Preferred Bank (NASDAQ:PFBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Preferred Bank is one of the largest independent commercial banks in California focusing on the Chinese-American market. The bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Company conducts its banking business from its main office in Los Angeles, California, and through ten full-service branch banking offices in Alhambra, Century City, Chino Hills, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Santa Monica and Valencia, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid- sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Preferred Bank continues to benefit from the significant migration to Southern California of “
A number of other brokerages have also recently commented on PFBC. Raymond James Financial Inc. upgraded shares of Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $15.00 price target for the company in a research note on Thursday, August 25th. FBR & Co raised their target price on shares of Preferred Bank from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Friday, July 22nd.
Preferred Bank (NASDAQ:PFBC) opened at 35.33 on Wednesday. The firm has a market capitalization of $490.63 million, a price-to-earnings ratio of 15.56 and a beta of 0.88. The firm has a 50-day moving average of $35.07 and a 200-day moving average of $32.30. Preferred Bank has a 52-week low of $26.35 and a 52-week high of $36.82.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. Preferred Bank had a net margin of 28.55% and a return on equity of 11.83%. On average, equities research analysts forecast that Preferred Bank will post $2.43 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Friday, October 7th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Wednesday, October 5th. Preferred Bank’s dividend payout ratio is presently 26.32%.
Several hedge funds have recently bought and sold shares of PFBC. Acrospire Investment Management LLC bought a new stake in Preferred Bank during the first quarter worth about $296,000. Geode Capital Management LLC boosted its stake in Preferred Bank by 5.5% in the first quarter. Geode Capital Management LLC now owns 90,330 shares of the company’s stock worth $2,732,000 after buying an additional 4,749 shares in the last quarter. Kennedy Capital Management Inc. boosted its stake in Preferred Bank by 31.8% in the first quarter. Kennedy Capital Management Inc. now owns 101,057 shares of the company’s stock worth $3,057,000 after buying an additional 24,379 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Preferred Bank by 7.1% in the first quarter. Renaissance Technologies LLC now owns 386,355 shares of the company’s stock worth $11,687,000 after buying an additional 25,600 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in Preferred Bank during the first quarter worth about $303,000. Institutional investors own 60.23% of the company’s stock.
About Preferred Bank
Preferred Bank is a commercial bank, which offers financial services to individuals and companies in Southern California. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and individuals.
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