Janney Montgomery Scott lowered shares of Preferred Bank (NASDAQ:PFBC) from a buy rating to a neutral rating in a research report sent to investors on Thursday morning, BenzingaRatingsTable reports.
A number of other research analysts have also recently issued reports on the stock. ValuEngine raised shares of Preferred Bank from a sell rating to a hold rating in a research report on Wednesday, October 2nd. B. Riley cut shares of Preferred Bank from a buy rating to a neutral rating and decreased their target price for the stock from $59.00 to $55.00 in a report on Wednesday, August 21st. Raymond James decreased their target price on shares of Preferred Bank from $57.00 to $55.00 and set an outperform rating for the company in a report on Thursday, August 29th. Zacks Investment Research raised shares of Preferred Bank from a sell rating to a hold rating in a report on Thursday, July 25th. Finally, DA Davidson set a $56.00 target price on shares of Preferred Bank and gave the stock a hold rating in a report on Friday, July 19th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Preferred Bank has a consensus rating of Hold and an average target price of $53.00.
Shares of PFBC opened at $52.67 on Thursday. The firm’s 50-day moving average price is $52.08 and its 200-day moving average price is $49.20. The firm has a market capitalization of $783.80 million, a price-to-earnings ratio of 10.29 and a beta of 1.19. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.26. Preferred Bank has a 1-year low of $39.87 and a 1-year high of $60.84.
Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.32 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.32. Preferred Bank had a net margin of 32.86% and a return on equity of 17.53%. The company had revenue of $43.21 million during the quarter, compared to analysts’ expectations of $44.22 million. On average, research analysts forecast that Preferred Bank will post 5.18 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, October 7th will be paid a $0.30 dividend. The ex-dividend date is Friday, October 4th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.28%. Preferred Bank’s dividend payout ratio is presently 26.37%.
Several hedge funds have recently made changes to their positions in PFBC. Nuveen Asset Management LLC grew its stake in shares of Preferred Bank by 10.0% in the second quarter. Nuveen Asset Management LLC now owns 931,544 shares of the bank’s stock worth $44,016,000 after acquiring an additional 85,003 shares during the period. LSV Asset Management grew its stake in shares of Preferred Bank by 31.1% in the second quarter. LSV Asset Management now owns 301,602 shares of the bank’s stock worth $14,250,000 after acquiring an additional 71,569 shares during the period. Royal Bank of Canada grew its stake in shares of Preferred Bank by 82.8% in the second quarter. Royal Bank of Canada now owns 156,356 shares of the bank’s stock worth $7,388,000 after acquiring an additional 70,809 shares during the period. Putnam Investments LLC bought a new stake in shares of Preferred Bank in the second quarter worth approximately $2,882,000. Finally, Morgan Stanley grew its stake in shares of Preferred Bank by 861.2% in the second quarter. Morgan Stanley now owns 63,423 shares of the bank’s stock worth $2,997,000 after acquiring an additional 56,825 shares during the period. Hedge funds and other institutional investors own 77.64% of the company’s stock.
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 in the United States. The company's deposit products include 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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