Preferred Bank (NASDAQ:PFBC) Announces Earnings Results, Beats Estimates By $0.05 EPS

Preferred Bank (NASDAQ:PFBCGet Rating) released its quarterly earnings results on Tuesday. The bank reported $1.74 earnings per share for the quarter, topping analysts’ consensus estimates of $1.69 by $0.05, MarketWatch Earnings reports. Preferred Bank had a return on equity of 16.95% and a net margin of 43.53%. During the same period in the previous year, the business posted $1.42 earnings per share.

PFBC stock opened at $72.86 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50 day simple moving average of $75.27 and a 200-day simple moving average of $73.17. The firm has a market capitalization of $1.10 billion, a PE ratio of 11.35 and a beta of 1.27. Preferred Bank has a 1 year low of $57.27 and a 1 year high of $81.97.

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 21st. Stockholders of record on Thursday, April 7th will be given a $0.43 dividend. The ex-dividend date of this dividend is Wednesday, April 6th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.36%. Preferred Bank’s dividend payout ratio (DPR) is presently 26.79%.

PFBC has been the subject of a number of analyst reports. Piper Sandler upped their price target on Preferred Bank from $85.00 to $94.00 and gave the stock an “overweight” rating in a report on Monday, January 24th. Janney Montgomery Scott upgraded Preferred Bank from a “neutral” rating to a “buy” rating and set a $95.00 price objective for the company in a research note on Wednesday, February 16th. B. Riley cut their price objective on Preferred Bank from $100.00 to $95.00 in a research note on Tuesday, April 12th. Zacks Investment Research upgraded Preferred Bank from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research note on Thursday, January 20th. Finally, StockNews.com assumed coverage on Preferred Bank in a research note on Thursday, March 31st. They set a “hold” rating for the company. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $89.67.

Several hedge funds have recently bought and sold shares of PFBC. Morgan Stanley grew its position in shares of Preferred Bank by 8.5% in the second quarter. Morgan Stanley now owns 70,529 shares of the bank’s stock valued at $4,462,000 after purchasing an additional 5,526 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Preferred Bank by 1.7% in the third quarter. Bank of New York Mellon Corp now owns 174,456 shares of the bank’s stock valued at $11,633,000 after purchasing an additional 2,883 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Preferred Bank by 45.0% in the fourth quarter. JPMorgan Chase & Co. now owns 80,333 shares of the bank’s stock valued at $5,766,000 after purchasing an additional 24,922 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Preferred Bank by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 98,059 shares of the bank’s stock worth $7,041,000 after acquiring an additional 2,165 shares during the period. Finally, Geode Capital Management LLC grew its position in Preferred Bank by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 242,421 shares of the bank’s stock worth $17,403,000 after acquiring an additional 6,761 shares during the period. Institutional investors and hedge funds own 72.86% of the company’s stock.

About Preferred Bank (Get Rating)

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 accepts checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.

See Also

Earnings History for Preferred Bank (NASDAQ:PFBC)

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