Teacher Retirement System of Texas Sells 1,535 Shares of Preferred Bank (NASDAQ:PFBC)

Teacher Retirement System of Texas lessened its position in shares of Preferred Bank (NASDAQ:PFBC) by 37.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,538 shares of the bank’s stock after selling 1,535 shares during the period. Teacher Retirement System of Texas’ holdings in Preferred Bank were worth $219,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Picton Mahoney Asset Management boosted its position in shares of Preferred Bank by 110.7% during the 4th quarter. Picton Mahoney Asset Management now owns 550 shares of the bank’s stock valued at $47,000 after purchasing an additional 289 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Preferred Bank by 217.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 562 shares of the bank’s stock valued at $49,000 after buying an additional 385 shares during the period. R Squared Ltd bought a new position in shares of Preferred Bank during the 4th quarter worth approximately $65,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Preferred Bank during the 3rd quarter worth approximately $76,000. Finally, KBC Group NV grew its position in shares of Preferred Bank by 46.2% during the 4th quarter. KBC Group NV now owns 914 shares of the bank’s stock worth $79,000 after buying an additional 289 shares during the period. Institutional investors and hedge funds own 72.77% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. DA Davidson increased their target price on shares of Preferred Bank from $98.00 to $101.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 29th. Piper Sandler upped their price objective on shares of Preferred Bank from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Stephens reiterated an “equal weight” rating and issued a $100.00 price target on shares of Preferred Bank in a report on Thursday, January 30th.

Preferred Bank Trading Up 0.4 %

Shares of PFBC opened at $84.15 on Thursday. Preferred Bank has a fifty-two week low of $70.99 and a fifty-two week high of $99.78. The business has a 50-day moving average of $86.91 and a 200 day moving average of $86.95. The firm has a market cap of $1.21 billion, a P/E ratio of 8.74 and a beta of 0.71. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.08.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings results on Monday, January 27th. The bank reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.17). Preferred Bank had a net margin of 25.00% and a return on equity of 17.80%. As a group, research analysts forecast that Preferred Bank will post 9.81 EPS for the current year.

Preferred Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date is Monday, April 7th. Preferred Bank’s payout ratio is presently 31.15%.

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.