Preferred Bank (NASDAQ:PFBC) Announces Quarterly Earnings Results

Preferred Bank (NASDAQ:PFBC – Get Rating) announced its quarterly earnings results on Tuesday. The bank reported $1.74 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.05, MarketWatch Earnings reports. Preferred Bank had a net margin of 43.53% and a return on equity of 16.95%. During the same period in the previous year, the firm earned $1.42 EPS.

NASDAQ:PFBC opened at $72.86 on Wednesday. Preferred Bank has a 52-week low of $57.27 and a 52-week high of $81.97. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $1.10 billion, a PE ratio of 11.35 and a beta of 1.27. The stock’s 50 day moving average price is $75.27 and its 200 day moving average price is $73.17.

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

A number of equities research analysts recently issued reports on PFBC shares. Zacks Investment Research raised Preferred Bank from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a research note on Thursday, January 20th. B. Riley reduced their target price on shares of Preferred Bank from $100.00 to $95.00 in a report on Tuesday, April 12th. Piper Sandler raised their price objective on Preferred Bank from $85.00 to $94.00 and gave the stock an “overweight” rating in a research report on Monday, January 24th. Raymond James increased their price target on shares of Preferred Bank from $75.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 21st. Finally, Janney Montgomery Scott raised shares of Preferred Bank from a “neutral” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Wednesday, February 16th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $89.67.

Institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC acquired a new stake in shares of Preferred Bank in the 4th quarter valued at approximately $502,000. D. E. Shaw & Co. Inc. purchased a new position in Preferred Bank during the fourth quarter worth about $524,000. Sei Investments Co. boosted its position in shares of Preferred Bank by 78.3% in the fourth quarter. Sei Investments Co. now owns 10,495 shares of the bank’s stock worth $752,000 after acquiring an additional 4,610 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Preferred Bank during the 4th quarter valued at $802,000. Finally, Alliancebernstein L.P. raised its holdings in shares of Preferred Bank by 23.8% in the 4th quarter. Alliancebernstein L.P. now owns 15,607 shares of the bank’s stock worth $1,120,000 after purchasing an additional 3,003 shares during the period. Institutional investors and hedge funds own 72.86% of the company’s stock.

Preferred Bank Company Profile (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.

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