Piper Sandler Cuts Preferred Bank (NASDAQ:PFBC) Price Target to $96.00

Preferred Bank (NASDAQ:PFBC) had its price target decreased by Piper Sandler from $108.00 to $96.00 in a research report report published on Tuesday,Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

Other equities research analysts have also issued reports about the stock. Stephens reaffirmed an “equal weight” rating and set a $100.00 price objective on shares of Preferred Bank in a report on Thursday, January 30th. DA Davidson dropped their target price on shares of Preferred Bank from $95.00 to $90.00 and set a “neutral” rating for the company in a research report on Monday.

Preferred Bank Stock Performance

Shares of NASDAQ PFBC opened at $80.42 on Tuesday. The stock has a market cap of $1.16 billion, a PE ratio of 8.35 and a beta of 0.71. Preferred Bank has a 1 year low of $71.43 and a 1 year high of $99.78. The firm has a fifty day moving average price of $82.15 and a 200-day moving average price of $86.73. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.08 and a quick ratio of 1.08.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings results on Friday, April 25th. The bank reported $2.23 EPS for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.10). The business had revenue of $65.96 million for the quarter, compared to the consensus estimate of $70.78 million. Preferred Bank had a net margin of 25.00% and a return on equity of 17.80%. During the same period in the prior year, the business earned $2.44 earnings per share. Equities analysts anticipate that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Preferred Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 21st. Investors of record on Monday, April 7th were given a $0.75 dividend. The ex-dividend date of this dividend was Monday, April 7th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.73%. Preferred Bank’s dividend payout ratio is currently 31.85%.

Hedge Funds Weigh In On Preferred Bank

Institutional investors have recently added to or reduced their stakes in the company. CWM LLC raised its holdings in shares of Preferred Bank by 10.7% during the 1st quarter. CWM LLC now owns 2,779 shares of the bank’s stock worth $232,000 after acquiring an additional 269 shares in the last quarter. New York State Common Retirement Fund increased its position in Preferred Bank by 29.0% in the first quarter. New York State Common Retirement Fund now owns 33,822 shares of the bank’s stock worth $2,830,000 after purchasing an additional 7,600 shares during the last quarter. Principal Financial Group Inc. raised its stake in Preferred Bank by 2.8% during the first quarter. Principal Financial Group Inc. now owns 72,537 shares of the bank’s stock valued at $6,068,000 after purchasing an additional 2,007 shares in the last quarter. Teacher Retirement System of Texas lifted its position in Preferred Bank by 51.4% during the first quarter. Teacher Retirement System of Texas now owns 3,842 shares of the bank’s stock valued at $321,000 after purchasing an additional 1,304 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Preferred Bank by 40.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,488 shares of the bank’s stock worth $794,000 after buying an additional 2,724 shares in the last quarter. Hedge funds and other institutional investors own 72.77% of the company’s stock.

Preferred Bank Company Profile

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. 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.