Palouse Capital Management Inc. Decreases Position in Preferred Bank (NASDAQ:PFBC)

Palouse Capital Management Inc. decreased its position in shares of Preferred Bank (NASDAQ:PFBC) by 34.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 999 shares of the bank’s stock after selling 524 shares during the quarter. Palouse Capital Management Inc.’s holdings in Preferred Bank were worth $80,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Point72 DIFC Ltd raised its stake in shares of Preferred Bank by 69.9% during the 2nd quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock worth $64,000 after buying an additional 349 shares in the last quarter. CWM LLC increased its stake in shares of Preferred Bank by 96.4% during the 2nd quarter. CWM LLC now owns 1,043 shares of the bank’s stock valued at $79,000 after acquiring an additional 512 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Preferred Bank by 35.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,486 shares of the bank’s stock worth $112,000 after buying an additional 386 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Preferred Bank during the 1st quarter worth approximately $118,000. Finally, Picton Mahoney Asset Management acquired a new stake in shares of Preferred Bank in the second quarter worth $161,000. Hedge funds and other institutional investors own 72.77% of the company’s stock.

Preferred Bank Price Performance

Preferred Bank stock traded down $1.48 during midday trading on Monday, hitting $81.85. The company’s stock had a trading volume of 50,067 shares, compared to its average volume of 82,675. Preferred Bank has a 12 month low of $58.52 and a 12 month high of $91.67. The stock’s 50-day moving average price is $80.11 and its 200-day moving average price is $78.12. The company has a market capitalization of $1.18 billion, a PE ratio of 8.04 and a beta of 0.95. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.21.

Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Thursday, July 25th. The bank reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.39 by $0.09. The company had revenue of $130.70 million for the quarter, compared to analyst estimates of $70.55 million. Preferred Bank had a return on equity of 20.24% and a net margin of 27.35%. During the same period in the prior year, the firm posted $2.61 EPS. Analysts anticipate that Preferred Bank will post 9.54 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $2.80 annualized dividend and a dividend yield of 3.42%. Preferred Bank’s payout ratio is 27.03%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PFBC. Piper Sandler raised their price target on shares of Preferred Bank from $88.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Stephens increased their target price on Preferred Bank from $84.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th.

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.