Swiss National Bank Has $2.03 Million Stock Position in Preferred Bank $PFBC

Swiss National Bank trimmed its position in Preferred Bank (NASDAQ:PFBC) by 3.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,289 shares of the bank’s stock after selling 900 shares during the quarter. Swiss National Bank owned approximately 0.17% of Preferred Bank worth $2,032,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. NBC Securities Inc. acquired a new stake in Preferred Bank in the first quarter worth about $25,000. Meeder Asset Management Inc. acquired a new stake in Preferred Bank in the first quarter worth about $55,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of Preferred Bank during the 4th quarter worth about $117,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Preferred Bank during the 4th quarter worth about $209,000. Finally, CWM LLC grew its position in shares of Preferred Bank by 10.7% during the 1st quarter. CWM LLC now owns 2,779 shares of the bank’s stock worth $232,000 after buying an additional 269 shares during the period. 72.77% of the stock is currently owned by institutional investors and hedge funds.

Preferred Bank Trading Up 4.3%

NASDAQ:PFBC opened at $94.77 on Friday. Preferred Bank has a fifty-two week low of $71.90 and a fifty-two week high of $99.78. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $1.37 billion, a PE ratio of 10.02 and a beta of 0.75. The business’s 50-day simple moving average is $90.27 and its 200-day simple moving average is $86.04.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Monday, July 21st. The bank reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.09. Preferred Bank had a return on equity of 16.64% and a net margin of 25.04%.The business had revenue of $69.05 million for the quarter, compared to analysts’ expectations of $70.96 million. Sell-side analysts expect that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Preferred Bank declared that its board has authorized a stock buyback plan on Thursday, May 22nd that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 10.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Preferred Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Tuesday, July 8th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Tuesday, July 8th. Preferred Bank’s payout ratio is 31.71%.

Analyst Ratings Changes

PFBC has been the subject of several analyst reports. Stephens restated an “equal weight” rating and set a $91.00 target price on shares of Preferred Bank in a research report on Tuesday, April 29th. Piper Sandler boosted their target price on Preferred Bank from $96.00 to $112.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 22nd. Finally, DA Davidson boosted their target price on Preferred Bank from $90.00 to $108.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $103.67.

Preferred Bank Company 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. The company accepts checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.