Bank in the first quarter worth $118,000. Russell Investments Group Ltd. increased its holdings in Preferred Bank by 6.2% during the 1st quarter. Russell Investments Group Ltd. now owns 15,637 shares of the bank’s stock worth $1,200,000 after purchasing an additional 919 shares during the period. Vanguard Group Inc. raised its position in Preferred Bank by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 868,073 shares of the bank’s stock valued at $66,642,000 after purchasing an additional 10,931 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of Preferred Bank by 7.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 11,366 shares of the bank’s stock valued at $871,000 after buying an additional 834 shares during the period. Finally, BOKF NA acquired a new position in shares of Preferred Bank during the first quarter worth about $296,000. Hedge funds and other institutional investors own 72.77% of the company’s stock.

Analyst Ratings Changes

PFBC has been the subject of several analyst reports. Stephens boosted their price target on shares of Preferred Bank from $90.00 to $94.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Piper Sandler increased their target price on Preferred Bank from $88.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, July 29th.

Preferred Bank Stock Up 0.3 %

PFBC stock opened at $93.08 on Thursday. The stock has a market capitalization of $1.34 billion, a PE ratio of 9.30 and a beta of 0.94. The company has a fifty day moving average of $84.14 and a 200-day moving average of $80.22. 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 has a one year low of $61.24 and a one year high of $97.21.

Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Monday, October 21st. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.39 by $0.07. The company had revenue of $132.88 million for the quarter, compared to analyst estimates of $68.80 million. Preferred Bank had a net margin of 26.20% and a return on equity of 19.01%. During the same period in the prior year, the business posted $2.71 earnings per share. As a group, analysts expect that Preferred Bank will post 9.75 EPS for the current year.

Preferred Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 21st. Shareholders 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 dividend on an annualized basis and a yield of 3.01%. Preferred Bank’s dividend payout ratio (DPR) is 28.06%.

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.