Palouse Capital Management Inc. Has $80,000 Position in Preferred Bank (NASDAQ:PFBC)

Palouse Capital Management Inc. cut its holdings in Preferred Bank (NASDAQ:PFBC) by 34.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 999 shares of the bank’s stock after selling 524 shares during the quarter. Palouse Capital Management Inc.’s holdings in Preferred Bank were worth $80,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Point72 DIFC Ltd grew its position in Preferred Bank by 69.9% in the second quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock valued at $64,000 after purchasing an additional 349 shares in the last quarter. CWM LLC raised its holdings in Preferred Bank by 96.4% during the second quarter. CWM LLC now owns 1,043 shares of the bank’s stock worth $79,000 after acquiring an additional 512 shares in the last quarter. Point72 Asset Management L.P. boosted its position in Preferred Bank by 35.1% during the second quarter. Point72 Asset Management L.P. now owns 1,486 shares of the bank’s stock valued at $112,000 after purchasing an additional 386 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Preferred Bank during the 1st quarter worth approximately $118,000. Finally, Picton Mahoney Asset Management bought a new stake in shares of Preferred Bank during the 2nd quarter worth approximately $161,000. Institutional investors own 72.77% of the company’s stock.

Preferred Bank Stock Performance

Shares of NASDAQ:PFBC traded down $1.48 on Monday, hitting $81.85. The company had a trading volume of 50,067 shares, compared to its average volume of 82,675. The stock has a 50 day moving average price of $80.11 and a 200 day moving average price of $78.12. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.21. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 8.04 and a beta of 0.95. Preferred Bank has a 1-year low of $58.52 and a 1-year high of $91.67.

Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Thursday, July 25th. The bank reported $2.48 EPS for the quarter, beating the consensus estimate of $2.39 by $0.09. The company had revenue of $130.70 million for the quarter, compared to the consensus estimate of $70.55 million. Preferred Bank had a return on equity of 20.24% and a net margin of 27.35%. During the same quarter in the prior year, the business earned $2.61 earnings per share. Analysts expect that Preferred Bank will post 9.54 EPS for the current year.

Preferred Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, October 7th will be given a dividend of $0.70 per share. The ex-dividend date is Monday, October 7th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.42%. Preferred Bank’s payout ratio is presently 27.03%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Stephens boosted their target price on shares of Preferred Bank from $84.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Piper Sandler upped their target price on shares of Preferred Bank from $88.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, July 29th.

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.