Preferred Bank (NASDAQ:PFBC) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC raised its position in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 360,025 shares of the bank's stock after acquiring an additional 7,428 shares during the period. Geode Capital Management LLC owned approximately 2.49% of Preferred Bank worth $31,105,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in shares of Preferred Bank by 24.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 186,107 shares of the bank's stock worth $14,935,000 after purchasing an additional 35,979 shares during the period. Jane Street Group LLC grew its stake in 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 buying an additional 6,056 shares during the period. KBC Group NV grew its stake in Preferred Bank by 46.2% during the fourth quarter. KBC Group NV now owns 914 shares of the bank's stock worth $79,000 after buying an additional 289 shares during the period. New York State Common Retirement Fund grew its stake 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 in the last quarter. Finally, Barclays PLC lifted its position in Preferred Bank by 70.9% during the 3rd quarter. Barclays PLC now owns 27,430 shares of the bank's stock worth $2,201,000 after acquiring an additional 11,379 shares in the last quarter. 72.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on PFBC. DA Davidson increased their price objective on shares of Preferred Bank from $98.00 to $101.00 and gave the company a "neutral" rating in a research report on Wednesday, January 29th. Piper Sandler raised their price target on shares of Preferred Bank from $101.00 to $111.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Finally, Stephens reiterated an "equal weight" rating and issued a $100.00 price objective on shares of Preferred Bank in a report on Thursday, January 30th.

Preferred Bank Stock Up 3.8 %

Shares of PFBC traded up $3.07 during trading on Tuesday, reaching $84.35. The company's stock had a trading volume of 88,990 shares, compared to its average volume of 83,414. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 8.76 and a beta of 0.71. The company has a fifty day moving average of $83.21 and a two-hundred day moving average of $86.72. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.19. Preferred Bank has a twelve month low of $71.43 and a twelve month high of $99.78.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last posted its quarterly earnings results on Monday, January 27th. The bank reported $2.25 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%. On average, sell-side analysts predict that Preferred Bank will post 9.81 EPS for the current fiscal year.

Preferred Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were given a $0.75 dividend. The ex-dividend date was Monday, April 7th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.56%. Preferred Bank's payout ratio is currently 31.15%.

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.