Preferred Bank (NASDAQ:PFBC) Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. boosted its stake in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 4.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 434,590 shares of the bank's stock after purchasing an additional 18,868 shares during the period. Charles Schwab Investment Management Inc. owned approximately 3.01% of Preferred Bank worth $37,540,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its holdings in shares of Preferred Bank by 24.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 186,107 shares of the bank's stock valued at $14,935,000 after acquiring an additional 35,979 shares during the last quarter. Jane Street Group LLC increased its stake in shares of Preferred Bank by 43.8% during the third quarter. Jane Street Group LLC now owns 19,879 shares of the bank's stock worth $1,595,000 after purchasing an additional 6,056 shares in the last quarter. KBC Group NV increased its stake in Preferred Bank by 46.2% during the 4th quarter. KBC Group NV now owns 914 shares of the bank's stock worth $79,000 after buying an additional 289 shares in the last quarter. Geode Capital Management LLC raised its stake in Preferred Bank by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 352,597 shares of the bank's stock valued at $28,300,000 after purchasing an additional 12,283 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of Preferred Bank by 15.5% in the fourth quarter. New York State Common Retirement Fund now owns 26,222 shares of the bank's stock valued at $2,265,000 after buying an additional 3,516 shares during the last quarter. 72.77% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

PFBC has been the subject of several recent research reports. Stephens reaffirmed an "equal weight" rating and issued a $100.00 price target on shares of Preferred Bank in a report on Thursday, January 30th. DA Davidson increased their target price on shares of Preferred Bank from $98.00 to $101.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 29th. Finally, Piper Sandler boosted their price objective 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 Stock Up 1.7 %

PFBC stock traded up $1.43 during mid-day trading on Wednesday, reaching $84.36. The company had a trading volume of 53,567 shares, compared to its average volume of 74,881. The firm has a fifty day simple moving average of $87.11 and a 200 day simple moving average of $86.61. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 8.78 and a beta of 0.93. Preferred Bank has a fifty-two week low of $70.83 and a fifty-two week high of $99.78.

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

Preferred Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 23rd. Stockholders of record on Thursday, January 9th were issued a $0.75 dividend. The ex-dividend date was Friday, January 10th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.56%. This is an increase from Preferred Bank's previous quarterly dividend of $0.70. Preferred Bank's dividend payout ratio is presently 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.