Preferred Bank (NASDAQ:PFBC) Stock Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Preferred Bank shares rose above their 200-day moving average of $96.26, reaching $107.98 and last trading at $107.47.
• Analyst sentiment remains cautious: PFBC has an average rating of “Hold” and a consensus price target of $106.25, despite recent target increases and an upgrade from Weiss Ratings.
• The bank exceeded quarterly EPS expectations, reporting $2.78 versus the $2.65 consensus estimate, and maintains a quarterly dividend of $0.80 per share, representing a 3.0% yield.

Preferred Bank (NASDAQ:PFBC - Get Free Report) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $96.26 and traded as high as $107.98. Preferred Bank shares last traded at $107.47, with a volume of 58,105 shares changing hands.

Wall Street Analyst Weigh In

PFBC has been the subject of several analyst reports. Weiss Ratings upgraded Preferred Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, June 8th. Stephens lifted their target price on Preferred Bank from $100.00 to $110.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. Finally, Piper Sandler upped their price target on Preferred Bank from $105.00 to $111.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Preferred Bank has an average rating of "Hold" and a consensus target price of $106.25.

Preferred Bank Stock Down 0.4%

The company has a market capitalization of $1.55 billion, a PE ratio of 9.82 and a beta of 0.56. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.44. The business has a fifty day moving average of $104.55 and a 200 day moving average of $96.26.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last issued 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 for the quarter, compared to analyst estimates of $73.60 million. Preferred Bank had a net margin of 26.54% and a return on equity of 17.27%. Equities research analysts anticipate that Preferred Bank will post 10.71 EPS for the current year.

Preferred Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Tuesday, July 7th were paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, July 7th. Preferred Bank's dividend payout ratio is presently 29.25%.

Hedge Funds Weigh In On Preferred Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio purchased a new position in Preferred Bank in the 2nd quarter valued at approximately $25,000. Globeflex Capital L P purchased a new stake in shares of Preferred Bank during the second quarter worth $798,000. Great Lakes Advisors LLC acquired a new stake in shares of Preferred Bank in the second quarter valued at $201,000. Bank of New York Mellon Corp acquired a new stake in shares of Preferred Bank in the second quarter valued at $12,352,000. Finally, Empowered Funds LLC purchased a new position in Preferred Bank in the first quarter valued at $257,000. Hedge funds and other institutional investors 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. 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.

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