JPMorgan Chase & Co. decreased its position in shares of Preferred Bank (NASDAQ:PFBC) by 2.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 249,675 shares of the company’s stock after selling 5,900 shares during the period. JPMorgan Chase & Co. owned 1.80% of Preferred Bank worth $7,210,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. Emerald Acquisition Ltd. bought a new stake in shares of Preferred Bank during the second quarter worth about $1,264,000. Context BH Capital Management LP raised its stake in shares of Preferred Bank by 185.2% in the second quarter. Context BH Capital Management LP now owns 61,740 shares of the company’s stock worth $1,783,000 after buying an additional 40,093 shares during the period. Bank of Montreal Can bought a new stake in shares of Preferred Bank during the second quarter worth about $781,000. Renaissance Technologies LLC raised its stake in shares of Preferred Bank by 7.1% in the first quarter. Renaissance Technologies LLC now owns 386,355 shares of the company’s stock worth $11,687,000 after buying an additional 25,600 shares during the period. Finally, Kennedy Capital Management Inc. raised its stake in shares of Preferred Bank by 31.8% in the first quarter. Kennedy Capital Management Inc. now owns 101,057 shares of the company’s stock worth $3,057,000 after buying an additional 24,379 shares during the period. 60.23% of the stock is owned by institutional investors.
Preferred Bank (NASDAQ:PFBC) traded down 0.25% on Friday, hitting $35.24. 23,514 shares of the stock were exchanged. Preferred Bank has a one year low of $26.35 and a one year high of $36.82. The company has a 50 day moving average of $35.09 and a 200 day moving average of $32.34. The stock has a market capitalization of $489.38 million, a P/E ratio of 15.52 and a beta of 0.88.
Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Wednesday, July 20th. The company reported $0.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.03. Preferred Bank had a net margin of 28.55% and a return on equity of 11.83%. On average, equities research analysts forecast that Preferred Bank will post $2.43 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Friday, October 7th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.70%. The ex-dividend date is Wednesday, October 5th. Preferred Bank’s payout ratio is presently 26.32%.
A number of equities research analysts have issued reports on PFBC shares. Raymond James Financial Inc. raised shares of Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $15.00 target price for the company in a research note on Thursday, August 25th. Zacks Investment Research downgraded shares of Preferred Bank from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, FBR & Co restated an “outperform” rating and set a $39.00 price target (up previously from $37.00) on shares of Preferred Bank in a report on Thursday, July 21st.
About Preferred Bank
Preferred Bank is a commercial bank, which offers financial services to individuals and companies in Southern California. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and individuals.
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