Wall Street brokerages expect that Preferred Bank (NASDAQ:PFBC) will announce sales of $48.96 million for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Preferred Bank's earnings, with the highest sales estimate coming in at $50.10 million and the lowest estimate coming in at $47.50 million. Preferred Bank reported sales of $43.61 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 12.3%. The business is expected to announce its next quarterly earnings results on Tuesday, July 20th.
On average, analysts expect that Preferred Bank will report full year sales of $196.14 million for the current financial year, with estimates ranging from $190.80 million to $199.54 million. For the next financial year, analysts expect that the company will post sales of $211.78 million, with estimates ranging from $202.20 million to $218.01 million. Zacks Investment Research's sales averages are an average based on a survey of research analysts that that provide coverage for Preferred Bank.
Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings data on Monday, April 19th. The bank reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $1.36 by $0.06. Preferred Bank had a return on equity of 14.49% and a net margin of 34.42%. The firm had revenue of $46.69 million during the quarter, compared to the consensus estimate of $47.01 million.
PFBC has been the subject of several research reports. B. Riley lifted their target price on Preferred Bank from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, April 9th. Piper Sandler lifted their target price on Preferred Bank from $71.00 to $82.00 and gave the company an "above average" rating in a research note on Wednesday, April 14th. They noted that the move was a valuation call. Finally, Raymond James raised Preferred Bank from a "market perform" rating to an "outperform" rating and set a $72.00 target price for the company in a research note on Wednesday, April 7th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company's stock. The stock currently has a consensus rating of "Buy" and an average target price of $72.00.
NASDAQ PFBC opened at $67.03 on Friday. The company has a fifty day moving average price of $66.93. The firm has a market cap of $1.01 billion, a PE ratio of 13.41 and a beta of 1.54. Preferred Bank has a 52 week low of $30.65 and a 52 week high of $69.44. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.07 and a quick ratio of 1.07.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 21st. Investors of record on Wednesday, April 7th were paid a dividend of $0.38 per share. The ex-dividend date was Tuesday, April 6th. This is a boost from Preferred Bank's previous quarterly dividend of $0.30. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.27%. Preferred Bank's payout ratio is 32.69%.
Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Preferred Bank by 7.7% during the fourth quarter. BlackRock Inc. now owns 2,198,028 shares of the bank's stock worth $110,935,000 after acquiring an additional 156,385 shares in the last quarter. Boston Partners bought a new position in Preferred Bank during the first quarter worth about $18,416,000. Stieven Capital Advisors L.P. lifted its holdings in shares of Preferred Bank by 46.7% in the first quarter. Stieven Capital Advisors L.P. now owns 265,897 shares of the bank's stock valued at $16,932,000 after purchasing an additional 84,595 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Preferred Bank by 8.0% in the first quarter. Geode Capital Management LLC now owns 237,135 shares of the bank's stock valued at $15,100,000 after purchasing an additional 17,549 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Preferred Bank by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 175,106 shares of the bank's stock valued at $11,152,000 after purchasing an additional 2,407 shares in the last quarter. 74.97% of the stock is owned by institutional investors and hedge funds.
About Preferred Bank
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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