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

Preferred Bank (NASDAQ:PFBC - Get Free Report) had its price objective decreased by Piper Sandler from $108.00 to $96.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the bank's stock. Piper Sandler's price objective points to a potential upside of 16.53% from the stock's previous close.

A number of other research analysts have also issued reports on the stock. Stephens restated an "equal weight" rating and set a $100.00 target price on shares of Preferred Bank in a research report on Thursday, January 30th. DA Davidson lowered their price objective on Preferred Bank from $95.00 to $90.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th.

Preferred Bank Stock Performance

Shares of NASDAQ:PFBC traded up $1.96 during trading on Tuesday, reaching $82.38. 96,737 shares of the stock were exchanged, compared to its average volume of 83,921. The firm has a market cap of $1.19 billion, a PE ratio of 8.55 and a beta of 0.69. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.19. Preferred Bank has a 12 month low of $71.43 and a 12 month high of $99.78. The stock has a 50-day moving average price of $82.04 and a 200-day moving average price of $86.74.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Kennedy Capital Management LLC boosted its holdings in shares of Preferred Bank by 274.2% in the 4th quarter. Kennedy Capital Management LLC now owns 90,218 shares of the bank's stock valued at $7,793,000 after purchasing an additional 66,107 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Preferred Bank by 44.7% during the 4th quarter. American Century Companies Inc. now owns 199,628 shares of the bank's stock worth $17,244,000 after buying an additional 61,655 shares during the last quarter. GAMMA Investing LLC grew its position 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 last quarter. JPMorgan Chase & Co. raised its stake in Preferred Bank by 24.0% during the third quarter. JPMorgan Chase & Co. now owns 186,107 shares of the bank's stock worth $14,935,000 after acquiring an additional 35,979 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Preferred Bank by 28.8% in the fourth quarter. Millennium Management LLC now owns 147,702 shares of the bank's stock worth $12,758,000 after acquiring an additional 32,990 shares during the last quarter. 72.77% of the stock is owned by institutional investors.

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. 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.