Preferred Bank (NASDAQ:PFBC) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Preferred Bank (NASDAQ:PFBC)’s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $100.78 and traded as high as $102.82. Preferred Bank shares last traded at $101.99, with a volume of 87,732 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PFBC shares. Benchmark upgraded Preferred Bank to a “strong-buy” rating in a research note on Wednesday, September 23rd. Piper Sandler upped their target price on shares of Preferred Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 1st. Stephens lifted their price target on shares of Preferred Bank from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings raised Preferred Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $108.50.

Preferred Bank Stock Performance

The company has a market cap of $1.51 billion, a PE ratio of 9.54 and a beta of 0.57. 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 business’s 50 day moving average is $104.82 and its two-hundred day moving average is $100.88.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.65 by $0.13. Preferred Bank had a return on equity of 17.27% and a net margin of 26.54%. The firm had revenue of $73.47 million during the quarter, compared to analyst estimates of $73.60 million. On average, equities research analysts anticipate that Preferred Bank will post 10.76 EPS for the current year.

Preferred Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 19th. Shareholders 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 is Monday, October 5th. Preferred Bank’s dividend payout ratio (DPR) is currently 29.25%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP increased its stake in shares of Preferred Bank by 4.1% during the second quarter. Allworth Financial LP now owns 4,200 shares of the bank’s stock worth $446,000 after purchasing an additional 164 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Preferred Bank in the 2nd quarter valued at about $25,000. NewEdge Wealth LLC boosted its holdings in Preferred Bank by 4.8% in the 1st quarter. NewEdge Wealth LLC now owns 9,961 shares of the bank’s stock worth $903,000 after buying an additional 455 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Preferred Bank in the 2nd quarter worth about $55,000. Finally, Allspring Global Investments Holdings LLC increased its stake in Preferred Bank by 11.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 6,596 shares of the bank’s stock worth $598,000 after buying an additional 669 shares in the last quarter. 72.77% of the stock is owned by hedge funds and other institutional investors.

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.