Phocas Financial Corp. Sells 1,065 Shares of Preferred Bank (NASDAQ:PFBC)

Phocas Financial Corp. trimmed its position in Preferred Bank (NASDAQ:PFBC) by 0.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,193 shares of the bank’s stock after selling 1,065 shares during the period. Preferred Bank makes up approximately 1.1% of Phocas Financial Corp.’s portfolio, making the stock its 21st biggest position. Phocas Financial Corp. owned approximately 1.03% of Preferred Bank worth $8,149,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Captrust Financial Advisors increased its position in Preferred Bank by 887.8% in the 1st quarter. Captrust Financial Advisors now owns 484 shares of the bank’s stock valued at $36,000 after buying an additional 435 shares in the last quarter. Coppell Advisory Solutions Corp. bought a new stake in Preferred Bank during the 4th quarter worth approximately $44,000. Point72 Middle East FZE bought a new stake in Preferred Bank during the 4th quarter worth approximately $49,000. Benjamin F. Edwards & Company Inc. bought a new stake in Preferred Bank during the 1st quarter worth approximately $67,000. Finally, KBC Group NV increased its holdings in Preferred Bank by 24.6% during the 1st quarter. KBC Group NV now owns 1,229 shares of the bank’s stock worth $67,000 after purchasing an additional 243 shares in the last quarter. 74.93% of the stock is owned by institutional investors.

Preferred Bank Stock Performance

Shares of NASDAQ PFBC traded up $0.14 during midday trading on Tuesday, reaching $61.81. The company’s stock had a trading volume of 17,463 shares, compared to its average volume of 91,812. Preferred Bank has a 12-month low of $42.42 and a 12-month high of $77.75. The firm has a 50 day moving average price of $63.16 and a 200-day moving average price of $56.56. The stock has a market capitalization of $891.92 million, a P/E ratio of 5.99 and a beta of 1.12. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.09 and a quick ratio of 1.09.

Preferred Bank (NASDAQ:PFBC) last announced its earnings results on Thursday, July 20th. The bank reported $2.61 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.14. Preferred Bank had a return on equity of 23.68% and a net margin of 36.65%. The firm had revenue of $121.51 million for the quarter, compared to the consensus estimate of $72.20 million. During the same quarter in the previous year, the business earned $1.87 EPS. As a group, equities analysts predict that Preferred Bank will post 10.35 earnings per share for the current year.

Preferred Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 21st. Stockholders of record on Friday, July 7th were paid a $0.55 dividend. The ex-dividend date was Thursday, July 6th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.56%. Preferred Bank’s payout ratio is presently 21.30%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PFBC. StockNews.com began coverage on Preferred Bank in a report on Thursday, August 17th. They set a “hold” rating for the company. Stephens reissued an “overweight” rating and set a $64.00 price objective on shares of Preferred Bank in a report on Thursday, July 20th. Finally, DA Davidson boosted their price objective on Preferred Bank from $60.00 to $70.00 in a report on Friday, July 21st.

Preferred Bank Company 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 in the United States. 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.