Preferred Bank (NASDAQ:PFBC) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lowered its position in Preferred Bank (NASDAQ:PFBC) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,586 shares of the bank’s stock after selling 153 shares during the quarter. Thrivent Financial for Lutherans owned about 0.07% of Preferred Bank worth $828,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Picton Mahoney Asset Management boosted its holdings in 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 acquiring an additional 289 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of 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 purchasing an additional 385 shares in the last quarter. R Squared Ltd purchased a new stake in Preferred Bank during the 4th quarter worth approximately $65,000. KBC Group NV lifted its holdings in 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 in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Preferred Bank in the 3rd quarter valued at approximately $76,000. Hedge funds and other institutional investors own 72.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on PFBC. Stephens reiterated an “equal weight” rating and set a $100.00 price target on shares of Preferred Bank in a report on Thursday, January 30th. DA Davidson boosted 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. Finally, Piper Sandler raised their price target on Preferred Bank from $101.00 to $111.00 and gave the company an “overweight” rating in a research note on Friday, January 31st.

Preferred Bank Trading Up 0.4 %

Shares of Preferred Bank stock opened at $84.15 on Thursday. The company has a 50-day moving average of $86.91 and a two-hundred day moving average of $86.95. Preferred Bank has a 12-month low of $70.99 and a 12-month high of $99.78. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.21 billion, a PE ratio of 8.74 and a beta of 0.71.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings results on Monday, January 27th. The bank reported $2.25 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%. On average, research analysts anticipate that Preferred Bank will post 9.81 EPS for the current fiscal year.

Preferred Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be paid a $0.75 dividend. 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 31.15%.

About Preferred Bank

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.