Preferred Bank (PFBC) Stake Lowered by Allianz Asset Management GmbH

Allianz Asset Management GmbH reduced its position in shares of Preferred Bank (NASDAQ:PFBC) by 20.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 243,321 shares of the bank’s stock after selling 62,180 shares during the period. Allianz Asset Management GmbH owned approximately 1.84% of Preferred Bank worth $14,234,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Preferred Bank by 111.6% in the 3rd quarter. BlackRock Inc. now owns 2,047,837 shares of the bank’s stock valued at $119,799,000 after purchasing an additional 1,079,822 shares in the last quarter. FMR LLC boosted its holdings in shares of Preferred Bank by 30.5% in the 2nd quarter. FMR LLC now owns 896,126 shares of the bank’s stock valued at $55,076,000 after acquiring an additional 209,615 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Preferred Bank by 4.5% during the third quarter. Dimensional Fund Advisors LP now owns 588,582 shares of the bank’s stock worth $34,432,000 after buying an additional 25,264 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Preferred Bank by 12.0% during the second quarter. Renaissance Technologies LLC now owns 364,255 shares of the bank’s stock worth $22,387,000 after buying an additional 39,000 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Preferred Bank by 4.5% during the second quarter. Northern Trust Corp now owns 272,716 shares of the bank’s stock worth $16,761,000 after buying an additional 11,634 shares in the last quarter. Hedge funds and other institutional investors own 93.37% of the company’s stock.

PFBC has been the subject of a number of recent research reports. BidaskClub upgraded shares of Preferred Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 6th. Zacks Investment Research raised shares of Preferred Bank from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research note on Saturday, October 6th. B. Riley set a $80.00 price objective on shares of Preferred Bank and gave the company a “buy” rating in a research note on Wednesday, October 17th. ValuEngine lowered shares of Preferred Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, September 19th. Finally, Raymond James upgraded shares of Preferred Bank from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, October 4th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. Preferred Bank has a consensus rating of “Buy” and a consensus price target of $72.00.

Preferred Bank stock opened at $46.19 on Monday. Preferred Bank has a 52 week low of $43.04 and a 52 week high of $69.48. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $609.15 million, a P/E ratio of 13.51, a price-to-earnings-growth ratio of 0.99 and a beta of 1.00.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings data on Wednesday, October 17th. The bank reported $1.20 EPS for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.02. The company had revenue of $40.91 million during the quarter, compared to the consensus estimate of $41.19 million. Preferred Bank had a net margin of 31.74% and a return on equity of 18.39%. Analysts forecast that Preferred Bank will post 4.67 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 22nd. Shareholders of record on Tuesday, January 8th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend is Monday, January 7th. This is a boost from Preferred Bank’s previous quarterly dividend of $0.25. Preferred Bank’s dividend payout ratio is currently 29.24%.

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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 in the United States. The company's deposit products include checking, savings, negotiable order of withdrawal, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.

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Institutional Ownership by Quarter for Preferred Bank (NASDAQ:PFBC)

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