Metropolitan Life Insurance Co. NY Maintains Position in Preferred Bank (PFBC)
Metropolitan Life Insurance Co. NY maintained its stake in shares of Preferred Bank (NASDAQ:PFBC) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,377 shares of the bank’s stock at the end of the first quarter. Metropolitan Life Insurance Co. NY owned about 0.06% of Preferred Bank worth $450,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. US Bancorp DE increased its stake in shares of Preferred Bank by 14.5% in the first quarter. US Bancorp DE now owns 3,402 shares of the bank’s stock valued at $183,000 after buying an additional 431 shares during the period. SG Americas Securities LLC increased its stake in shares of Preferred Bank by 86.9% in the first quarter. SG Americas Securities LLC now owns 3,726 shares of the bank’s stock valued at $200,000 after buying an additional 1,732 shares during the period. UBS Asset Management Americas Inc. bought a new stake in shares of Preferred Bank during the first quarter valued at approximately $207,000. Affinity Investment Advisors LLC bought a new stake in shares of Preferred Bank during the first quarter valued at approximately $215,000. Finally, Eqis Capital Management Inc. increased its stake in shares of Preferred Bank by 3.8% in the first quarter. Eqis Capital Management Inc. now owns 4,101 shares of the bank’s stock valued at $220,000 after buying an additional 149 shares during the period. 75.30% of the stock is owned by hedge funds and other institutional investors.
Shares of Preferred Bank (NASDAQ PFBC) traded up 0.53% during mid-day trading on Tuesday, hitting $55.32. The stock had a trading volume of 2,583 shares. The firm has a market cap of $793.73 million, a PE ratio of 19.00 and a beta of 0.97. Preferred Bank has a 52-week low of $33.65 and a 52-week high of $58.98. The stock’s 50-day moving average price is $55.48 and its 200-day moving average price is $53.68.
Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Tuesday, July 18th. The bank reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.05. Preferred Bank had a return on equity of 14.18% and a net margin of 28.91%. The firm had revenue of $32.55 million for the quarter, compared to analysts’ expectations of $31.78 million. On average, analysts anticipate that Preferred Bank will post $3.21 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 21st. Stockholders of record on Friday, July 7th were given a $0.20 dividend. This is a boost from Preferred Bank’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date was Wednesday, July 5th. Preferred Bank’s payout ratio is currently 27.49%.
Several brokerages have recently commented on PFBC. Stephens raised Preferred Bank from an “equal weight” rating to an “overweight” rating in a research note on Monday, July 10th. BidaskClub downgraded Preferred Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Zacks Investment Research downgraded Preferred Bank from a “buy” rating to a “hold” rating in a research note on Friday, June 23rd. FBR & Co reissued a “buy” rating on shares of Preferred Bank in a research note on Wednesday, July 19th. Finally, ValuEngine raised Preferred Bank from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. One research analyst has rated the stock with a sell rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $45.33.
About Preferred Bank
Preferred Bank is a commercial bank. 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 high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.
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