Preferred Bank (NASDAQ:PFBC) Announces Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Preferred Bank (NASDAQ:PFBC) released its earnings results on Friday. The bank reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.69 by $0.04, Zacks reports. Preferred Bank had a net margin of 26.54% and a return on equity of 17.27%.

Preferred Bank Stock Performance

Shares of NASDAQ PFBC traded down $1.65 during trading hours on Friday, reaching $106.97. The stock had a trading volume of 60,659 shares, compared to its average volume of 113,329. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 9.80 and a beta of 0.57. Preferred Bank has a twelve month low of $81.50 and a twelve month high of $112.26. The business’s fifty day moving average is $104.72 and its two-hundred day moving average is $101.39. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.08 and a quick ratio of 1.08.

Preferred Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 19th. Investors of record on Monday, October 5th 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 was Monday, October 5th. Preferred Bank’s dividend payout ratio is presently 29.25%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PFBC shares. Piper Sandler raised their price target on Preferred Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 1st. Benchmark raised Preferred Bank to a “strong-buy” rating in a research report on Wednesday, September 23rd. Weiss Ratings upgraded Preferred Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, Stephens raised their target price on Preferred Bank from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $110.00.

About Preferred Bank

Preferred Bank (NASDAQ: PFBC) is a commercial bank headquartered in Los Angeles, California. Founded in 1991, the bank provides banking and financial services to businesses, professionals and individuals, with a particular focus on commercial banking and relationship-based service.

The bank’s principal offerings include commercial and industrial loans, commercial real estate financing, construction and residential real estate loans, and consumer lending. Preferred Bank also provides deposit accounts, cash-management services, online banking and other treasury-management solutions for business and personal customers.

Preferred Bank operates a network of full-service branches in California and New York, serving customers in major metropolitan markets including the greater Los Angeles area, the San Francisco Bay Area and New York City.