Victory Capital Management Inc. Sells 18,152 Shares of Preferred Bank (NASDAQ:PFBC)

Victory Capital Management Inc. trimmed its stake in shares of Preferred Bank (NASDAQ:PFBC) by 88.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,372 shares of the bank’s stock after selling 18,152 shares during the quarter. Victory Capital Management Inc.’s holdings in Preferred Bank were worth $205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Smartleaf Asset Management LLC grew its position in shares of Preferred Bank by 217.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 562 shares of the bank’s stock worth $49,000 after buying an additional 385 shares during the last quarter. R Squared Ltd purchased a new position in shares of Preferred Bank in the 4th quarter valued at approximately $65,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Preferred Bank during the third quarter valued at $76,000. KBC Group NV raised its stake in Preferred Bank by 46.2% during the fourth quarter. KBC Group NV now owns 914 shares of the bank’s stock valued at $79,000 after buying an additional 289 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in Preferred Bank by 194.1% during the third 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. 72.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on PFBC. Stephens reissued an “equal weight” rating and issued a $100.00 target price on shares of Preferred Bank in a report on Thursday, January 30th. DA Davidson boosted their price target on Preferred Bank from $98.00 to $101.00 and gave the company a “neutral” rating in a report on Wednesday, January 29th. Finally, Piper Sandler boosted their price target on Preferred Bank from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, January 31st.

Preferred Bank Price Performance

NASDAQ:PFBC opened at $84.43 on Monday. The company has a market capitalization of $1.22 billion, a P/E ratio of 8.77 and a beta of 0.93. Preferred Bank has a 12 month low of $70.99 and a 12 month high of $99.78. The business’s 50-day moving average is $87.11 and its 200 day moving average is $86.66. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Monday, January 27th. The bank reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.17). Preferred Bank had a return on equity of 17.80% and a net margin of 25.00%. On average, equities research analysts forecast that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Preferred Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Monday, April 7th. This represents a $3.00 annualized dividend and a yield of 3.55%. Preferred Bank’s payout ratio is currently 31.15%.

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.