First Trust Advisors LP Raises Stake in Preferred Bank (PFBC)

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First Trust Advisors LP raised its holdings in shares of Preferred Bank (NASDAQ:PFBC) by 24.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,710 shares of the bank’s stock after acquiring an additional 4,278 shares during the quarter. First Trust Advisors LP’s holdings in Preferred Bank were worth $1,334,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Mount Yale Investment Advisors LLC bought a new position in shares of Preferred Bank during the 1st quarter worth approximately $129,000. UBS Group AG grew its stake in shares of Preferred Bank by 653.1% during the 1st quarter. UBS Group AG now owns 2,651 shares of the bank’s stock worth $170,000 after acquiring an additional 2,299 shares in the last quarter. Stevens Capital Management LP bought a new position in shares of Preferred Bank during the 1st quarter worth approximately $220,000. Hsbc Holdings PLC bought a new position in shares of Preferred Bank during the 1st quarter worth approximately $267,000. Finally, Victory Capital Management Inc. bought a new position in shares of Preferred Bank during the 1st quarter worth approximately $287,000. 88.32% of the stock is owned by institutional investors.

NASDAQ:PFBC opened at $60.47 on Friday. Preferred Bank has a 1-year low of $52.01 and a 1-year high of $69.48. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $794.84 million, a P/E ratio of 17.68, a PEG ratio of 1.30 and a beta of 0.95.

Preferred Bank (NASDAQ:PFBC) last released its earnings results on Wednesday, July 18th. The bank reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.05. Preferred Bank had a net margin of 30.57% and a return on equity of 17.86%. The business had revenue of $39.16 million during the quarter, compared to analysts’ expectations of $38.66 million. sell-side analysts anticipate that Preferred Bank will post 4.63 EPS for the current year.

PFBC has been the subject of several research reports. Zacks Investment Research cut shares of Preferred Bank from a “hold” rating to a “sell” rating in a research note on Sunday, July 15th. B. Riley raised their price target on shares of Preferred Bank from $76.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, July 20th. BidaskClub raised shares of Preferred Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 6th. Stephens cut shares of Preferred Bank from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 6th. Finally, Raymond James cut shares of Preferred Bank from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, July 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $73.40.

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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