Zacks Investment Research upgraded shares of Preferred Bank (NASDAQ:PFBC) from a sell rating to a hold rating in a research note released on Thursday.
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 “
Other research analysts have also issued reports about the stock. ValuEngine lowered shares of Preferred Bank from a hold rating to a sell rating in a research report on Wednesday, September 19th. Raymond James dropped their price target on shares of Preferred Bank from $77.00 to $72.00 and set a strong-buy rating on the stock in a research report on Friday, October 19th. B. Riley set a $80.00 price target on shares of Preferred Bank and gave the company a buy rating in a research report on Wednesday, October 17th. Finally, BidaskClub raised shares of Preferred Bank from a strong sell rating to a sell rating in a research report on Saturday, October 6th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Preferred Bank currently has a consensus rating of Hold and an average price target of $72.00.
Shares of PFBC traded down $0.32 during trading hours on Thursday, reaching $44.85. 54,600 shares of the stock traded hands, compared to its average volume of 55,850. Preferred Bank has a 52 week low of $39.87 and a 52 week high of $69.48. The firm has a market capitalization of $592.80 million, a P/E ratio of 13.11, a PEG ratio of 0.88 and a beta of 1.14.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings results on Wednesday, October 17th. The bank reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.02. Preferred Bank had a net margin of 31.74% and a return on equity of 18.39%. The company had revenue of $40.91 million for the quarter, compared to analyst estimates of $41.19 million. As a group, analysts predict that Preferred Bank will post 4.66 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 22nd. Investors of record on Tuesday, January 8th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend is Monday, January 7th. This is an increase from Preferred Bank’s previous quarterly dividend of $0.25. Preferred Bank’s dividend payout ratio (DPR) is 35.09%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in Preferred Bank by 111.6% during the third quarter. BlackRock Inc. now owns 2,047,837 shares of the bank’s stock worth $119,799,000 after buying an additional 1,079,822 shares during the last quarter. FMR LLC increased its holdings in Preferred Bank by 30.5% during the second quarter. FMR LLC now owns 896,126 shares of the bank’s stock worth $55,076,000 after buying an additional 209,615 shares during the last quarter. Vanguard Group Inc. increased its holdings in Preferred Bank by 31.6% during the third quarter. Vanguard Group Inc. now owns 879,043 shares of the bank’s stock worth $51,424,000 after buying an additional 210,979 shares during the last quarter. Vanguard Group Inc increased its holdings in Preferred Bank by 31.6% during the third quarter. Vanguard Group Inc now owns 879,043 shares of the bank’s stock worth $51,424,000 after buying an additional 210,979 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Preferred Bank by 4.5% during the third quarter. Dimensional Fund Advisors LP now owns 588,582 shares of the bank’s stock worth $34,432,000 after buying an additional 25,264 shares during the last quarter. Institutional investors and hedge funds own 93.37% of the company’s stock.
About Preferred Bank
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, negotiable order of withdrawal, 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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