California Public Employees Retirement System boosted its stake in Preferred Bank (NASDAQ:PFBC) by 1.7% during the second quarter, Holdings Channel reports. The institutional investor owned 46,600 shares of the company’s stock after buying an additional 800 shares during the period. California Public Employees Retirement System owned about 0.34% of Preferred Bank worth $1,346,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. MAI Capital Management boosted its position in Preferred Bank by 3.3% in the second quarter. MAI Capital Management now owns 14,747 shares of the company’s stock valued at $426,000 after buying an additional 471 shares in the last quarter. California State Teachers Retirement System boosted its position in Preferred Bank by 2.8% in the second quarter. California State Teachers Retirement System now owns 25,462 shares of the company’s stock valued at $735,000 after buying an additional 690 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Preferred Bank by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 65,443 shares of the company’s stock valued at $1,890,000 after buying an additional 849 shares in the last quarter. Palouse Capital Management Inc. purchased a new position in Preferred Bank during the second quarter valued at $202,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in Preferred Bank during the first quarter valued at $303,000. 60.23% of the stock is owned by institutional investors.
Shares of Preferred Bank (NASDAQ:PFBC) traded down 2.38% on Thursday, reaching $34.51. The company had a trading volume of 9,713 shares. Preferred Bank has a 12 month low of $26.35 and a 12 month high of $36.82. The stock has a market cap of $479.24 million, a PE ratio of 15.20 and a beta of 0.88. The stock has a 50-day moving average price of $35.21 and a 200-day moving average price of $32.47.
Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.03. Preferred Bank had a net margin of 28.55% and a return on equity of 11.83%. Analysts predict that Preferred Bank will post $2.43 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Friday, October 7th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Wednesday, October 5th. Preferred Bank’s dividend payout ratio is currently 26.32%.
Several research analysts recently commented on the company. FBR & Co reissued an “outperform” rating and set a $39.00 price target (up from $37.00) on shares of Preferred Bank in a research report on Thursday, July 21st. Zacks Investment Research raised Preferred Bank from a “hold” rating to a “strong-buy” rating and set a $37.00 price target for the company in a research report on Tuesday, July 26th. Finally, Raymond James Financial Inc. raised Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $15.00 price target for the company in a research report on Thursday, August 25th.
About Preferred Bank
Preferred Bank is a commercial bank, which offers financial services to individuals and companies in Southern California. 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 individuals.
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