Preferred Bank (NASDAQ:PFBC) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• Preferred Bank has a consensus analyst rating of “Hold” from seven covering firms, with three buy ratings and four hold ratings. The average 12-month price target is $102.
• The bank recently reported Q1 EPS of $2.53, topping estimates of $2.48, though revenue came in below expectations at $69.62 million versus $71.76 million expected.
• Preferred Bank also paid a $0.80 quarterly dividend, equal to a 3.4% yield, while institutional investors continue to hold the majority of shares.

Preferred Bank (NASDAQ:PFBC - Get Free Report) has earned a consensus rating of "Hold" from the seven ratings firms that are covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $102.00.

A number of research firms have weighed in on PFBC. Stephens reaffirmed a "positive" rating on shares of Preferred Bank in a research note on Monday, January 26th. Brean Capital downgraded shares of Preferred Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 24th. Janney Montgomery Scott began coverage on shares of Preferred Bank in a report on Tuesday, February 24th. They set a "neutral" rating and a $100.00 price target on the stock. Finally, Piper Sandler increased their price objective on Preferred Bank from $105.00 to $111.00 and gave the company an "overweight" rating in a report on Monday, April 27th.

Preferred Bank Stock Up 0.3%

PFBC stock opened at $95.04 on Friday. The stock has a market capitalization of $1.37 billion, a P/E ratio of 8.90 and a beta of 0.56. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 0.45. Preferred Bank has a 12 month low of $79.60 and a 12 month high of $103.05. The firm has a 50-day moving average price of $91.64 and a 200-day moving average price of $92.71.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $2.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.05. The company had revenue of $69.62 million for the quarter, compared to analyst estimates of $71.76 million. Preferred Bank had a net margin of 26.49% and a return on equity of 17.52%. As a group, equities research analysts anticipate that Preferred Bank will post 10.58 EPS for the current fiscal year.

Preferred Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 21st. Stockholders of record on Tuesday, April 7th were paid a $0.80 dividend. The ex-dividend date of this dividend was Tuesday, April 7th. This represents a $3.20 annualized dividend and a dividend yield of 3.4%. Preferred Bank's dividend payout ratio is presently 29.96%.

Hedge Funds Weigh In On Preferred Bank

Hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Preferred Bank by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,266 shares of the bank's stock worth $608,000 after purchasing an additional 202 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Preferred Bank by 19.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 25,931 shares of the bank's stock valued at $2,169,000 after purchasing an additional 4,158 shares during the last quarter. Jane Street Group LLC increased its position in shares of Preferred Bank by 81.0% during the first quarter. Jane Street Group LLC now owns 66,428 shares of the bank's stock worth $5,557,000 after buying an additional 29,729 shares during the period. EverSource Wealth Advisors LLC raised its stake in Preferred Bank by 1,224.0% during the second quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank's stock worth $29,000 after buying an additional 306 shares during the last quarter. Finally, Jump Financial LLC raised its stake in Preferred Bank by 148.7% during the second quarter. Jump Financial LLC now owns 14,225 shares of the bank's stock worth $1,231,000 after buying an additional 8,505 shares during the last quarter. 72.77% of the stock is owned by institutional investors and hedge funds.

About Preferred Bank

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.