Preferred Bank (PFBC) – What Are Investment Firms Saying About This Stock?

Shares of Preferred Bank (NASDAQ:PFBC) have been assigned an average rating of “Moderate Buy” from the eight brokerages that are currently covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $108.50.

Several research analysts have issued reports on PFBC shares. Stephens increased their price objective on Preferred Bank from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 23rd. Piper Sandler lifted their price objective on Preferred Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 1st. Benchmark upgraded shares of Preferred Bank to a “strong-buy” rating in a research note on Wednesday, September 23rd. Finally, Weiss Ratings raised shares of Preferred Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th.

Preferred Bank Stock Down 0.8%

NASDAQ PFBC opened at $102.56 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.44. The stock’s 50 day moving average is $104.95 and its two-hundred day moving average is $100.69. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 9.45 and a beta of 0.57. Preferred Bank has a 1-year low of $81.50 and a 1-year high of $112.26.

Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Wednesday, July 22nd. The bank reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.65 by $0.13. The business had revenue of $73.47 million during the quarter, compared to analysts’ expectations of $73.60 million. Preferred Bank had a return on equity of 17.27% and a net margin of 26.54%. Equities analysts forecast that Preferred Bank will post 10.74 earnings per share for the current fiscal year.

Preferred Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 19th. Investors of record on Monday, October 5th will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, October 5th. Preferred Bank’s dividend payout ratio (DPR) is currently 29.25%.

Hedge Funds Weigh In On Preferred Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Engineers Gate Manager LP bought a new stake in Preferred Bank during the second quarter worth about $477,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Preferred Bank during the second quarter worth approximately $55,000. Allworth Financial LP raised its stake in shares of Preferred Bank by 4.1% in the second quarter. Allworth Financial LP now owns 4,200 shares of the bank’s stock valued at $446,000 after acquiring an additional 164 shares during the last quarter. Nykredit A S bought a new position in shares of Preferred Bank in the second quarter valued at approximately $102,000. Finally, Corient Private Wealth LP bought a new position in shares of Preferred Bank in the second quarter valued at approximately $874,000. 72.77% of the stock is currently owned by institutional investors and hedge funds.

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, real estate investors and individuals, with a particular focus on small and medium-sized businesses and communities in California and New York.

The bank offers a range of deposit products, including checking, savings, money market accounts and certificates of deposit. Its lending activities include commercial real estate loans, commercial and industrial financing, residential real estate loans, small business loans and consumer lending.