Wedge Capital Management L L P NC Has $746,000 Stock Position in Preferred Bank (NASDAQ:PFBC)

Wedge Capital Management L L P NC lessened its position in shares of Preferred Bank (NASDAQ:PFBC) by 4.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 9,292 shares of the bank’s stock after selling 446 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.06% of Preferred Bank worth $746,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased 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 buying an additional 6,833 shares during the period. LSV Asset Management bought a new stake in shares of Preferred Bank during the 1st quarter valued at about $5,951,000. Vanguard Group Inc. grew its stake 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 purchasing an additional 10,931 shares during the period. Russell Investments Group Ltd. increased its holdings in Preferred Bank by 6.2% in the first quarter. Russell Investments Group Ltd. now owns 15,637 shares of the bank’s stock worth $1,200,000 after purchasing an additional 919 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in Preferred Bank in the second quarter valued at approximately $408,000. Institutional investors own 72.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on PFBC shares. Piper Sandler lifted their price objective on shares of Preferred Bank from $88.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Stephens lifted their price target 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 Trading Up 0.7 %

Shares of Preferred Bank stock opened at $85.08 on Friday. The stock has a market capitalization of $1.23 billion, a PE ratio of 8.21 and a beta of 0.95. Preferred Bank has a 52 week low of $58.52 and a 52 week high of $91.67. The stock has a 50 day moving average price of $79.98 and a two-hundred day moving average price of $78.03. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.07.

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

Preferred Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Monday, October 7th. Preferred Bank’s payout ratio is presently 27.03%.

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.