Raymond James Financial upgraded shares of Preferred Bank (NASDAQ:PFBC) from an outperform rating to a strong-buy rating in a research note released on Tuesday, January 9th, MarketBeat.com reports. The brokerage currently has $71.00 price objective on the bank’s stock. The analysts noted that the move was a valuation call.
A number of other research firms have also weighed in on PFBC. Zacks Investment Research upgraded shares of Preferred Bank from a hold rating to a buy rating and set a $73.00 target price on the stock in a report on Saturday, October 28th. BidaskClub upgraded shares of Preferred Bank from a sell rating to a hold rating in a research note on Wednesday, December 6th. ValuEngine lowered shares of Preferred Bank from a buy rating to a hold rating in a research note on Friday, December 1st. UBS Group upgraded shares of Preferred Bank from an outperform rating to a strong-buy rating in a research note on Tuesday, January 9th. Finally, FBR & Co reaffirmed a buy rating and issued a $70.00 price objective (up from $65.00) on shares of Preferred Bank in a report on Wednesday, October 25th. Two analysts have rated the stock with a hold rating, four have given a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $72.60.
Shares of Preferred Bank (NASDAQ PFBC) opened at $63.89 on Tuesday. The company has a market cap of $849.57 and a price-to-earnings ratio of 18.78. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35. Preferred Bank has a 1 year low of $46.88 and a 1 year high of $67.65.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Monday, January 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.08. The company had revenue of $35.78 million for the quarter, compared to analysts’ expectations of $36.37 million. Preferred Bank had a net margin of 26.51% and a return on equity of 16.69%. equities research analysts expect that Preferred Bank will post 4.57 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, January 22nd. Shareholders of record on Monday, January 8th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.38%. This is an increase from Preferred Bank’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Friday, January 5th. Preferred Bank’s dividend payout ratio (DPR) is presently 29.63%.
A number of large investors have recently made changes to their positions in PFBC. BNP Paribas Arbitrage SA raised its position in Preferred Bank by 80.4% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,415 shares of the bank’s stock worth $146,000 after purchasing an additional 1,076 shares during the period. Stevens Capital Management LP purchased a new position in Preferred Bank in the 3rd quarter worth $237,000. Sheaff Brock Investment Advisors LLC purchased a new position in Preferred Bank in the 2nd quarter worth $220,000. Voya Investment Management LLC purchased a new position in Preferred Bank in the 2nd quarter worth $269,000. Finally, Capital Fund Management S.A. purchased a new position in Preferred Bank in the 2nd quarter worth $283,000. 80.12% of the stock is owned by hedge funds and other institutional investors.
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About Preferred Bank
Preferred Bank is a commercial bank. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.
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