Preferred Bank (PFBC) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of Preferred Bank (NASDAQ:PFBC) from a strong sell rating to a sell rating in a research report sent to investors on Wednesday, March 27th, BidAskClub reports.

A number of other analysts have also issued reports on PFBC. Zacks Investment Research upgraded Preferred Bank from a hold rating to a buy rating and set a $47.00 price target for the company in a report on Wednesday, March 27th. Stephens reissued a hold rating and issued a $51.00 target price on shares of Preferred Bank in a research report on Tuesday, January 22nd. Three research analysts have rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Hold and an average target price of $61.50.

Shares of PFBC traded down $1.36 during mid-day trading on Wednesday, hitting $46.65. The stock had a trading volume of 82,584 shares, compared to its average volume of 78,431. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.07 and a quick ratio of 1.07. Preferred Bank has a 52 week low of $39.87 and a 52 week high of $69.48. The firm has a market cap of $702.08 million, a PE ratio of 10.25, a PEG ratio of 0.90 and a beta of 1.15.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings results on Wednesday, April 17th. The bank reported $1.30 EPS for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.06. The business had revenue of $42.77 million for the quarter, compared to analysts’ expectations of $42.96 million. Preferred Bank had a return on equity of 17.82% and a net margin of 33.75%. Sell-side analysts anticipate that Preferred Bank will post 5.17 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Investors of record on Monday, April 8th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend is Friday, April 5th. This is an increase from Preferred Bank’s previous quarterly dividend of $0.12. Preferred Bank’s dividend payout ratio is 26.37%.

Hedge funds have recently added to or reduced their stakes in the business. Comerica Bank acquired a new stake in shares of Preferred Bank during the 3rd quarter worth approximately $717,000. Wells Fargo & Company MN boosted its position in Preferred Bank by 11.0% in the 3rd quarter. Wells Fargo & Company MN now owns 48,364 shares of the bank’s stock valued at $2,830,000 after buying an additional 4,778 shares during the period. Prudential Financial Inc. boosted its position in Preferred Bank by 8.7% in the 3rd quarter. Prudential Financial Inc. now owns 59,427 shares of the bank’s stock valued at $3,477,000 after buying an additional 4,733 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new position in Preferred Bank in the 3rd quarter valued at approximately $252,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in shares of Preferred Bank during the 3rd quarter worth $336,000. Institutional investors 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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