Hsbc Holdings PLC Lowers Stock Position in Preferred Bank (NASDAQ:PFBC)

Hsbc Holdings PLC decreased its holdings in Preferred Bank (NASDAQ:PFBC) by 17.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 231,926 shares of the bank’s stock after selling 48,881 shares during the quarter. Hsbc Holdings PLC owned about 1.61% of Preferred Bank worth $17,696,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Texas Permanent School Fund Corp raised its holdings in shares of Preferred Bank by 1.6% in the first quarter. Texas Permanent School Fund Corp now owns 10,964 shares of the bank’s stock valued at $842,000 after buying an additional 169 shares during the last quarter. SummerHaven Investment Management LLC raised its stake in Preferred Bank by 1.6% during the 2nd quarter. SummerHaven Investment Management LLC now owns 12,846 shares of the bank’s stock valued at $970,000 after acquiring an additional 201 shares during the last quarter. WINTON GROUP Ltd lifted its position in Preferred Bank by 1.7% during the 2nd quarter. WINTON GROUP Ltd now owns 13,970 shares of the bank’s stock worth $1,055,000 after acquiring an additional 232 shares during the period. Federated Hermes Inc. grew its stake in shares of Preferred Bank by 0.9% in the 2nd quarter. Federated Hermes Inc. now owns 30,228 shares of the bank’s stock valued at $2,282,000 after purchasing an additional 274 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of Preferred Bank by 96.4% in the second quarter. CWM LLC now owns 1,043 shares of the bank’s stock valued at $79,000 after purchasing an additional 512 shares during the period. Institutional investors and hedge funds own 72.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PFBC. Stephens lifted their price objective on shares of Preferred Bank from $84.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Piper Sandler boosted their price target on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th.

Preferred Bank Trading Down 2.7 %

Shares of PFBC stock opened at $80.95 on Monday. The business’s fifty day moving average price is $80.89 and its 200 day moving average price is $77.22. The firm has a market capitalization of $1.17 billion, a PE ratio of 7.81 and a beta of 0.96. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.07 and a quick ratio of 1.07. Preferred Bank has a 1-year low of $58.52 and a 1-year high of $91.67.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.39 by $0.09. Preferred Bank had a net margin of 27.35% and a return on equity of 20.24%. The business had revenue of $130.70 million for the quarter, compared to analysts’ expectations of $70.55 million. During the same period in the prior year, the company posted $2.61 EPS. As a group, sell-side analysts forecast that Preferred Bank will post 9.61 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.46%. Preferred Bank’s payout ratio is 27.03%.

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.