Preferred Bank Expected to Earn Q1 2023 Earnings of $2.60 Per Share (NASDAQ:PFBC)

Preferred Bank (NASDAQ:PFBCGet Rating) – DA Davidson issued their Q1 2023 earnings estimates for Preferred Bank in a note issued to investors on Monday, January 23rd. DA Davidson analyst G. Tenner forecasts that the bank will post earnings per share of $2.60 for the quarter. DA Davidson currently has a “Neutral” rating and a $76.00 target price on the stock. The consensus estimate for Preferred Bank’s current full-year earnings is $9.86 per share. DA Davidson also issued estimates for Preferred Bank’s FY2023 earnings at $9.48 EPS and FY2024 earnings at $8.26 EPS.

Preferred Bank (NASDAQ:PFBCGet Rating) last announced its earnings results on Wednesday, January 18th. The bank reported $2.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.14. The business had revenue of $76.92 million for the quarter, compared to analyst estimates of $74.13 million. Preferred Bank had a net margin of 42.35% and a return on equity of 21.42%.

Separately, StockNews.com downgraded Preferred Bank from a “buy” rating to a “hold” rating in a report on Tuesday, November 22nd.

Preferred Bank Stock Performance

Shares of PFBC opened at $69.82 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.24. The company’s 50 day simple moving average is $73.21 and its 200-day simple moving average is $71.50. Preferred Bank has a 12-month low of $64.10 and a 12-month high of $81.97. The firm has a market cap of $1.05 billion, a PE ratio of 8.01 and a beta of 1.12.

Preferred Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 20th. Shareholders of record on Friday, January 6th were issued a $0.55 dividend. The ex-dividend date was Thursday, January 5th. This represents a $2.20 dividend on an annualized basis and a yield of 3.15%. This is an increase from Preferred Bank’s previous quarterly dividend of $0.43. Preferred Bank’s dividend payout ratio (DPR) is 25.23%.

Institutional Investors Weigh In On Preferred Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of PFBC. US Bancorp DE lifted its holdings in Preferred Bank by 73.5% in the second quarter. US Bancorp DE now owns 536 shares of the bank’s stock valued at $36,000 after acquiring an additional 227 shares during the period. Captrust Financial Advisors raised its stake in shares of Preferred Bank by 887.8% during the 1st quarter. Captrust Financial Advisors now owns 484 shares of the bank’s stock worth $36,000 after buying an additional 435 shares during the last quarter. Private Capital Group LLC raised its stake in shares of Preferred Bank by 44.6% during the 2nd quarter. Private Capital Group LLC now owns 577 shares of the bank’s stock worth $39,000 after buying an additional 178 shares during the last quarter. Lazard Asset Management LLC raised its stake in shares of Preferred Bank by 55.9% during the 3rd quarter. Lazard Asset Management LLC now owns 669 shares of the bank’s stock worth $43,000 after buying an additional 240 shares during the last quarter. Finally, Point72 Hong Kong Ltd raised its stake in shares of Preferred Bank by 5,533.3% during the 3rd quarter. Point72 Hong Kong Ltd now owns 845 shares of the bank’s stock worth $55,000 after buying an additional 830 shares during the last quarter. Institutional investors and hedge funds own 71.08% of the company’s stock.

About Preferred Bank

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Preferred Bank provides various commercial banking products and services to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals, and high net worth individuals in the United States. The company accepts checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.

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