Victory Capital Management Inc. Sells 3,761 Shares of Preferred Bank (NASDAQ:PFBC)

Victory Capital Management Inc. decreased its holdings in shares of Preferred Bank (NASDAQ:PFBC) by 15.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,524 shares of the bank’s stock after selling 3,761 shares during the quarter. Victory Capital Management Inc. owned approximately 0.14% of Preferred Bank worth $1,647,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Copeland Capital Management LLC acquired a new position in shares of Preferred Bank during the 3rd quarter worth approximately $54,000. Point72 DIFC Ltd grew its position in shares of Preferred Bank by 69.9% in the 2nd quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock valued at $64,000 after buying an additional 349 shares during the last quarter. CWM LLC raised its holdings in Preferred Bank by 96.4% during 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 last quarter. Point72 Asset Management L.P. grew its holdings in Preferred Bank by 35.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,486 shares of the bank’s stock worth $112,000 after acquiring an additional 386 shares during the period. Finally, SG Americas Securities LLC acquired a new position in Preferred Bank in the first quarter valued at approximately $118,000. Institutional investors own 72.77% of the company’s stock.

Preferred Bank Stock Up 1.1 %

Preferred Bank stock opened at $96.73 on Tuesday. The firm’s 50-day simple moving average is $85.08 and its 200 day simple moving average is $80.53. 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 fifty-two week low of $61.24 and a fifty-two week high of $99.78. The stock has a market cap of $1.40 billion, a PE ratio of 9.87 and a beta of 0.94.

Preferred Bank (NASDAQ:PFBC) last issued 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. The firm had revenue of $132.88 million for the quarter, compared to analysts’ expectations of $68.80 million. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. During the same quarter in the prior year, the firm earned $2.71 EPS. Research analysts predict that Preferred Bank will post 9.75 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Monday, October 7th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date was Monday, October 7th. Preferred Bank’s payout ratio is 28.06%.

Wall Street Analysts Forecast Growth

PFBC has been the subject of several recent research reports. Stephens boosted their price objective on Preferred Bank from $90.00 to $94.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Piper Sandler increased their price target 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.