Cubist Systematic Strategies LLC Trims Position in Preferred Bank (NASDAQ:PFBC)

Cubist Systematic Strategies LLC reduced its holdings in Preferred Bank (NASDAQ:PFBC) by 62.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,324 shares of the bank’s stock after selling 2,243 shares during the period. Cubist Systematic Strategies LLC’s holdings in Preferred Bank were worth $100,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. LSV Asset Management lifted its position in Preferred Bank by 121.0% during the second quarter. LSV Asset Management now owns 171,330 shares of the bank’s stock valued at $12,934,000 after purchasing an additional 93,815 shares during the period. Kennedy Capital Management LLC acquired a new position in shares of Preferred Bank in the 1st quarter valued at about $3,449,000. AQR Capital Management LLC boosted its stake in shares of Preferred Bank by 24.7% in the second quarter. AQR Capital Management LLC now owns 77,745 shares of the bank’s stock worth $5,869,000 after buying an additional 15,391 shares during the last quarter. Vanguard Group Inc. grew its holdings in Preferred Bank by 1.3% during the first quarter. Vanguard Group Inc. now owns 868,073 shares of the bank’s stock worth $66,642,000 after acquiring an additional 10,931 shares during the period. Finally, Inspire Investing LLC purchased a new position in Preferred Bank during the second quarter valued at approximately $791,000. Institutional investors and hedge funds own 72.77% of the company’s stock.

Preferred Bank Trading Up 0.4 %

PFBC stock opened at $82.91 on Wednesday. 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 52-week low of $58.52 and a 52-week high of $91.67. The company’s 50-day simple moving average is $79.64 and its 200-day simple moving average is $77.94. The firm has a market cap of $1.20 billion, a P/E ratio of 8.00 and a beta of 0.95.

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

Preferred Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, October 7th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.38%. The ex-dividend date is Monday, October 7th. Preferred Bank’s payout ratio is presently 27.03%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PFBC shares. Piper Sandler upped 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. Stephens boosted their target price on shares of Preferred Bank from $84.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th.

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.