Connor Clark & Lunn Investment Management Ltd. Sells 6,983 Shares of Preferred Bank $PFBC

Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of Preferred Bank (NASDAQ:PFBC) by 50.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,929 shares of the bank’s stock after selling 6,983 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Preferred Bank were worth $600,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. T. Rowe Price Investment Management Inc. grew its position in shares of Preferred Bank by 1.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,148,984 shares of the bank’s stock valued at $96,125,000 after purchasing an additional 19,697 shares in the last quarter. Vanguard Group Inc. boosted its stake in Preferred Bank by 0.9% during the first quarter. Vanguard Group Inc. now owns 890,350 shares of the bank’s stock valued at $74,487,000 after buying an additional 8,074 shares during the period. Charles Schwab Investment Management Inc. grew its position in Preferred Bank by 9.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 475,025 shares of the bank’s stock worth $39,741,000 after buying an additional 40,435 shares in the last quarter. Nuveen LLC bought a new position in Preferred Bank in the 1st quarter worth about $33,915,000. Finally, American Century Companies Inc. raised its holdings in shares of Preferred Bank by 28.8% in the 1st quarter. American Century Companies Inc. now owns 257,062 shares of the bank’s stock valued at $21,506,000 after acquiring an additional 57,434 shares in the last quarter. 72.77% of the stock is currently owned by hedge funds and other institutional investors.

Preferred Bank Trading Up 0.9%

Shares of PFBC opened at $90.73 on Thursday. Preferred Bank has a fifty-two week low of $71.90 and a fifty-two week high of $99.78. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of 9.22 and a beta of 0.73. The firm has a 50 day moving average price of $90.95 and a 200-day moving average price of $89.54. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.07 and a current ratio of 1.07.

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

Preferred Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 21st. Stockholders of record on Tuesday, October 7th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, October 7th. Preferred Bank’s payout ratio is 30.49%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PFBC shares. Piper Sandler upped their price objective on shares of Preferred Bank from $112.00 to $119.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. DA Davidson decreased their price target on shares of Preferred Bank from $108.00 to $104.00 and set a “neutral” rating on the stock in a report on Wednesday, October 22nd. Zacks Research upgraded shares of Preferred Bank from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 24th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Preferred Bank in a research report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $104.67.

Preferred Bank Profile

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.