Raymond James lowered shares of Preferred Bank (NASDAQ:PFBC) from an outperform rating to a market perform rating in a report issued on Tuesday, January 7th, BenzingaRatingsTable reports. They currently have $56.00 price objective on the bank’s stock.
A number of other equities research analysts have also recently weighed in on PFBC. Janney Montgomery Scott cut shares of Preferred Bank from a buy rating to a neutral rating in a report on Thursday, October 17th. BidaskClub upgraded shares of Preferred Bank from a hold rating to a buy rating in a report on Friday, December 13th. Zacks Investment Research downgraded shares of Preferred Bank from a hold rating to a sell rating in a research report on Wednesday, December 18th. Finally, ValuEngine downgraded shares of Preferred Bank from a hold rating to a sell rating in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. Preferred Bank presently has an average rating of Hold and an average price target of $59.00.
Shares of NASDAQ:PFBC traded up $0.79 during midday trading on Tuesday, hitting $59.63. 6,139 shares of the stock traded hands, compared to its average volume of 91,076. Preferred Bank has a one year low of $41.98 and a one year high of $60.49. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average is $58.01 and its two-hundred day moving average is $53.33. The stock has a market capitalization of $893.67 million, a PE ratio of 13.10 and a beta of 1.20.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.32. The company had revenue of $43.21 million for the quarter, compared to analysts’ expectations of $44.22 million. Preferred Bank had a net margin of 32.86% and a return on equity of 17.53%. As a group, sell-side analysts forecast that Preferred Bank will post 5.17 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Tuesday, January 7th will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, January 6th. This represents a $1.20 annualized dividend and a yield of 2.01%. Preferred Bank’s payout ratio is presently 26.37%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barclays PLC increased its stake in shares of Preferred Bank by 23.7% in the third quarter. Barclays PLC now owns 24,434 shares of the bank’s stock worth $1,280,000 after purchasing an additional 4,682 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Preferred Bank by 14.8% during the third quarter. Public Employees Retirement System of Ohio now owns 7,014 shares of the bank’s stock valued at $367,000 after acquiring an additional 905 shares in the last quarter. California State Teachers Retirement System grew its stake in Preferred Bank by 1.2% during the third quarter. California State Teachers Retirement System now owns 21,876 shares of the bank’s stock valued at $1,146,000 after acquiring an additional 261 shares in the last quarter. First Trust Advisors LP grew its stake in Preferred Bank by 205.3% during the third quarter. First Trust Advisors LP now owns 33,723 shares of the bank’s stock valued at $1,766,000 after acquiring an additional 22,678 shares in the last quarter. Finally, Mackay Shields LLC grew its stake in Preferred Bank by 46.9% during the third quarter. Mackay Shields LLC now owns 68,000 shares of the bank’s stock valued at $3,562,000 after acquiring an additional 21,700 shares in the last quarter. Institutional investors and hedge funds own 77.29% 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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