Hotchkis & Wiley Capital Management LLC Sells 6,100 Shares of Preferred Bank (NASDAQ:PFBC)

Hotchkis & Wiley Capital Management LLC lessened its stake in shares of Preferred Bank (NASDAQ:PFBC - Free Report) by 4.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 120,700 shares of the bank's stock after selling 6,100 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.84% of Preferred Bank worth $9,686,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Copeland Capital Management LLC bought a new position in Preferred Bank during the 3rd quarter valued at approximately $54,000. Point72 DIFC Ltd increased its stake in shares of Preferred Bank by 69.9% during the second quarter. Point72 DIFC Ltd now owns 848 shares of the bank's stock valued at $64,000 after buying an additional 349 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Preferred Bank during the third quarter valued at approximately $76,000. CWM LLC lifted its stake in Preferred Bank by 96.4% in the second quarter. CWM LLC now owns 1,043 shares of the bank's stock worth $79,000 after acquiring an additional 512 shares during the period. Finally, Point72 Asset Management L.P. boosted its holdings in Preferred Bank by 35.1% in the second quarter. Point72 Asset Management L.P. now owns 1,486 shares of the bank's stock valued at $112,000 after acquiring an additional 386 shares in the last quarter. Institutional investors own 72.77% of the company's stock.

Preferred Bank Stock Down 0.2 %

Shares of NASDAQ:PFBC traded down $0.15 during trading on Thursday, hitting $94.42. The stock had a trading volume of 51,359 shares, compared to its average volume of 80,979. The company has a market capitalization of $1.36 billion, a PE ratio of 9.48 and a beta of 0.96. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.20. The firm's fifty day moving average is $87.38 and its 200 day moving average is $81.41. Preferred Bank has a 12 month low of $64.99 and a 12 month high of $99.78.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last posted its quarterly earnings data on Monday, October 21st. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.39 by $0.07. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. The business had revenue of $132.88 million during the quarter, compared to the consensus estimate of $68.80 million. During the same quarter in the prior year, the company earned $2.71 earnings per share. Analysts anticipate that Preferred Bank will post 9.75 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Monday, October 7th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.97%. The ex-dividend date was Monday, October 7th. Preferred Bank's payout ratio is currently 28.06%.

Wall Street Analyst Weigh In

Separately, Stephens raised their target price on shares of Preferred Bank from $90.00 to $94.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 22nd.

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.