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

Key Points

• Preferred Bank's stock (NASDAQ:PFBC) recently crossed above its 200-day moving average of $86.83, trading at $92.21 with a volume of 56,441 shares.
• Analysts have increased their price targets for Preferred Bank, with Piper Sandler raising it from $96.00 to $112.00 and DA Davidson from $90.00 to $108.00.
• The bank declared a quarterly dividend of $0.75 per share, which will be paid on October 21st, representing an annualized yield of 3.3%.

Preferred Bank (NASDAQ:PFBC - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $86.83 and traded as high as $93.47. Preferred Bank shares last traded at $92.21, with a volume of 56,441 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Piper Sandler upped their price target on Preferred Bank from $96.00 to $112.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. DA Davidson upped their price target on Preferred Bank from $90.00 to $108.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $103.67.

Preferred Bank Price Performance

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 has a 50-day moving average price of $93.15 and a 200 day moving average price of $86.83. The stock has a market cap of $1.33 billion, a PE ratio of 9.75 and a beta of 0.78.

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

Preferred Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Tuesday, October 7th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, October 7th. Preferred Bank's dividend payout ratio is currently 31.71%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Rexford Capital Inc. purchased a new position in shares of Preferred Bank during the 2nd quarter valued at $128,000. Public Sector Pension Investment Board lifted its holdings in Preferred Bank by 1.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 50,856 shares of the bank's stock worth $4,401,000 after purchasing an additional 563 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Preferred Bank by 1,002.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,417 shares of the bank's stock worth $296,000 after purchasing an additional 3,107 shares in the last quarter. Two Sigma Securities LLC lifted its holdings in Preferred Bank by 21.9% during the 2nd quarter. Two Sigma Securities LLC now owns 4,675 shares of the bank's stock worth $405,000 after purchasing an additional 839 shares in the last quarter. Finally, Rafferty Asset Management LLC lifted its holdings in Preferred Bank by 29.2% during the 2nd quarter. Rafferty Asset Management LLC now owns 17,219 shares of the bank's stock worth $1,490,000 after purchasing an additional 3,892 shares in the last quarter. Hedge funds and other institutional investors own 72.77% of the company's stock.

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.

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