Preferred Bank (NASDAQ:PFBC) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans reduced its position in shares of Preferred Bank (NASDAQ:PFBC – Get Rating) by 3.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,549 shares of the bank’s stock after selling 537 shares during the period. Thrivent Financial for Lutherans owned approximately 0.09% of Preferred Bank worth $1,011,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Preferred Bank by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 921,337 shares of the bank’s stock worth $60,099,000 after acquiring an additional 16,033 shares during the last quarter. State Street Corp raised its holdings in Preferred Bank by 15.9% during the 1st quarter. State Street Corp now owns 646,205 shares of the bank’s stock worth $47,877,000 after buying an additional 88,699 shares during the period. Boston Partners lifted its stake in Preferred Bank by 65.7% during the fourth quarter. Boston Partners now owns 497,683 shares of the bank’s stock valued at $36,921,000 after buying an additional 197,401 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Preferred Bank by 2.6% during the first quarter. Hsbc Holdings PLC now owns 272,485 shares of the bank’s stock valued at $20,240,000 after buying an additional 6,994 shares in the last quarter. Finally, Philadelphia Financial Management of San Francisco LLC boosted its holdings in shares of Preferred Bank by 25.8% in the third quarter. Philadelphia Financial Management of San Francisco LLC now owns 212,065 shares of the bank’s stock worth $13,833,000 after buying an additional 43,437 shares during the period. 71.08% of the stock is currently owned by institutional investors.

Preferred Bank Trading Up 3.9 %

Shares of NASDAQ:PFBC opened at $49.29 on Wednesday. The firm has a fifty day moving average of $51.05 and a two-hundred day moving average of $64.84. The company has a quick ratio of 1.04, a current ratio of 1.09 and a debt-to-equity ratio of 0.45. Preferred Bank has a 12-month low of $42.42 and a 12-month high of $77.75. The firm has a market capitalization of $711.25 million, a P/E ratio of 5.18 and a beta of 1.04.

Preferred Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 21st. Investors of record on Friday, April 7th were given a dividend of $0.55 per share. The ex-dividend date was Wednesday, April 5th. This represents a $2.20 dividend on an annualized basis and a yield of 4.46%. Preferred Bank’s payout ratio is 22.94%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PFBC shares. DA Davidson cut their price target on shares of Preferred Bank from $64.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, April 20th. Piper Sandler reduced their target price on Preferred Bank from $73.00 to $72.00 in a report on Thursday, April 20th. Stephens reiterated an “overweight” rating and set a $81.00 price target on shares of Preferred Bank in a report on Monday, March 13th. Finally, StockNews.com assumed coverage on Preferred Bank in a research note on Thursday, May 18th. They issued a “hold” rating for the company.

Preferred Bank Profile

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Preferred Bank operates as an independent commercial bank. It offers real estate financing for residential, commercial, industrial, and other income producing properties. Its business and consumer products include checking, savings, money market, and certificate of deposit accounts. The firm also offers treasury management services such as account reconciliation, remote deposit, cash and check courier services, merchant processing, and ACH credit origination.