HRT Financial LP Raises Holdings in Preferred Bank (NASDAQ:PFBC)

Posted by Defense World Staff on Jun 2nd, 2023

HRT Financial LP grew its position in shares of Preferred Bank (NASDAQ:PFBC – Get Rating) by 58.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,893 shares of the bank’s stock after purchasing an additional 4,013 shares during the quarter. HRT Financial LP owned approximately 0.07% of Preferred Bank worth $812,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Captrust Financial Advisors boosted its stake in shares of Preferred Bank by 887.8% during the first quarter. Captrust Financial Advisors now owns 484 shares of the bank’s stock worth $36,000 after buying an additional 435 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Preferred Bank by 55.9% during the third quarter. Lazard Asset Management LLC now owns 669 shares of the bank’s stock worth $43,000 after buying an additional 240 shares during the period. Point72 Hong Kong Ltd boosted its stake in shares of Preferred Bank by 5,533.3% during the third quarter. Point72 Hong Kong Ltd now owns 845 shares of the bank’s stock worth $55,000 after buying an additional 830 shares during the period. PNC Financial Services Group Inc. lifted its position in Preferred Bank by 59.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,352 shares of the bank’s stock valued at $99,000 after purchasing an additional 505 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in Preferred Bank by 31.6% in the third quarter. Tower Research Capital LLC TRC now owns 1,741 shares of the bank’s stock valued at $114,000 after purchasing an additional 418 shares during the period. Hedge funds and other institutional investors own 71.08% of the company’s stock.

Analysts Set New Price Targets

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

Preferred Bank Stock Performance

Shares of PFBC stock opened at $47.04 on Friday. The company’s fifty day moving average price is $49.32 and its two-hundred day moving average price is $63.44. The firm has a market capitalization of $678.79 million, a P/E ratio of 4.91 and a beta of 1.05. Preferred Bank has a 12 month low of $42.42 and a 12 month high of $77.75. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 21st. Shareholders of record on Friday, April 7th were given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 4.68%. The ex-dividend date of this dividend was Wednesday, April 5th. Preferred Bank’s dividend payout ratio (DPR) is 22.94%.

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.