Millennium Management LLC Sells 9,627 Shares of Preferred Bank (NASDAQ:PFBC)

Millennium Management LLC cut its stake in shares of Preferred Bank (NASDAQ:PFBC) by 9.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 88,860 shares of the bank’s stock after selling 9,627 shares during the quarter. Millennium Management LLC’s holdings in Preferred Bank were worth $6,708,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Preferred Bank by 1.3% in the first quarter. Vanguard Group Inc. now owns 868,073 shares of the bank’s stock worth $66,642,000 after purchasing an additional 10,931 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Preferred Bank by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 680,337 shares of the bank’s stock worth $51,357,000 after buying an additional 4,539 shares in the last quarter. LSV Asset Management raised its holdings in shares of Preferred Bank by 121.0% in the second quarter. LSV Asset Management now owns 171,330 shares of the bank’s stock valued at $12,934,000 after acquiring an additional 93,815 shares in the last quarter. AQR Capital Management LLC raised its holdings 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 valued at $5,869,000 after acquiring an additional 15,391 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Preferred Bank by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 73,319 shares of the bank’s stock worth $5,629,000 after purchasing an additional 1,927 shares during the period. Institutional investors own 72.77% of the company’s stock.

Preferred Bank Stock Performance

Shares of PFBC stock opened at $80.37 on Friday. Preferred Bank has a 12-month low of $58.52 and a 12-month high of $91.67. The business’s fifty day simple moving average is $79.34 and its 200-day simple moving average is $77.77. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.21. The company has a market cap of $1.16 billion, a PE ratio of 7.76 and a beta of 0.95.

Preferred Bank (NASDAQ:PFBC) last announced its earnings results on Thursday, July 25th. The bank reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.39 by $0.09. Preferred Bank had a return on equity of 20.24% and a net margin of 27.35%. The firm had revenue of $130.70 million for the quarter, compared to the consensus estimate of $70.55 million. During the same period in the previous year, the business earned $2.61 EPS. Analysts expect that Preferred Bank will post 9.6 earnings per share for the current fiscal year.

Preferred Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, October 7th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.48%. Preferred Bank’s dividend payout ratio is currently 27.03%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. 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 note on Monday, July 29th. Stephens raised their price target on shares of Preferred Bank from $84.00 to $95.00 and gave the company an “overweight” rating in a report 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.