Mirae Asset Global Investments Co. Ltd. Increases Holdings in Preferred Bank (NASDAQ:PFBC)

Mirae Asset Global Investments Co. Ltd. boosted its position in Preferred Bank (NASDAQ:PFBC) by 10.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,513 shares of the bank’s stock after buying an additional 694 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 0.05% of Preferred Bank worth $598,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Texas Permanent School Fund Corp increased its stake in shares of Preferred Bank by 1.6% in the first quarter. Texas Permanent School Fund Corp now owns 10,964 shares of the bank’s stock worth $842,000 after acquiring an additional 169 shares during the period. SummerHaven Investment Management LLC grew its position in Preferred Bank by 1.6% during the 2nd quarter. SummerHaven Investment Management LLC now owns 12,846 shares of the bank’s stock worth $970,000 after purchasing an additional 201 shares during the period. WINTON GROUP Ltd raised its stake in shares of Preferred Bank by 1.7% during the 2nd quarter. WINTON GROUP Ltd now owns 13,970 shares of the bank’s stock valued at $1,055,000 after buying an additional 232 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Preferred Bank by 0.9% in the 2nd quarter. Federated Hermes Inc. now owns 30,228 shares of the bank’s stock valued at $2,282,000 after buying an additional 274 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Preferred Bank by 6.7% in the second quarter. Sei Investments Co. now owns 5,137 shares of the bank’s stock worth $388,000 after buying an additional 323 shares during the last quarter. Institutional investors and hedge funds own 72.77% of the company’s stock.

Analyst Upgrades and Downgrades

PFBC has been the subject of several recent research reports. Piper Sandler lifted their price target on Preferred Bank from $88.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Stephens boosted their target price on shares of Preferred Bank from $90.00 to $94.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd.

Preferred Bank Stock Performance

Shares of PFBC stock opened at $83.82 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.20. Preferred Bank has a 12-month low of $59.96 and a 12-month high of $91.67. The business’s 50 day moving average is $81.32 and its two-hundred day moving average is $78.81. The company has a market capitalization of $1.21 billion, a P/E ratio of 8.40 and a beta of 0.94.

Preferred Bank (NASDAQ:PFBC) last announced 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. The firm had revenue of $132.88 million for the quarter, compared to analyst estimates of $68.80 million. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. During the same quarter last year, the firm posted $2.71 EPS. Analysts expect that Preferred Bank will post 9.71 EPS for the current fiscal year.

Preferred Bank Announces Dividend

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

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.