New York State Teachers Retirement System Sells 9,866 Shares of Preferred Bank $PFBC

New York State Teachers Retirement System trimmed its position in Preferred Bank (NASDAQ:PFBC) by 89.1% during the 1st quarter, Holdings Channel.com reports. The firm owned 1,213 shares of the bank’s stock after selling 9,866 shares during the period. New York State Teachers Retirement System’s holdings in Preferred Bank were worth $110,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in shares of Preferred Bank by 1,224.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank’s stock worth $29,000 after buying an additional 306 shares during the period. Quarry LP lifted its position 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 acquiring an additional 498 shares during the period. Johnson Financial Group Inc. bought a new stake in Preferred Bank during the third quarter worth about $70,000. Kemnay Advisory Services Inc. bought a new stake in Preferred Bank during the fourth quarter worth about $91,000. Finally, Clearstead Advisors LLC grew its holdings in Preferred Bank by 192.1% in the fourth quarter. Clearstead Advisors LLC now owns 1,072 shares of the bank’s stock worth $101,000 after purchasing an additional 705 shares during the period. Institutional investors own 72.77% of the company’s stock.

Analyst Upgrades and Downgrades

PFBC has been the subject of several recent research reports. Weiss Ratings upgraded shares of Preferred Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Piper Sandler raised their price objective on Preferred Bank from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $102.00.

Preferred Bank Stock Performance

Shares of PFBC stock opened at $105.85 on Wednesday. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 9.91 and a beta of 0.55. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.06 and a current ratio of 1.07. Preferred Bank has a one year low of $81.50 and a one year high of $112.26. The company’s 50-day moving average is $98.99 and its 200 day moving average is $94.42.

Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Wednesday, April 22nd. The bank reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.05. The business had revenue of $69.62 million during the quarter, compared to analysts’ expectations of $71.76 million. Preferred Bank had a net margin of 26.49% and a return on equity of 17.52%. Sell-side analysts expect that Preferred Bank will post 10.67 EPS for the current fiscal year.

Preferred Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 21st. Investors of record on Tuesday, July 7th will be given a dividend of $0.80 per share. The ex-dividend date of this dividend is Tuesday, July 7th. This represents a $3.20 annualized dividend and a dividend yield of 3.0%. Preferred Bank’s dividend payout ratio (DPR) is 29.96%.

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.