Benchmark Upgrades Preferred Bank (NASDAQ:PFBC) to "Strong-Buy"

Key Points

• Benchmark upgraded Preferred Bank to a “strong-buy” rating. Analyst sentiment is broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $106.25.
• Preferred Bank reported quarterly EPS of $2.78, exceeding the $2.65 consensus estimate, while revenue of $73.47 million was slightly below expectations.
• PFBC shares opened at $108.58, near their 12-month high of $112.26, and institutional investors and hedge funds own approximately 72.77% of the company.

Preferred Bank (NASDAQ:PFBC - Get Free Report) was upgraded by Benchmark to a "strong-buy" rating in a report issued on Wednesday, Zacks reports.

PFBC has been the topic of several other research reports. Weiss Ratings reissued a "buy (b-)" rating on shares of Preferred Bank in a research note on Friday, September 4th. Stephens boosted their target price on Preferred Bank from $100.00 to $110.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $106.25.

Preferred Bank Stock Performance

Shares of PFBC stock opened at $108.58 on Wednesday. Preferred Bank has a 12-month low of $81.50 and a 12-month high of $112.26. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 9.93 and a beta of 0.54. The business has a 50 day simple moving average of $104.94 and a 200 day simple moving average of $99.20.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $2.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.65 by $0.13. The company had revenue of $73.47 million during the quarter, compared to analyst estimates of $73.60 million. Preferred Bank had a return on equity of 17.27% and a net margin of 26.54%. On average, equities research analysts anticipate that Preferred Bank will post 10.72 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio bought a new stake in shares of Preferred Bank during the 2nd quarter worth $25,000. Integrated Wealth Concepts LLC purchased a new position in Preferred Bank in the 2nd quarter worth about $55,000. Nykredit A S purchased a new stake in Preferred Bank during the second quarter valued at about $102,000. Clearstead Advisors LLC boosted its holdings 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 buying an additional 705 shares during the period. Finally, Great Lakes Advisors LLC purchased a new position in shares of Preferred Bank in the second quarter worth approximately $201,000. Institutional investors and hedge funds own 72.77% of the company's stock.

About Preferred Bank

Preferred Bank NASDAQ: PFBC is a California-chartered commercial bank headquartered in Los Angeles. Founded in 1991, the bank provides banking and financial services to businesses, professionals and individuals, with a particular focus on small and middle-market companies and the Chinese-American community.

The bank offers commercial and industrial loans, commercial real estate financing, construction loans, small business lending, residential mortgage loans and consumer credit. Its deposit products include checking, savings, money market and time deposit accounts, along with treasury management, online banking and other cash-management services for business customers.

Preferred Bank serves customers through a network of branches and offices in California and the New York metropolitan area, including markets in Southern California, Northern California and communities in the New York region.

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