Preferred Bank (PFBC) Raises Dividend to $0.30 Per Share

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Preferred Bank (NASDAQ:PFBC) declared a quarterly dividend on Friday, December 7th, Wall Street Journal reports. Investors of record on Tuesday, January 8th will be paid a dividend of 0.30 per share by the bank on Tuesday, January 22nd. This represents a $1.20 annualized dividend and a yield of 2.60%. The ex-dividend date is Monday, January 7th. This is a positive change from Preferred Bank’s previous quarterly dividend of $0.25.

Preferred Bank has raised its dividend payment by an average of 96.6% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Preferred Bank has a payout ratio of 21.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Preferred Bank to earn $5.16 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 19.4%.

Shares of NASDAQ:PFBC opened at $46.19 on Friday. The company has a market cap of $606.12 million, a P/E ratio of 13.51, a PEG ratio of 0.99 and a beta of 1.00. Preferred Bank has a 12 month low of $43.04 and a 12 month high of $69.48. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.07 and a quick ratio of 1.07.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings results on Wednesday, October 17th. The bank reported $1.20 EPS for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.02. Preferred Bank had a net margin of 31.74% and a return on equity of 18.39%. The business had revenue of $40.91 million during the quarter, compared to analysts’ expectations of $41.19 million. As a group, equities research analysts anticipate that Preferred Bank will post 4.67 earnings per share for the current year.

A number of equities analysts have commented on PFBC shares. BidaskClub raised shares of Preferred Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 6th. ValuEngine cut shares of Preferred Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, September 19th. B. Riley set a $80.00 price target on shares of Preferred Bank and gave the stock a “buy” rating in a research note on Wednesday, October 17th. Raymond James cut their price target on shares of Preferred Bank from $77.00 to $72.00 and set a “strong-buy” rating for the company in a research note on Friday, October 19th. Finally, Zacks Investment Research cut shares of Preferred Bank from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $72.00.

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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, negotiable order of withdrawal, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.

Further Reading: Compound Interest and Why It Matters When Investing

Dividend History for Preferred Bank (NASDAQ:PFBC)

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