Globeflex Capital L P Takes $798,000 Position in Preferred Bank $PFBC

Globeflex Capital L P bought a new position in shares of Preferred Bank (NASDAQ:PFBC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 7,510 shares of the bank’s stock, valued at approximately $798,000. Globeflex Capital L P owned approximately 0.05% of Preferred Bank at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Preferred Bank by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,266 shares of the bank’s stock worth $608,000 after purchasing an additional 202 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Preferred Bank by 19.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 25,931 shares of the bank’s stock worth $2,169,000 after purchasing an additional 4,158 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Preferred Bank by 81.0% in the first quarter. Jane Street Group LLC now owns 66,428 shares of the bank’s stock valued at $5,557,000 after purchasing an additional 29,729 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Preferred Bank by 1,224.0% in the second quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank’s stock valued at $29,000 after purchasing an additional 306 shares in the last quarter. Finally, Jump Financial LLC lifted its holdings in shares of Preferred Bank by 148.7% in the second quarter. Jump Financial LLC now owns 14,225 shares of the bank’s stock valued at $1,231,000 after purchasing an additional 8,505 shares in the last quarter. Institutional investors and hedge funds own 72.77% of the company’s stock.

Preferred Bank Trading Down 0.4%

Shares of PFBC stock opened at $104.06 on Tuesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 9.51 and a beta of 0.56. Preferred Bank has a 52-week low of $81.50 and a 52-week high of $112.26. The company has a 50-day simple moving average of $104.94 and a two-hundred day simple moving average of $96.92.

Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Wednesday, July 22nd. The bank reported $2.78 EPS for the quarter, topping the consensus estimate of $2.65 by $0.13. Preferred Bank had a net margin of 26.54% and a return on equity of 17.27%. The firm had revenue of $73.47 million for the quarter, compared to analysts’ expectations of $73.60 million. Research analysts anticipate that Preferred Bank will post 10.71 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Tuesday, July 7th were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Tuesday, July 7th. Preferred Bank’s dividend payout ratio (DPR) is 29.25%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Piper Sandler upped their price target on Preferred Bank from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Stephens raised their price objective on Preferred Bank from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings raised shares of Preferred Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Preferred Bank currently has an average rating of “Hold” and a consensus price target of $106.25.

Preferred Bank Profile

Preferred Bank (NASDAQ: PFBC) is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.

The bank’s core lending portfolio focuses on commercial real estate acquisition, development and investment properties.