Mirae Asset Global Investments Co. Ltd. Purchases 10,393 Shares of Preferred Bank $PFBC

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Preferred Bank (NASDAQ:PFBC) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,393 shares of the bank’s stock, valued at approximately $1,088,000. Mirae Asset Global Investments Co. Ltd. owned about 0.07% of Preferred Bank at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Hsbc Holdings PLC boosted its holdings in Preferred Bank by 18.8% during the 1st quarter. Hsbc Holdings PLC now owns 171,757 shares of the bank’s stock worth $15,606,000 after acquiring an additional 27,169 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Preferred Bank in the second quarter valued at about $12,352,000. Principal Financial Group Inc. raised its holdings in shares of Preferred Bank by 10.6% in the first quarter. Principal Financial Group Inc. now owns 77,406 shares of the bank’s stock valued at $7,020,000 after purchasing an additional 7,434 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Preferred Bank by 9.8% during the first quarter. First Trust Advisors LP now owns 56,129 shares of the bank’s stock valued at $5,090,000 after purchasing an additional 4,991 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Preferred Bank by 23.0% during the first quarter. Bank of America Corp DE now owns 36,147 shares of the bank’s stock valued at $3,278,000 after purchasing an additional 6,759 shares in the last quarter. 72.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PFBC. Zacks Research upgraded shares of Preferred Bank from a “hold” rating to a “strong-buy” rating in a report on Friday, October 30th. Benchmark upgraded shares of Preferred Bank to a “strong-buy” rating in a research note on Wednesday, September 23rd. Weiss Ratings upgraded shares of Preferred Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Piper Sandler lifted their target price on shares of Preferred Bank from $120.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, October 26th. Finally, Stephens boosted their target price on Preferred Bank from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.33.

Preferred Bank Price Performance

Shares of NASDAQ:PFBC opened at $102.89 on Monday. The company has a market capitalization of $1.48 billion, a PE ratio of 9.50 and a beta of 0.57. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.05 and a quick ratio of 1.04. The business has a fifty day moving average price of $105.00 and a two-hundred day moving average price of $98.55. Preferred Bank has a 1 year low of $81.50 and a 1 year high of $112.26.

Preferred Bank (NASDAQ:PFBC) last released its earnings results on Friday, October 23rd. The bank reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.69 by $0.04. The company had revenue of $71.70 million for the quarter, compared to analysts’ expectations of $73.10 million. Preferred Bank had a return on equity of 16.84% and a net margin of 26.20%. Analysts forecast that Preferred Bank will post 10.82 earnings per share for the current year.

Preferred Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 19th. Investors of record on Monday, October 5th were given a dividend of $0.80 per share. The ex-dividend date was Monday, October 5th. This represents a $3.20 annualized dividend and a yield of 3.1%. Preferred Bank’s dividend payout ratio is presently 29.55%.

About Preferred Bank

Preferred Bank (NASDAQ: PFBC) is a commercial bank headquartered in Los Angeles, California. Founded in 1991, the bank provides banking and financial services to businesses, professionals and individuals, with a particular focus on commercial banking and relationship-based service.

The bank’s principal offerings include commercial and industrial loans, commercial real estate financing, construction and residential real estate loans, and consumer lending. Preferred Bank also provides deposit accounts, cash-management services, online banking and other treasury-management solutions for business and personal customers.

Preferred Bank operates a network of full-service branches in California and New York, serving customers in major metropolitan markets including the greater Los Angeles area, the San Francisco Bay Area and New York City.