Preferred Bank (NASDAQ:PFBC) Cut to “Hold” at Zacks Investment Research

Preferred Bank (NASDAQ:PFBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, November 2nd.

According to Zacks, “Preferred Bank is one of the largest independent commercial banks in California focusing on the Chinese-American market. The bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Company conducts its banking business from its main office in Los Angeles, California, and through ten full-service branch banking offices in Alhambra, Century City, Chino Hills, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Santa Monica and Valencia, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid- sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Preferred Bank continues to benefit from the significant migration to Southern California of “

PFBC has been the topic of a number of other research reports. FBR & Co reaffirmed a “buy” rating and issued a $70.00 target price (up previously from $65.00) on shares of Preferred Bank in a report on Wednesday, October 25th. Stephens raised Preferred Bank from an “equal weight” rating to an “overweight” rating in a report on Monday, July 10th. Finally, BidaskClub lowered Preferred Bank from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Preferred Bank currently has an average rating of “Hold” and an average target price of $71.50.

Preferred Bank (NASDAQ:PFBC) traded up $0.62 on Thursday, reaching $61.42. The company’s stock had a trading volume of 48,262 shares, compared to its average volume of 81,875. The firm has a market cap of $871.61, a price-to-earnings ratio of 18.98, a P/E/G ratio of 1.80 and a beta of 0.94. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.04 and a quick ratio of 1.04. Preferred Bank has a 12-month low of $42.74 and a 12-month high of $66.58.

Preferred Bank (NASDAQ:PFBC) last released its earnings results on Tuesday, October 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.09. The firm had revenue of $36.67 million for the quarter, compared to analyst estimates of $34.68 million. Preferred Bank had a return on equity of 15.22% and a net margin of 29.33%. equities research analysts expect that Preferred Bank will post 3.34 EPS for the current year.

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Several large investors have recently made changes to their positions in PFBC. UBS Asset Management Americas Inc. acquired a new stake in shares of Preferred Bank during the 1st quarter worth approximately $207,000. Karp Capital Management Corp acquired a new stake in shares of Preferred Bank during the 1st quarter worth approximately $270,000. SG Americas Securities LLC grew its holdings in shares of Preferred Bank by 86.9% during the 1st quarter. SG Americas Securities LLC now owns 3,726 shares of the bank’s stock worth $200,000 after purchasing an additional 1,732 shares in the last quarter. American International Group Inc. grew its holdings in shares of Preferred Bank by 7.1% during the 1st quarter. American International Group Inc. now owns 7,480 shares of the bank’s stock worth $401,000 after purchasing an additional 499 shares in the last quarter. Finally, FMR LLC grew its holdings in shares of Preferred Bank by 1.5% during the 1st quarter. FMR LLC now owns 218,598 shares of the bank’s stock worth $11,730,000 after purchasing an additional 3,160 shares in the last quarter. 79.73% of the stock is currently owned by institutional investors.

About Preferred Bank

Preferred Bank is a commercial bank. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.

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