New York State Common Retirement Fund Has $2.27 Million Stake in Preferred Bank (NASDAQ:PFBC)

New York State Common Retirement Fund increased its stake in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 15.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,222 shares of the bank's stock after buying an additional 3,516 shares during the period. New York State Common Retirement Fund owned 0.18% of Preferred Bank worth $2,265,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PFBC. JPMorgan Chase & Co. lifted its holdings in 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 buying an additional 35,979 shares in the last quarter. Jane Street Group LLC lifted 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 valued at $1,595,000 after acquiring an additional 6,056 shares during the period. KBC Group NV boosted its holdings in Preferred Bank by 46.2% in the fourth quarter. KBC Group NV now owns 914 shares of the bank's stock valued at $79,000 after acquiring an additional 289 shares during the last quarter. Geode Capital Management LLC increased its position in Preferred Bank by 3.6% in the third quarter. Geode Capital Management LLC now owns 352,597 shares of the bank's stock worth $28,300,000 after purchasing an additional 12,283 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Preferred Bank by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 415,722 shares of the bank's stock worth $33,362,000 after purchasing an additional 7,086 shares during the last quarter. Institutional investors own 72.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Stephens reaffirmed an "equal weight" rating and set a $100.00 target price on shares of Preferred Bank in a report on Thursday, January 30th. Piper Sandler boosted their target price on Preferred Bank from $101.00 to $111.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Finally, DA Davidson increased their price target 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.

Preferred Bank Stock Down 0.8 %

PFBC traded down $0.68 during trading on Monday, reaching $88.07. The company had a trading volume of 73,764 shares, compared to its average volume of 78,929. The company has a market cap of $1.27 billion, a P/E ratio of 9.15 and a beta of 0.97. Preferred Bank has a 12 month low of $70.22 and a 12 month high of $99.78. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.08 and a quick ratio of 1.08. The business's fifty day moving average price is $87.89 and its 200 day moving average price is $86.34.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last posted its quarterly earnings data on Monday, January 27th. The bank reported $2.25 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.17). Preferred Bank had a net margin of 25.00% and a return on equity of 17.80%. Equities analysts anticipate that Preferred Bank will post 9.81 EPS for the current year.

Preferred Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 23rd. Shareholders of record on Thursday, January 9th were paid a $0.75 dividend. This is a boost from Preferred Bank's previous quarterly dividend of $0.70. The ex-dividend date was Friday, January 10th. This represents a $3.00 annualized dividend and a yield of 3.41%. Preferred Bank's payout ratio is presently 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.