New York State Common Retirement Fund Has $2.83 Million Holdings in Preferred Bank $PFBC

New York State Common Retirement Fund grew its stake in shares of Preferred Bank (NASDAQ:PFBC) by 36.1% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 31,322 shares of the bank’s stock after buying an additional 8,300 shares during the period. New York State Common Retirement Fund owned approximately 0.22% of Preferred Bank worth $2,831,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PFBC. Y Intercept Hong Kong Ltd bought a new stake in shares of Preferred Bank in the 3rd quarter worth approximately $371,000. Amalgamated Bank increased its holdings in Preferred Bank by 3.5% in the 3rd quarter. Amalgamated Bank now owns 3,452 shares of the bank’s stock valued at $312,000 after buying an additional 116 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Preferred Bank by 161.4% during the 3rd quarter. SG Americas Securities LLC now owns 8,838 shares of the bank’s stock worth $799,000 after acquiring an additional 5,457 shares during the period. Hennion & Walsh Asset Management Inc. boosted its position in shares of Preferred Bank by 6.4% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 12,683 shares of the bank’s stock valued at $1,146,000 after acquiring an additional 762 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in Preferred Bank by 5.4% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 17,513 shares of the bank’s stock valued at $1,583,000 after acquiring an additional 900 shares during the period. 72.77% of the stock is currently owned by institutional investors.

Preferred Bank Stock Up 1.0%

Preferred Bank stock opened at $91.19 on Friday. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 8.79 and a beta of 0.65. The company’s 50 day simple moving average is $94.80 and its 200 day simple moving average is $92.95. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.07. Preferred Bank has a fifty-two week low of $71.90 and a fifty-two week high of $103.05.

Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.78 by $0.01. The company had revenue of $78.07 million during the quarter, compared to analyst estimates of $74.54 million. Preferred Bank had a net margin of 26.41% and a return on equity of 17.31%. As a group, sell-side analysts anticipate that Preferred Bank will post 9.81 EPS for the current year.

Preferred Bank Dividend Announcement

The firm also recently announced an annual dividend, which was paid on Tuesday, January 20th. Investors of record on Tuesday, January 6th were paid a dividend of $3.20 per share. This represents a yield of 336.0%. The ex-dividend date of this dividend was Tuesday, January 6th. Preferred Bank’s dividend payout ratio is presently 30.83%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PFBC. Piper Sandler cut their price target on shares of Preferred Bank from $121.00 to $111.00 and set an “overweight” rating for the company in a research note on Monday, January 26th. Zacks Research cut Preferred Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Preferred Bank in a report on Monday, December 29th. Stephens restated a “positive” rating on shares of Preferred Bank in a research note on Monday, January 26th. Finally, DA Davidson reduced their price target on shares of Preferred Bank from $108.00 to $104.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 22nd. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Preferred Bank has an average rating of “Moderate Buy” and a consensus target price of $102.67.

Preferred Bank Company 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.