Hennessy Advisors Inc. Sells 22,500 Shares of Preferred Bank (PFBC)

Hennessy Advisors Inc. decreased its position in Preferred Bank (NASDAQ:PFBC) by 56.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,500 shares of the bank’s stock after selling 22,500 shares during the period. Hennessy Advisors Inc. owned 0.12% of Preferred Bank worth $936,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PFBC. US Bancorp DE boosted its holdings in Preferred Bank by 14.5% in the first quarter. US Bancorp DE now owns 3,402 shares of the bank’s stock valued at $183,000 after acquiring an additional 431 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Preferred Bank by 86.9% in the first quarter. SG Americas Securities LLC now owns 3,726 shares of the bank’s stock valued at $200,000 after acquiring an additional 1,732 shares during the last quarter. UBS Asset Management Americas Inc. bought a new position in Preferred Bank in the first quarter valued at about $207,000. Eqis Capital Management Inc. boosted its holdings in Preferred Bank by 3.8% in the first quarter. Eqis Capital Management Inc. now owns 4,101 shares of the bank’s stock valued at $220,000 after acquiring an additional 149 shares during the last quarter. Finally, Nine Chapters Capital Management LLC bought a new position in Preferred Bank in the first quarter valued at about $220,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Preferred Bank (NASDAQ PFBC) opened at 51.72 on Tuesday. The firm has a market cap of $743.16 million, a price-to-earnings ratio of 17.76 and a beta of 0.95. The firm has a 50-day moving average price of $54.67 and a 200 day moving average price of $53.30. Preferred Bank has a 1-year low of $34.31 and a 1-year high of $58.98.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings data on Tuesday, July 18th. The bank reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.05. The business had revenue of $32.55 million for the quarter, compared to analyst estimates of $31.78 million. Preferred Bank had a return on equity of 14.05% and a net margin of 28.91%. Equities analysts predict that Preferred Bank will post $3.21 earnings per share for the current year.

PFBC has been the topic of several recent research reports. FBR & Co reiterated a “buy” rating on shares of Preferred Bank in a report on Wednesday, July 19th. BidaskClub upgraded Preferred Bank from a “hold” rating to a “buy” rating in a report on Tuesday, July 11th. Zacks Investment Research upgraded Preferred Bank from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a report on Saturday, June 24th. ValuEngine upgraded Preferred Bank from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Stephens upgraded Preferred Bank from an “equal weight” rating to an “overweight” rating in a report on Monday, July 10th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $60.50.

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Preferred Bank Profile

Preferred Bank is a commercial bank. 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 high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.

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

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