Nordea Investment Management AB raised its stake in shares of Preferred Bank (NASDAQ:PFBC) by 13.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,600 shares of the bank’s stock after buying an additional 7,800 shares during the period. Nordea Investment Management AB owned approximately 0.50% of Preferred Bank worth $4,019,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its stake in Preferred Bank by 5.1% during the 2nd quarter. Advisors Asset Management Inc. now owns 18,970 shares of the bank’s stock valued at $1,014,000 after buying an additional 929 shares during the period. Systematic Financial Management LP increased its stake in Preferred Bank by 23.8% during the 2nd quarter. Systematic Financial Management LP now owns 136,205 shares of the bank’s stock valued at $7,283,000 after buying an additional 26,195 shares during the period. Capital Fund Management S.A. acquired a new position in Preferred Bank during the 2nd quarter valued at about $283,000. Principal Financial Group Inc. acquired a new position in Preferred Bank during the 2nd quarter valued at about $369,000. Finally, Vanguard Group Inc. increased its stake in Preferred Bank by 6.3% during the 2nd quarter. Vanguard Group Inc. now owns 554,921 shares of the bank’s stock valued at $29,672,000 after buying an additional 32,867 shares during the period. 80.30% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have commented on PFBC. ValuEngine cut shares of Preferred Bank from a “buy” rating to a “hold” rating in a research note on Friday. Zacks Investment Research raised shares of Preferred Bank from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Wednesday. Finally, FBR & Co reissued a “buy” rating and set a $70.00 target price (up previously from $65.00) on shares of Preferred Bank in a research note on Wednesday, October 25th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $68.50.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings data on Tuesday, October 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.09. The company had revenue of $36.67 million for the quarter, compared to analysts’ expectations of $34.68 million. Preferred Bank had a net margin of 29.33% and a return on equity of 15.22%. research analysts expect that Preferred Bank will post 3.34 earnings per share for the current fiscal year.
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Preferred Bank Profile
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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