Preferred Bank (NASDAQ:PFBC) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Preferred Bank (NASDAQ:PFBC) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $96.26 and traded as high as $107.98. Preferred Bank shares last traded at $107.47, with a volume of 58,105 shares traded.

Analyst Ratings Changes

Several brokerages have weighed in on PFBC. Weiss Ratings raised Preferred Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Stephens boosted their price target on shares of Preferred Bank from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. Finally, Piper Sandler upped their price target on shares of Preferred Bank from $105.00 to $111.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Preferred Bank currently has a consensus rating of “Hold” and an average target price of $106.25.

Preferred Bank Trading Down 0.6%

The business’s 50 day moving average is $104.70 and its two-hundred day moving average is $96.43. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $1.53 billion, a P/E ratio of 9.71 and a beta of 0.56.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.65 by $0.13. The business had revenue of $73.47 million during the quarter, compared to the consensus estimate of $73.60 million. Preferred Bank had a net margin of 26.54% and a return on equity of 17.27%. Analysts expect that Preferred Bank will post 10.71 EPS for the current year.

Preferred Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Stockholders of record on Tuesday, July 7th were paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, July 7th. Preferred Bank’s dividend payout ratio is currently 29.25%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PFBC. Charles Schwab Investment Management Inc. lifted its position in Preferred Bank by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 494,827 shares of the bank’s stock worth $46,727,000 after purchasing an additional 16,348 shares during the period. Nuveen LLC boosted its stake in Preferred Bank by 5.4% during the 4th quarter. Nuveen LLC now owns 356,065 shares of the bank’s stock valued at $33,623,000 after purchasing an additional 18,309 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Preferred Bank by 19.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 206,622 shares of the bank’s stock valued at $19,511,000 after purchasing an additional 33,124 shares during the period. Kennedy Capital Management LLC raised its stake in shares of Preferred Bank by 19.9% in the 4th quarter. Kennedy Capital Management LLC now owns 199,419 shares of the bank’s stock worth $18,831,000 after buying an additional 33,157 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of Preferred Bank by 18.8% in the first quarter. Hsbc Holdings PLC now owns 171,757 shares of the bank’s stock valued at $15,606,000 after buying an additional 27,169 shares during the period. Institutional investors and hedge funds own 72.77% of the company’s stock.

Preferred Bank Company Profile

Preferred Bank (NASDAQ: PFBC) is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.

The bank’s core lending portfolio focuses on commercial real estate acquisition, development and investment properties.