Bank of New York Mellon Corp Increases Stake in Preferred Bank (PFBC)

Bank of New York Mellon Corp increased its holdings in Preferred Bank (NASDAQ:PFBC) by 14.6% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 140,600 shares of the bank’s stock after purchasing an additional 17,908 shares during the period. Bank of New York Mellon Corp owned approximately 1.07% of Preferred Bank worth $8,485,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position 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. Dimensional Fund Advisors LP boosted its position in Preferred Bank by 2.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 485,055 shares of the bank’s stock valued at $25,936,000 after buying an additional 10,311 shares during the period. State Street Corp boosted its position in Preferred Bank by 61.7% during the 2nd quarter. State Street Corp now owns 388,696 shares of the bank’s stock valued at $20,782,000 after buying an additional 148,363 shares during the period. Renaissance Technologies LLC lifted its position in shares of Preferred Bank by 7.5% in the 2nd quarter. Renaissance Technologies LLC now owns 373,057 shares of the bank’s stock worth $19,947,000 after purchasing an additional 26,002 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of Preferred Bank by 10.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 303,839 shares of the bank’s stock worth $16,246,000 after purchasing an additional 28,844 shares during the period. 79.89% of the stock is owned by institutional investors.

Preferred Bank (NASDAQ PFBC) opened at $60.22 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market cap of $799.19, a PE ratio of 19.06, a P/E/G ratio of 1.82 and a beta of 0.92. Preferred Bank has a 12 month low of $46.88 and a 12 month high of $66.58.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results 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 during the quarter, compared to analyst estimates of $34.68 million. Preferred Bank had a net margin of 29.33% and a return on equity of 15.22%. analysts anticipate that Preferred Bank will post 3.34 earnings per share for the current year.

Several equities research analysts have recently commented on PFBC shares. Zacks Investment Research raised shares of Preferred Bank from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a research report on Saturday, October 28th. BidaskClub cut shares of Preferred Bank from a “hold” rating to a “sell” rating in a research report on Thursday, December 14th. FBR & Co reaffirmed a “buy” rating and issued a $70.00 target price (up from $65.00) on shares of Preferred Bank in a research report on Wednesday, October 25th. Finally, ValuEngine cut shares of Preferred Bank from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Preferred Bank presently has an average rating of “Hold” and a consensus price target of $68.50.

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Preferred Bank Company 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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Institutional Ownership by Quarter for Preferred Bank (NASDAQ:PFBC)

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