Preferred Bank (PFBC) Stock Rating Lowered by Zacks Investment Research

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Zacks Investment Research downgraded shares of Preferred Bank (NASDAQ:PFBC) from a hold rating to a sell rating in a research report report published on Tuesday, Zacks.com reports.

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 analysts have also recently issued reports about the stock. Stephens reaffirmed a hold rating and set a $51.00 target price on shares of Preferred Bank in a report on Tuesday, January 22nd. FIG Partners reiterated an outperform rating on shares of Preferred Bank in a research report on Friday, April 12th. Finally, BidaskClub upgraded shares of Preferred Bank from a strong sell rating to a sell rating in a research report on Wednesday, March 27th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Hold and an average price target of $61.50.

Shares of PFBC stock opened at $47.88 on Tuesday. Preferred Bank has a 12 month low of $39.87 and a 12 month high of $69.48. The company has a market cap of $708.55 million, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.07 and a quick ratio of 1.07.

Preferred Bank (NASDAQ:PFBC) last announced its earnings results on Thursday, January 17th. The bank reported $1.13 EPS for the quarter, missing the Zacks’ consensus estimate of $1.24 by ($0.11). Preferred Bank had a net margin of 34.70% and a return on equity of 17.69%. The business had revenue of $45.85 million for the quarter, compared to analysts’ expectations of $42.11 million. As a group, research analysts predict that Preferred Bank will post 5.17 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Shareholders of record on Monday, April 8th will be given a $0.30 dividend. This is a positive change from Preferred Bank’s previous quarterly dividend of $0.12. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, April 5th. Preferred Bank’s dividend payout ratio is presently 26.37%.

Institutional investors and hedge funds have recently bought and sold shares of the business. Capital Impact Advisors LLC boosted its position in shares of Preferred Bank by 13.1% in the fourth quarter. Capital Impact Advisors LLC now owns 33,915 shares of the bank’s stock worth $1,473,000 after purchasing an additional 3,917 shares during the period. Oregon Public Employees Retirement Fund bought a new position in shares of Preferred Bank in the fourth quarter worth approximately $230,000. Martingale Asset Management L P boosted its position in shares of Preferred Bank by 246.9% in the third quarter. Martingale Asset Management L P now owns 25,712 shares of the bank’s stock worth $1,505,000 after purchasing an additional 18,301 shares during the period. New York State Common Retirement Fund boosted its position in shares of Preferred Bank by 18.6% in the fourth quarter. New York State Common Retirement Fund now owns 34,202 shares of the bank’s stock worth $1,483,000 after purchasing an additional 5,364 shares during the period. Finally, Wells Fargo & Company MN boosted its position in shares of Preferred Bank by 11.0% in the third quarter. Wells Fargo & Company MN now owns 48,364 shares of the bank’s stock worth $2,830,000 after purchasing an additional 4,778 shares during the period. Institutional investors and hedge funds own 90.63% 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, 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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