Federated Hermes Inc. Raises Stake in Preferred Bank (NASDAQ:PFBC)

Federated Hermes Inc. lifted its stake in shares of Preferred Bank (NASDAQ:PFBC) by 0.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 30,228 shares of the bank’s stock after acquiring an additional 274 shares during the period. Federated Hermes Inc.’s holdings in Preferred Bank were worth $2,282,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. CWM LLC increased its position in Preferred Bank by 96.4% during the second quarter. CWM LLC now owns 1,043 shares of the bank’s stock worth $79,000 after purchasing an additional 512 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Preferred Bank in the 1st quarter valued at approximately $118,000. Picton Mahoney Asset Management acquired a new stake in shares of Preferred Bank during the 2nd quarter worth approximately $161,000. Olympiad Research LP purchased a new stake in shares of Preferred Bank during the 4th quarter valued at approximately $240,000. Finally, BOKF NA acquired a new position in Preferred Bank in the first quarter valued at approximately $296,000. Institutional investors and hedge funds own 72.77% of the company’s stock.

Analyst Ratings Changes

PFBC has been the subject of several recent analyst reports. Stephens raised their target price on Preferred Bank from $84.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Piper Sandler raised their price objective on Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th.

Preferred Bank Stock Performance

NASDAQ:PFBC opened at $80.95 on Friday. Preferred Bank has a fifty-two week low of $58.52 and a fifty-two week high of $91.67. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.07. The company has a 50 day moving average price of $80.89 and a 200 day moving average price of $77.18. The stock has a market capitalization of $1.17 billion, a P/E ratio of 7.81 and a beta of 0.96.

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, beating analysts’ consensus estimates 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 return on equity of 20.24% and a net margin of 27.35%. During the same period in the previous year, the firm posted $2.61 earnings per share. Equities research analysts forecast that Preferred Bank will post 9.61 EPS for the current year.

Preferred Bank 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.