Renaissance Technologies LLC Sells 19,900 Shares of Preferred Bank $PFBC

Renaissance Technologies LLC lessened its holdings in shares of Preferred Bank (NASDAQ:PFBC) by 40.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,855 shares of the bank’s stock after selling 19,900 shares during the quarter. Renaissance Technologies LLC’s holdings in Preferred Bank were worth $2,708,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its holdings in shares of Preferred Bank by 1,224.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank’s stock worth $29,000 after acquiring an additional 306 shares during the last quarter. Quarry LP lifted its holdings in Preferred Bank by 1,992.0% during the 3rd quarter. Quarry LP now owns 523 shares of the bank’s stock valued at $47,000 after purchasing an additional 498 shares during the last quarter. Johnson Financial Group Inc. acquired a new stake in Preferred Bank during the 3rd quarter valued at $70,000. Kemnay Advisory Services Inc. bought a new position in Preferred Bank during the fourth quarter worth $91,000. Finally, Clearstead Advisors LLC increased its holdings in shares of Preferred Bank by 192.1% in the fourth quarter. Clearstead Advisors LLC now owns 1,072 shares of the bank’s stock valued at $101,000 after purchasing an additional 705 shares during the last quarter. Institutional investors own 72.77% of the company’s stock.

Preferred Bank Stock Performance

Shares of NASDAQ PFBC opened at $105.76 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 9.67 and a beta of 0.56. The stock’s fifty day moving average price is $103.22 and its two-hundred day moving average price is $95.54. Preferred Bank has a one year low of $81.50 and a one year high of $112.26.

Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Wednesday, July 22nd. The bank reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.65 by $0.13. The company had revenue of $73.47 million during the quarter, compared to the consensus estimate of $73.60 million. Preferred Bank had a return on equity of 17.27% and a net margin of 26.54%. On average, equities analysts forecast that Preferred Bank will post 10.71 EPS for the current year.

Preferred Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Tuesday, July 7th were given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, July 7th. Preferred Bank’s dividend payout ratio (DPR) is currently 29.25%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PFBC shares. Weiss Ratings raised shares of Preferred Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Piper Sandler lifted their target price on shares of Preferred Bank from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, Stephens upped their price target on shares of Preferred Bank from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Thursday, July 23rd. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Preferred Bank presently has an average rating of “Hold” and a consensus target price of $106.25.

About Preferred Bank

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.