Zacks Investment Research upgraded shares of Preferred Bank (NASDAQ:PFBC) from a sell rating to a hold rating in a research note issued to investors 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 “
Several other equities research analysts have also issued reports on the stock. Raymond James upgraded shares of Preferred Bank from an outperform rating to a strong-buy rating in a research report on Thursday, October 4th. ValuEngine lowered shares of Preferred Bank from a hold rating to a sell rating in a research report on Wednesday, September 19th. B. Riley set a $80.00 target price on shares of Preferred Bank and gave the company a buy rating in a research report on Wednesday, October 17th. Finally, BidaskClub lowered shares of Preferred Bank from a sell rating to a strong sell rating in a research report on Tuesday, December 4th. Two analysts have rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $72.00.
Preferred Bank (NASDAQ:PFBC) last announced its earnings results on Wednesday, October 17th. The bank reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.02. Preferred Bank had a net margin of 31.74% and a return on equity of 18.39%. The business had revenue of $40.91 million during the quarter, compared to analyst estimates of $41.19 million. Analysts anticipate that Preferred Bank will post 4.66 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 22nd. Stockholders of record on Tuesday, January 8th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.68%. This is a positive change from Preferred Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, January 7th. Preferred Bank’s payout ratio is presently 35.09%.
Several institutional investors and hedge funds have recently made changes to their positions in PFBC. Wakefield Asset Management LLLP bought a new stake in shares of Preferred Bank in the 3rd quarter worth approximately $218,000. Capital Fund Management S.A. bought a new stake in shares of Preferred Bank in the 2nd quarter worth approximately $246,000. CIBC World Markets Inc. bought a new stake in shares of Preferred Bank in the 3rd quarter worth approximately $251,000. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Preferred Bank in the 3rd quarter worth approximately $252,000. Finally, First Hawaiian Bank bought a new stake in shares of Preferred Bank in the 3rd quarter worth approximately $257,000. Hedge funds and other institutional investors 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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