Preferred Bank (NASDAQ:PFBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
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 “
A number of other research analysts also recently issued reports on PFBC. FBR & Co reissued a “buy” rating and issued a $70.00 price target (up from $65.00) on shares of Preferred Bank in a report on Wednesday, October 25th. ValuEngine downgraded Preferred Bank from a “buy” rating to a “hold” rating in a report on Friday, December 1st. BidaskClub raised Preferred Bank from a “sell” rating to a “hold” rating in a report on Wednesday, December 6th. UBS Group raised Preferred Bank from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, January 9th. Finally, Raymond James Financial raised Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $71.00 price target for the company in a report on Tuesday, January 9th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $72.60.
Preferred Bank (NASDAQ:PFBC) opened at $61.58 on Wednesday. Preferred Bank has a twelve month low of $46.88 and a twelve month high of $67.65. The stock has a market capitalization of $817.00, a P/E ratio of 20.73, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.04 and a quick ratio of 1.04.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Monday, January 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.08. Preferred Bank had a return on equity of 16.69% and a net margin of 26.51%. The company had revenue of $35.78 million during the quarter, compared to the consensus estimate of $36.37 million. equities research analysts predict that Preferred Bank will post 4.57 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in PFBC. BNP Paribas Arbitrage SA raised its stake in shares of Preferred Bank by 80.4% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,415 shares of the bank’s stock worth $146,000 after buying an additional 1,076 shares during the period. Stevens Capital Management LP acquired a new position in shares of Preferred Bank during the 3rd quarter worth approximately $237,000. Capital Fund Management S.A. acquired a new position in shares of Preferred Bank during the 4th quarter worth approximately $241,000. First Mercantile Trust Co. acquired a new position in shares of Preferred Bank during the 4th quarter worth approximately $256,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Preferred Bank during the 4th quarter worth approximately $265,000. 80.48% of the stock is owned by institutional investors and hedge funds.
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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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