State Street Corp Raises Stake in Preferred Bank (NASDAQ:PFBC)

State Street Corp increased its stake in shares of Preferred Bank (NASDAQ:PFBC) by 0.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 592,566 shares of the bank’s stock after buying an additional 2,339 shares during the quarter. State Street Corp’s holdings in Preferred Bank were worth $47,553,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in PFBC. Copeland Capital Management LLC bought a new position in shares of Preferred Bank during the 3rd quarter valued at approximately $54,000. Point72 DIFC Ltd lifted its stake in Preferred Bank by 69.9% in the second quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock valued at $64,000 after purchasing an additional 349 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Preferred Bank in the third quarter worth $76,000. Point72 Asset Management L.P. raised its stake in shares of Preferred Bank by 35.1% in the second quarter. Point72 Asset Management L.P. now owns 1,486 shares of the bank’s stock valued at $112,000 after buying an additional 386 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in shares of Preferred Bank by 194.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,906 shares of the bank’s stock valued at $153,000 after buying an additional 1,258 shares during the last quarter. Institutional investors own 72.77% of the company’s stock.

Analysts Set New Price Targets

Separately, Stephens cut Preferred Bank from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 9th.

Preferred Bank Stock Down 0.8 %

PFBC opened at $85.45 on Friday. Preferred Bank has a 12 month low of $66.88 and a 12 month high of $99.78. The company has a market cap of $1.23 billion, a PE ratio of 8.56 and a beta of 0.96. 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 company has a 50 day moving average of $90.08 and a 200 day moving average of $82.55.

Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Monday, October 21st. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.07. The company had revenue of $132.88 million during the quarter, compared to analysts’ expectations of $68.80 million. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. During the same period in the previous year, the business earned $2.71 earnings per share. On average, sell-side analysts expect that Preferred Bank will post 9.75 EPS for the current year.

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. 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.