Miles Capital Inc. Acquires New Position in Preferred Bank (NASDAQ:PFBC)

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Miles Capital Inc. acquired a new stake in Preferred Bank (NASDAQ:PFBC) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 4,573 shares of the bank’s stock, valued at approximately $216,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Comerica Bank lifted its stake in shares of Preferred Bank by 2.1% in the first quarter. Comerica Bank now owns 13,793 shares of the bank’s stock valued at $652,000 after purchasing an additional 287 shares during the period. Panagora Asset Management Inc. raised its position in Preferred Bank by 39.3% during the second quarter. Panagora Asset Management Inc. now owns 1,105 shares of the bank’s stock worth $52,000 after acquiring an additional 312 shares during the last quarter. Texas Permanent School Fund raised its position in Preferred Bank by 3.8% during the first quarter. Texas Permanent School Fund now owns 9,469 shares of the bank’s stock worth $426,000 after acquiring an additional 343 shares during the last quarter. Context BH Capital Management LP raised its position in Preferred Bank by 0.7% during the first quarter. Context BH Capital Management LP now owns 70,521 shares of the bank’s stock worth $3,171,000 after acquiring an additional 492 shares during the last quarter. Finally, Affinity Investment Advisors LLC raised its position in Preferred Bank by 6.9% during the second quarter. Affinity Investment Advisors LLC now owns 8,039 shares of the bank’s stock worth $380,000 after acquiring an additional 518 shares during the last quarter. Hedge funds and other institutional investors own 77.57% of the company’s stock.

Shares of NASDAQ:PFBC traded up $0.30 during trading on Friday, reaching $53.84. The stock had a trading volume of 9,223 shares, compared to its average volume of 58,315. The business has a fifty day moving average price of $50.80 and a 200-day moving average price of $48.32. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.27. The stock has a market cap of $816.54 million, a P/E ratio of 11.83, a PEG ratio of 0.99 and a beta of 1.20. Preferred Bank has a fifty-two week low of $39.87 and a fifty-two week high of $61.88.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. The business had revenue of $43.83 million during the quarter, compared to analyst estimates of $43.82 million. Preferred Bank had a net margin of 33.21% and a return on equity of 17.73%. As a group, equities analysts forecast that Preferred Bank will post 5.23 EPS for the current year.

PFBC has been the subject of a number of analyst reports. ValuEngine raised shares of Preferred Bank from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 27th. Raymond James cut their price objective on shares of Preferred Bank from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. BidaskClub raised shares of Preferred Bank from a “hold” rating to a “buy” rating in a research report on Saturday, August 31st. B. Riley lowered shares of Preferred Bank from a “buy” rating to a “neutral” rating and cut their price objective for the company from $59.00 to $55.00 in a research report on Wednesday, August 21st. Finally, Zacks Investment Research raised shares of Preferred Bank from a “sell” rating to a “hold” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $52.80.

About Preferred Bank

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's deposit products include checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.

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

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