Allspring Global Investments Holdings LLC Sells 2,472 Shares of Preferred Bank (NASDAQ:PFBC)

Allspring Global Investments Holdings LLC lowered its position in shares of Preferred Bank (NASDAQ:PFBC) by 26.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,752 shares of the bank’s stock after selling 2,472 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Preferred Bank were worth $542,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PFBC. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Preferred Bank during the first quarter worth $786,000. BNP Paribas Financial Markets raised its position in shares of Preferred Bank by 78.3% during the first quarter. BNP Paribas Financial Markets now owns 15,564 shares of the bank’s stock worth $1,195,000 after acquiring an additional 6,833 shares during the last quarter. GSA Capital Partners LLP grew its stake in shares of Preferred Bank by 16.5% during the first quarter. GSA Capital Partners LLP now owns 23,556 shares of the bank’s stock worth $1,808,000 after purchasing an additional 3,331 shares during the period. Texas Permanent School Fund Corp grew its stake in shares of Preferred Bank by 1.6% during the first quarter. Texas Permanent School Fund Corp now owns 10,964 shares of the bank’s stock worth $842,000 after purchasing an additional 169 shares during the period. Finally, LSV Asset Management acquired a new stake in shares of Preferred Bank during the first quarter worth $5,951,000. Institutional investors own 72.77% of the company’s stock.

Preferred Bank Stock Down 0.7 %

NASDAQ:PFBC opened at $83.82 on Friday. Preferred Bank has a 1 year low of $59.96 and a 1 year high of $91.67. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.20. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 8.40 and a beta of 0.95. The stock has a 50-day moving average price of $81.32 and a two-hundred day moving average price of $78.77.

Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Monday, October 21st. The bank reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.39 by $0.07. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. The firm had revenue of $132.88 million during the quarter, compared to analysts’ expectations of $68.80 million. During the same period in the previous year, the firm earned $2.71 earnings per share. As a group, equities analysts expect that Preferred Bank will post 9.71 earnings per share for the current year.

Preferred Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 21st. Shareholders of record on Monday, October 7th were paid a $0.70 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $2.80 dividend on an annualized basis and a yield of 3.34%. Preferred Bank’s payout ratio is 28.06%.

Analyst Ratings Changes

A number of brokerages recently commented on PFBC. Piper Sandler lifted their price objective on Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Stephens lifted their price objective on Preferred Bank from $90.00 to $94.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd.

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.