Piper Sandler Issues Pessimistic Forecast for Preferred Bank (NASDAQ:PFBC) Stock Price

Preferred Bank (NASDAQ:PFBC) had its target price reduced by research analysts at Piper Sandler from $111.00 to $105.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective points to a potential upside of 15.14% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Preferred Bank in a research report on Monday, December 29th. Brean Capital cut shares of Preferred Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 24th. Janney Montgomery Scott started coverage on Preferred Bank in a report on Tuesday, February 24th. They issued a “neutral” rating and a $100.00 price target for the company. Stephens reiterated a “positive” rating on shares of Preferred Bank in a research report on Monday, January 26th. Finally, Zacks Research lowered Preferred Bank from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $100.50.

Preferred Bank Stock Performance

NASDAQ PFBC opened at $91.19 on Thursday. Preferred Bank has a 1 year low of $71.90 and a 1 year high of $103.05. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 8.79 and a beta of 0.57. The company has a fifty day moving average price of $89.20 and a 200-day moving average price of $92.05.

Preferred Bank (NASDAQ:PFBC) last announced its earnings results on Thursday, January 22nd. The bank reported $2.79 EPS for the quarter, beating the consensus estimate of $2.78 by $0.01. The company had revenue of $78.07 million during the quarter, compared to the consensus estimate of $74.54 million. Preferred Bank had a net margin of 26.41% and a return on equity of 17.31%. As a group, equities research analysts predict that Preferred Bank will post 9.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC raised its position in Preferred Bank by 1,224.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank’s stock worth $29,000 after purchasing an additional 306 shares during the period. Quarry LP raised its stake in shares of Preferred Bank by 1,992.0% during the third quarter. Quarry LP now owns 523 shares of the bank’s stock valued at $47,000 after acquiring an additional 498 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in shares of Preferred Bank during the third quarter worth about $70,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Preferred Bank during the fourth quarter worth about $91,000. Finally, Clearstead Advisors LLC grew its stake in shares of Preferred Bank by 192.1% in the fourth quarter. Clearstead Advisors LLC now owns 1,072 shares of the bank’s stock worth $101,000 after purchasing an additional 705 shares during the last quarter. 72.77% of the stock is currently owned by institutional investors.

Preferred Bank Company Profile

Preferred Bank (NASDAQ: PFBC) is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.

The bank’s core lending portfolio focuses on commercial real estate acquisition, development and investment properties.