Squarepoint Ops LLC Decreases Stake in Preferred Bank $PFBC

Squarepoint Ops LLC cut its stake in shares of Preferred Bank (NASDAQ:PFBC) by 64.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,910 shares of the bank’s stock after selling 10,918 shares during the quarter. Squarepoint Ops LLC’s holdings in Preferred Bank were worth $511,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Rexford Capital Inc. acquired a new position in Preferred Bank during the 2nd quarter worth approximately $128,000. Public Sector Pension Investment Board grew its position in Preferred Bank by 1.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 50,856 shares of the bank’s stock worth $4,401,000 after purchasing an additional 563 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Preferred Bank by 1,002.3% in the second quarter. Tower Research Capital LLC TRC now owns 3,417 shares of the bank’s stock valued at $296,000 after purchasing an additional 3,107 shares during the period. Two Sigma Securities LLC raised its holdings in shares of Preferred Bank by 21.9% in the second quarter. Two Sigma Securities LLC now owns 4,675 shares of the bank’s stock valued at $405,000 after buying an additional 839 shares during the last quarter. Finally, Rafferty Asset Management LLC boosted its stake in shares of Preferred Bank by 29.2% during the second quarter. Rafferty Asset Management LLC now owns 17,219 shares of the bank’s stock worth $1,490,000 after buying an additional 3,892 shares during the period. Institutional investors and hedge funds own 72.77% of the company’s stock.

Preferred Bank Price Performance

PFBC stock opened at $99.58 on Thursday. The firm has a 50 day moving average of $93.70 and a 200-day moving average of $91.82. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 10.12 and a beta of 0.74. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.47. Preferred Bank has a 12-month low of $71.90 and a 12-month high of $103.05.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings results on Monday, October 20th. The bank reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.27. The business had revenue of $74.98 million for the quarter, compared to analysts’ expectations of $72.74 million. Preferred Bank had a return on equity of 16.91% and a net margin of 25.67%.During the same quarter in the prior year, the firm posted $2.46 EPS. As a group, equities analysts expect that Preferred Bank will post 9.81 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, January 20th. Stockholders of record on Tuesday, January 6th will be paid a dividend of $3.20 per share. This represents a dividend yield of 327.0%. The ex-dividend date of this dividend is Tuesday, January 6th. Preferred Bank’s payout ratio is 30.49%.

Analyst Ratings Changes

Several equities analysts recently issued reports on PFBC shares. Zacks Research upgraded Preferred Bank from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Preferred Bank in a research report on Monday. DA Davidson reduced their price target on Preferred Bank from $108.00 to $104.00 and set a “neutral” rating for the company in a report on Wednesday, October 22nd. Finally, Piper Sandler lifted their price target on Preferred Bank from $112.00 to $119.00 and gave the company an “overweight” rating in a research note on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Preferred Bank has an average rating of “Moderate Buy” and an average price target of $104.67.

Preferred Bank Profile

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.