Bank of New York Mellon Corp raised its position in shares of Preferred Bank (NASDAQ:PFBC) by 1.3% during the second quarter, Holdings Channel reports. The fund owned 65,443 shares of the company’s stock after buying an additional 849 shares during the period. Bank of New York Mellon Corp owned 0.47% of Preferred Bank worth $1,890,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in the stock. Bank of Montreal Can bought a new position in Preferred Bank during the second quarter worth approximately $781,000. Renaissance Technologies LLC increased its position in shares of Preferred Bank by 7.1% in the first quarter. Renaissance Technologies LLC now owns 386,355 shares of the company’s stock valued at $11,687,000 after buying an additional 25,600 shares during the last quarter. Kennedy Capital Management Inc. increased its position in shares of Preferred Bank by 31.8% in the first quarter. Kennedy Capital Management Inc. now owns 101,057 shares of the company’s stock valued at $3,057,000 after buying an additional 24,379 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Preferred Bank during the first quarter valued at approximately $303,000. Finally, Palouse Capital Management Inc. acquired a new position in shares of Preferred Bank during the second quarter valued at approximately $202,000. 60.23% of the stock is owned by institutional investors.
Preferred Bank (NASDAQ:PFBC) traded down 0.28% on Friday, hitting $35.23. The stock had a trading volume of 8,325 shares. Preferred Bank has a 1-year low of $26.35 and a 1-year high of $36.82. The company has a 50-day moving average price of $35.07 and a 200-day moving average price of $32.30. The stock has a market capitalization of $489.24 million, a price-to-earnings ratio of 15.51 and a beta of 0.88.
Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.03. Preferred Bank had a return on equity of 11.83% and a net margin of 28.55%. Equities analysts predict that Preferred Bank will post $2.43 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Friday, October 7th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.60 annualized dividend and a dividend yield of 1.70%. Preferred Bank’s payout ratio is 26.32%.
Several research analysts have commented on PFBC shares. Zacks Investment Research downgraded Preferred Bank from a “buy” rating to a “hold” rating in a research note on Tuesday, June 28th. FBR & Co boosted their target price on Preferred Bank from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Friday, July 22nd. Finally, Raymond James Financial Inc. raised Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $15.00 target price for the company in a research note on Thursday, August 25th.
About Preferred Bank
Preferred Bank is a commercial bank, which offers financial services to individuals and companies in Southern California. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and individuals.