Preferred Bank $PFBC Shares Sold by Kennedy Capital Management LLC

Kennedy Capital Management LLC cut its holdings in Preferred Bank (NASDAQ:PFBC) by 4.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,262 shares of the bank’s stock after selling 7,545 shares during the period. Kennedy Capital Management LLC owned about 1.15% of Preferred Bank worth $15,028,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Preferred Bank by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,266 shares of the bank’s stock worth $608,000 after acquiring an additional 202 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Preferred Bank by 19.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 25,931 shares of the bank’s stock worth $2,169,000 after purchasing an additional 4,158 shares in the last quarter. Jane Street Group LLC raised its holdings in Preferred Bank by 81.0% during the first quarter. Jane Street Group LLC now owns 66,428 shares of the bank’s stock worth $5,557,000 after purchasing an additional 29,729 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Preferred Bank by 1.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 13,581 shares of the bank’s stock worth $1,175,000 after buying an additional 187 shares during the last quarter. Finally, Allworth Financial LP lifted its position in shares of Preferred Bank by 36,363.6% during the 2nd quarter. Allworth Financial LP now owns 4,011 shares of the bank’s stock worth $347,000 after buying an additional 4,000 shares during the last quarter. 72.77% of the stock is owned by institutional investors and hedge funds.

Preferred Bank Stock Performance

Shares of PFBC stock traded down $0.76 during mid-day trading on Friday, hitting $88.65. The stock had a trading volume of 21,870 shares, compared to its average volume of 99,745. Preferred Bank has a fifty-two week low of $71.90 and a fifty-two week high of $103.05. The firm has a market cap of $1.28 billion, a PE ratio of 8.57 and a beta of 0.62. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.07. The company’s 50-day simple moving average is $91.10 and its 200-day simple moving average is $92.61.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.78 by $0.01. The firm had revenue of $78.07 million during the quarter, compared to analysts’ expectations of $74.54 million. Preferred Bank had a return on equity of 17.31% and a net margin of 26.41%. Sell-side analysts anticipate that Preferred Bank will post 9.81 earnings per share for the current year.

Analyst Ratings Changes

PFBC has been the topic of a number of recent analyst reports. Zacks Research downgraded shares of Preferred Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Brean Capital downgraded shares of Preferred Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 24th. Janney Montgomery Scott began coverage on Preferred Bank in a report on Tuesday, February 24th. They set a “neutral” rating and a $100.00 price objective on the stock. Piper Sandler cut their target price on Preferred Bank from $121.00 to $111.00 and set an “overweight” rating on the stock in a research report on Monday, January 26th. Finally, Stephens reissued a “positive” rating on shares of Preferred Bank in a report on Monday, January 26th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $102.00.

Preferred Bank Company Profile

Preferred Bank (NASDAQ: PFBC) is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.

The bank’s core lending portfolio focuses on commercial real estate acquisition, development and investment properties.