Piper Sandler Issues Pessimistic Forecast for Preferred Bank (NASDAQ:PFBC) Stock Price

Preferred Bank (NASDAQ:PFBC) had its price target dropped by investment analysts at Piper Sandler from $111.00 to $105.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price points to a potential upside of 16.32% from the stock’s previous close.

PFBC has been the subject of several other reports. Zacks Research downgraded Preferred Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Preferred Bank in a research note on Monday, December 29th. Janney Montgomery Scott started coverage on Preferred Bank in a report on Tuesday, February 24th. They issued a “neutral” rating and a $100.00 price target for the company. Brean Capital downgraded Preferred Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 24th. Finally, Stephens reiterated a “positive” rating on shares of Preferred Bank in a report on Monday, January 26th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $100.50.

Preferred Bank Stock Down 1.5%

Shares of NASDAQ:PFBC opened at $90.27 on Thursday. The firm has a market capitalization of $1.30 billion, a PE ratio of 8.77 and a beta of 0.57. The business has a 50 day simple moving average of $89.07 and a two-hundred day simple moving average of $92.07. Preferred Bank has a 1 year low of $71.90 and a 1 year high of $103.05. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.07.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.78 by $0.01. Preferred Bank had a return on equity of 17.31% and a net margin of 26.41%.The firm had revenue of $78.07 million for the quarter, compared to the consensus estimate of $74.54 million. On average, equities analysts predict that Preferred Bank will post 9.81 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PFBC. EverSource Wealth Advisors LLC lifted its stake in shares of Preferred Bank by 1,224.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank’s stock worth $29,000 after purchasing an additional 306 shares during the last quarter. Quarry LP grew its stake in Preferred Bank by 1,992.0% in the third quarter. Quarry LP now owns 523 shares of the bank’s stock valued at $47,000 after purchasing an additional 498 shares during the last quarter. Johnson Financial Group Inc. bought a new position in Preferred Bank in the third quarter worth about $70,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Preferred Bank during the fourth quarter valued at about $91,000. Finally, Clearstead Advisors LLC boosted its holdings in shares of Preferred Bank by 192.1% in the 4th quarter. Clearstead Advisors LLC now owns 1,072 shares of the bank’s stock valued at $101,000 after buying an additional 705 shares in the last quarter. 72.77% of the stock is currently owned by hedge funds and other institutional investors.

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.