Deutsche Bank AG Lowers Stock Position in Preferred Bank $PFBC

Deutsche Bank AG cut its position in shares of Preferred Bank (NASDAQ:PFBC) by 74.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,248 shares of the bank’s stock after selling 27,118 shares during the period. Deutsche Bank AG owned 0.06% of Preferred Bank worth $774,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund boosted its holdings in Preferred Bank by 2.1% during the first quarter. Illinois Municipal Retirement Fund now owns 6,828 shares of the bank’s stock worth $571,000 after buying an additional 138 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in Preferred Bank by 1.5% during the first quarter. SummerHaven Investment Management LLC now owns 10,412 shares of the bank’s stock worth $871,000 after buying an additional 157 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Preferred Bank by 3.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,064 shares of the bank’s stock worth $610,000 after buying an additional 257 shares in the last quarter. CWM LLC boosted its holdings in Preferred Bank by 10.7% during the first quarter. CWM LLC now owns 2,779 shares of the bank’s stock worth $232,000 after buying an additional 269 shares in the last quarter. Finally, NBC Securities Inc. purchased a new stake in Preferred Bank during the first quarter worth $25,000. 72.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on PFBC. DA Davidson increased their price target on shares of Preferred Bank from $90.00 to $108.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Piper Sandler increased their price objective on shares of Preferred Bank from $96.00 to $112.00 and gave the company an “overweight” rating in a report on Tuesday, July 22nd. Finally, Stephens reaffirmed an “equal weight” rating and set a $91.00 price objective on shares of Preferred Bank in a report on Tuesday, April 29th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $103.67.

Preferred Bank Price Performance

Shares of NASDAQ PFBC opened at $94.00 on Tuesday. The firm has a 50-day simple moving average of $90.54 and a 200-day simple moving average of $86.01. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 9.94 and a beta of 0.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.47. Preferred Bank has a 52 week low of $71.90 and a 52 week high of $99.78.

Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Monday, July 21st. The bank reported $2.52 EPS for the quarter, beating analysts’ consensus estimates of $2.43 by $0.09. The business had revenue of $69.05 million during the quarter, compared to analysts’ expectations of $70.96 million. Preferred Bank had a net margin of 25.04% and a return on equity of 16.64%. On average, equities analysts predict that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

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

Preferred Bank announced that its Board of Directors has approved a share buyback plan on Thursday, May 22nd that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the bank to repurchase up to 10.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

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. 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.