Zacks Investment Research upgraded shares of Preferred Bank (NASDAQ:PFBC) from a hold rating to a strong-buy rating in a report released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $45.00 target price on the bank’s stock.
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 “
Several other equities analysts have also recently weighed in on PFBC. DA Davidson dropped their price target on shares of Preferred Bank from $40.00 to $36.00 and set a neutral rating on the stock in a research report on Friday, April 24th. ValuEngine raised Preferred Bank from a sell rating to a hold rating in a research note on Wednesday, April 1st. B. Riley cut their target price on Preferred Bank from $65.00 to $40.00 and set a neutral rating on the stock in a research report on Monday, April 13th. BidaskClub raised Preferred Bank from a sell rating to a hold rating in a research report on Friday, June 5th. Finally, Piper Sandler restated an overweight rating and set a $45.00 price objective on shares of Preferred Bank in a research note on Thursday, June 4th. Seven analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $47.67.
Shares of PFBC opened at $41.70 on Tuesday. The business’s fifty day moving average is $38.34 and its 200 day moving average is $46.32. Preferred Bank has a 12-month low of $20.04 and a 12-month high of $64.50. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.25. The stock has a market cap of $587.40 million, a P/E ratio of 8.31 and a beta of 1.45.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.06. Preferred Bank had a net margin of 32.33% and a return on equity of 16.34%. The firm had revenue of $43.46 million for the quarter, compared to the consensus estimate of $41.46 million. On average, analysts expect that Preferred Bank will post 4.29 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 21st. Investors of record on Tuesday, July 7th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, July 6th. This represents a $1.20 dividend on an annualized basis and a yield of 2.88%. Preferred Bank’s dividend payout ratio (DPR) is currently 22.94%.
Large investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC purchased a new stake in shares of Preferred Bank during the 1st quarter valued at $26,000. Smith Asset Management Group LP purchased a new position in shares of Preferred Bank in the 1st quarter worth about $121,000. BNP Paribas Arbitrage SA grew its position in Preferred Bank by 78.1% during the first quarter. BNP Paribas Arbitrage SA now owns 5,531 shares of the bank’s stock valued at $187,000 after buying an additional 2,426 shares during the period. IndexIQ Advisors LLC purchased a new stake in Preferred Bank during the first quarter worth about $191,000. Finally, State of Tennessee Treasury Department raised its position in Preferred Bank by 42.6% in the first quarter. State of Tennessee Treasury Department now owns 6,677 shares of the bank’s stock worth $226,000 after acquiring an additional 1,996 shares during the period. Hedge funds and other institutional investors own 77.99% of the company’s stock.
Preferred Bank Company Profile
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's deposit products include 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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