Allspring Global Investments Holdings LLC Has $696,000 Holdings in Preferred Bank (NASDAQ:PFBC)

Allspring Global Investments Holdings LLC lifted its stake in Preferred Bank (NASDAQ:PFBC) by 44.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,224 shares of the bank’s stock after buying an additional 2,839 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Preferred Bank were worth $696,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Russell Investments Group Ltd. raised its holdings in shares of Preferred Bank by 22.2% in the 4th quarter. Russell Investments Group Ltd. now owns 14,718 shares of the bank’s stock worth $1,075,000 after buying an additional 2,671 shares in the last quarter. Victory Capital Management Inc. increased its stake in Preferred Bank by 47.6% in the fourth quarter. Victory Capital Management Inc. now owns 24,901 shares of the bank’s stock valued at $1,819,000 after purchasing an additional 8,036 shares in the last quarter. Gladius Capital Management LP increased its position in shares of Preferred Bank by 518.1% in the 4th quarter. Gladius Capital Management LP now owns 445 shares of the bank’s stock valued at $33,000 after buying an additional 373 shares in the last quarter. Versor Investments LP raised its position in shares of Preferred Bank by 165.2% during the fourth quarter. Versor Investments LP now owns 16,054 shares of the bank’s stock worth $1,173,000 after purchasing an additional 10,000 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Preferred Bank by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 667,256 shares of the bank’s stock worth $48,745,000 after buying an additional 10,259 shares during the period. 72.77% of the stock is currently owned by institutional investors.

Preferred Bank Stock Down 0.4 %

Preferred Bank stock opened at $79.72 on Friday. The stock has a market cap of $1.15 billion, a P/E ratio of 7.75 and a beta of 0.96. The company’s 50-day moving average price is $79.67 and its two-hundred day moving average price is $76.55. 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 has a twelve month low of $58.52 and a twelve month high of $91.67.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings data 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 business had revenue of $130.70 million during the quarter, compared to analysts’ expectations of $70.55 million. Preferred Bank had a net margin of 27.35% and a return on equity of 20.24%. During the same quarter in the previous year, the company earned $2.61 EPS. As a group, analysts expect that Preferred Bank will post 9.61 EPS for the current year.

Preferred Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, July 5th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date was Friday, July 5th. Preferred Bank’s dividend payout ratio (DPR) is presently 27.03%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PFBC shares. Stephens lifted their target price on Preferred Bank from $84.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Piper Sandler upped their target price 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.

About Preferred Bank

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 in the United States. 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.