Piper Sandler Boosts Preferred Bank (NASDAQ:PFBC) Price Target to $112.00

Preferred Bank (NASDAQ:PFBC - Get Free Report) had its price target raised by research analysts at Piper Sandler from $96.00 to $112.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. Piper Sandler's target price would indicate a potential upside of 18.58% from the stock's current price.

Several other equities analysts have also recently weighed in on the stock. Stephens reiterated an "equal weight" rating and issued a $91.00 price objective on shares of Preferred Bank in a research note on Tuesday, April 29th. DA Davidson increased their price objective on shares of Preferred Bank from $90.00 to $108.00 and gave the stock a "neutral" rating in a research note on Tuesday.

Preferred Bank Price Performance

Shares of Preferred Bank stock traded up $0.32 on Tuesday, reaching $94.45. The stock had a trading volume of 20,893 shares, compared to its average volume of 98,847. Preferred Bank has a 1 year low of $71.90 and a 1 year high of $99.78. The company has a market cap of $1.36 billion, a P/E ratio of 9.94 and a beta of 0.69. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.47. The business's 50 day moving average is $86.92 and its two-hundred day moving average is $85.38.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last issued its earnings results on Monday, July 21st. The bank reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.09. The firm had revenue of $69.05 million for the quarter, compared to analysts' expectations of $70.96 million. Preferred Bank had a net margin of 25.04% and a return on equity of 16.64%. As a group, research analysts anticipate that Preferred Bank will post 9.81 EPS for the current year.

Preferred Bank declared that its board has authorized a share repurchase plan on Thursday, May 22nd that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the bank to purchase up to 10.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Nuveen LLC purchased a new position in Preferred Bank in the first quarter valued at about $33,915,000. Kennedy Capital Management LLC boosted its position in Preferred Bank by 274.2% in the fourth quarter. Kennedy Capital Management LLC now owns 90,218 shares of the bank's stock valued at $7,793,000 after buying an additional 66,107 shares during the last quarter. American Century Companies Inc. boosted its position in Preferred Bank by 44.7% in the fourth quarter. American Century Companies Inc. now owns 199,628 shares of the bank's stock valued at $17,244,000 after buying an additional 61,655 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Preferred Bank by 9.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 475,025 shares of the bank's stock valued at $39,741,000 after buying an additional 40,435 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Preferred Bank by 9,482.9% in the first quarter. GAMMA Investing LLC now owns 36,894 shares of the bank's stock valued at $3,087,000 after acquiring an additional 36,509 shares during the period. 72.77% of the stock is owned by hedge funds and other institutional investors.

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.