Raymond James lowered shares of Preferred Bank (NASDAQ:PFBC) from a strong-buy rating to an outperform rating in a report published on Friday, Briefing.com Automated Import reports. Raymond James currently has $57.00 price target on the bank’s stock.
Several other research firms have also issued reports on PFBC. DA Davidson lowered their target price on shares of Skyworks Solutions to $95.00 and set a buy rating on the stock in a research note on Wednesday, June 5th. Zacks Investment Research raised shares of DLH from a sell rating to a hold rating in a research note on Tuesday, July 9th. BidaskClub raised shares of Zillow Group from a buy rating to a strong-buy rating in a research note on Tuesday, July 2nd. FIG Partners reissued an outperform rating on shares of RBB Bancorp in a research note on Friday, April 12th. Finally, B. Riley set a $75.00 target price on shares of Comerica and gave the stock a hold rating in a research note on Thursday, July 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $53.20.
Shares of PFBC opened at $50.93 on Friday. The stock’s 50-day moving average is $47.04. The firm has a market cap of $766.50 million, a P/E ratio of 11.19, a P/E/G ratio of 0.99 and a beta of 1.20. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.06 and a quick ratio of 1.07. Preferred Bank has a fifty-two week low of $39.87 and a fifty-two week high of $66.42.
Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Wednesday, July 17th. The bank reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.03. Preferred Bank had a net margin of 33.21% and a return on equity of 17.73%. The business had revenue of $43.83 million for the quarter, compared to analyst estimates of $43.82 million. As a group, analysts predict that Preferred Bank will post 5.16 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Stockholders of record on Monday, July 8th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, July 5th. Preferred Bank’s payout ratio is currently 26.37%.
Hedge funds have recently bought and sold shares of the company. New York State Common Retirement Fund boosted its stake in shares of Preferred Bank by 18.6% during the 4th quarter. New York State Common Retirement Fund now owns 34,202 shares of the bank’s stock worth $1,483,000 after acquiring an additional 5,364 shares in the last quarter. Royce & Associates LP purchased a new position in Preferred Bank in the 1st quarter valued at about $308,000. BNP Paribas Arbitrage SA lifted its stake in Preferred Bank by 72,425.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,901 shares of the bank’s stock valued at $130,000 after buying an additional 2,897 shares in the last quarter. Boston Partners lifted its stake in Preferred Bank by 2.1% in the 1st quarter. Boston Partners now owns 418,210 shares of the bank’s stock valued at $18,807,000 after buying an additional 8,683 shares in the last quarter. Finally, Spark Investment Management LLC purchased a new position in Preferred Bank in the 1st quarter valued at about $476,000. 77.48% of the stock is currently owned by institutional investors and hedge funds.
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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