California State Teachers Retirement System increased its stake in shares of Preferred Bank (NASDAQ:PFBC) by 2.8% during the second quarter, Holdings Channel reports. The institutional investor owned 25,462 shares of the company’s stock after buying an additional 690 shares during the period. California State Teachers Retirement System owned 0.18% of Preferred Bank worth $735,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its position in Preferred Bank by 7.1% in the first quarter. Renaissance Technologies LLC now owns 386,355 shares of the company’s stock valued at $11,687,000 after buying an additional 25,600 shares during the last quarter. Kennedy Capital Management Inc. raised its position in Preferred Bank by 31.8% in the first quarter. Kennedy Capital Management Inc. now owns 101,057 shares of the company’s stock valued at $3,057,000 after buying an additional 24,379 shares during the last quarter. Geode Capital Management LLC raised its position in Preferred Bank by 5.5% in the first quarter. Geode Capital Management LLC now owns 90,330 shares of the company’s stock valued at $2,732,000 after buying an additional 4,749 shares during the last quarter. Bank of New York Mellon Corp raised 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 during the last quarter. Finally, Bank of Montreal Can acquired a new position in Preferred Bank during the second quarter valued at approximately $781,000. Hedge funds and other institutional investors own 60.23% of the company’s stock.
Shares of Preferred Bank (NASDAQ:PFBC) traded down 2.66% during midday trading on Monday, reaching $34.80. The company’s stock had a trading volume of 33,012 shares. The stock has a 50-day moving average price of $34.95 and a 200 day moving average price of $32.15. Preferred Bank has a 52 week low of $26.35 and a 52 week high of $36.82. The stock has a market capitalization of $483.27 million, a PE ratio of 15.32 and a beta of 0.88.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Wednesday, July 20th. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.03. Preferred Bank had a return on equity of 11.83% and a net margin of 28.55%. Equities analysts forecast that Preferred Bank will post $2.43 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Friday, October 7th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Wednesday, October 5th. Preferred Bank’s dividend payout ratio is presently 26.32%.
Several equities analysts recently commented on PFBC shares. Raymond James Financial Inc. upgraded Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $15.00 target price for the company in a research note on Thursday, August 25th. FBR & Co started coverage on Preferred Bank in a research note on Friday, July 1st. They issued an “outperform” rating and a $37.00 target price for the company. Finally, Zacks Investment Research lowered Preferred Bank from a “buy” rating to a “hold” rating in a research note on Tuesday, June 28th.
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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