Principal Financial Group Inc. Has $4.69 Million Stock Position in Preferred Bank (NASDAQ:PFBC)

Principal Financial Group Inc. lessened its holdings in shares of Preferred Bank (NASDAQ:PFBCFree Report) by 3.7% in the third quarter, Holdings Channel.com reports. The fund owned 75,290 shares of the bank’s stock after selling 2,906 shares during the quarter. Principal Financial Group Inc.’s holdings in Preferred Bank were worth $4,687,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Millennium Management LLC lifted its position in Preferred Bank by 1,412.8% during the 4th quarter. Millennium Management LLC now owns 266,322 shares of the bank’s stock worth $19,873,000 after buying an additional 248,717 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Preferred Bank by 209.9% in the 1st quarter. Invesco Ltd. now owns 153,655 shares of the bank’s stock valued at $11,384,000 after purchasing an additional 104,067 shares during the period. State Street Corp raised its holdings in shares of Preferred Bank by 18.4% in the 1st quarter. State Street Corp now owns 608,023 shares of the bank’s stock valued at $33,326,000 after purchasing an additional 94,660 shares during the period. Morgan Stanley raised its holdings in shares of Preferred Bank by 40.2% in the 4th quarter. Morgan Stanley now owns 166,741 shares of the bank’s stock valued at $12,442,000 after purchasing an additional 47,818 shares during the period. Finally, Avalon Investment & Advisory bought a new stake in shares of Preferred Bank in the 1st quarter valued at about $2,866,000. Institutional investors and hedge funds own 74.93% of the company’s stock.

Preferred Bank Stock Down 1.1 %

Shares of PFBC stock opened at $68.51 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.07. The firm’s 50-day moving average is $71.33 and its 200-day moving average is $65.91. The stock has a market cap of $988.60 million, a price-to-earnings ratio of 6.51 and a beta of 1.05. Preferred Bank has a 52-week low of $42.42 and a 52-week high of $77.65.

Preferred Bank (NASDAQ:PFBCGet Free Report) last released its quarterly earnings results on Thursday, January 25th. The bank reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.54 by $0.06. The firm had revenue of $127.07 million for the quarter, compared to analysts’ expectations of $72.84 million. Preferred Bank had a net margin of 30.93% and a return on equity of 22.30%. During the same period in the prior year, the firm earned $2.71 EPS. Sell-side analysts predict that Preferred Bank will post 9.2 EPS for the current year.

Preferred Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 22nd. Shareholders of record on Monday, January 8th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date was Friday, January 5th. This is a positive change from Preferred Bank’s previous quarterly dividend of $0.55. Preferred Bank’s dividend payout ratio is presently 26.59%.

Preferred Bank Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Preferred Bank (NASDAQ:PFBC)

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