Connor Clark & Lunn Investment Management Ltd. Has $1.40 Million Holdings in Preferred Bank (NASDAQ:PFBC)

Connor Clark & Lunn Investment Management Ltd. raised its stake in Preferred Bank (NASDAQ:PFBC) by 98.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,466 shares of the bank’s stock after buying an additional 8,654 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.12% of Preferred Bank worth $1,402,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. SummerHaven Investment Management LLC raised its position in shares of Preferred Bank by 1.6% in the 2nd quarter. SummerHaven Investment Management LLC now owns 12,846 shares of the bank’s stock valued at $970,000 after acquiring an additional 201 shares during the period. WINTON GROUP Ltd increased its stake in Preferred Bank by 1.7% in the second quarter. WINTON GROUP Ltd now owns 13,970 shares of the bank’s stock valued at $1,055,000 after purchasing an additional 232 shares in the last quarter. Federated Hermes Inc. raised its holdings in Preferred Bank by 0.9% in the second quarter. Federated Hermes Inc. now owns 30,228 shares of the bank’s stock worth $2,282,000 after purchasing an additional 274 shares during the period. Sei Investments Co. boosted its position in shares of Preferred Bank by 6.7% during the second quarter. Sei Investments Co. now owns 5,137 shares of the bank’s stock worth $388,000 after purchasing an additional 323 shares in the last quarter. Finally, Point72 DIFC Ltd grew its holdings in shares of Preferred Bank by 69.9% in the 2nd quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock valued at $64,000 after buying an additional 349 shares during the period. Institutional investors own 72.77% of the company’s stock.

Analysts Set New Price Targets

Separately, Stephens raised their price objective on Preferred Bank from $90.00 to $94.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd.

Preferred Bank Price Performance

Shares of PFBC opened at $95.62 on Wednesday. The stock has a 50 day simple moving average of $85.70 and a 200 day simple moving average of $80.78. Preferred Bank has a 52-week low of $61.24 and a 52-week high of $99.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market capitalization of $1.38 billion, a PE ratio of 9.58 and a beta of 0.94.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings data on Monday, October 21st. The bank reported $2.46 EPS for the quarter, beating the consensus estimate of $2.39 by $0.07. The business had revenue of $132.88 million for the quarter, compared to analysts’ expectations of $68.80 million. Preferred Bank had a net margin of 26.20% and a return on equity of 19.01%. During the same period in the previous year, the firm posted $2.71 EPS. Sell-side analysts predict that Preferred Bank will post 9.75 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Monday, October 7th were issued a $0.70 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.93%. Preferred Bank’s dividend payout ratio (DPR) is presently 28.06%.

About Preferred Bank

Preferred Bank provides various commercial banking products and services to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals, and high net worth individuals. The company accepts checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.