Preferred Bank (NASDAQ:PFBC) Downgraded by Stephens to Equal Weight

Preferred Bank (NASDAQ:PFBC) was downgraded by Stephens from an “overweight” rating to an “equal weight” rating in a research note issued on Monday, MarketBeat.com reports.

Preferred Bank Price Performance

PFBC opened at $93.09 on Monday. The company has a fifty day moving average price of $88.51 and a two-hundred day moving average price of $81.90. The firm has a market capitalization of $1.34 billion, a PE ratio of 9.33 and a beta of 0.96. Preferred Bank has a 52 week low of $66.63 and a 52 week high of $99.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.08 and a current ratio of 1.08.

Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings data on Monday, October 21st. The bank reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.39 by $0.07. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. The business had revenue of $132.88 million during the quarter, compared to analysts’ expectations of $68.80 million. During the same period in the previous year, the firm earned $2.71 earnings per share. As a group, analysts anticipate that Preferred Bank will post 9.75 earnings per share for the current year.

Hedge Funds Weigh In On Preferred Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Copeland Capital Management LLC acquired a new stake in Preferred Bank during the 3rd quarter worth $54,000. Point72 DIFC Ltd increased its holdings in shares of Preferred Bank by 69.9% in the second quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock worth $64,000 after acquiring an additional 349 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Preferred Bank during the third quarter worth about $76,000. CWM LLC lifted its holdings in shares of Preferred Bank by 96.4% during the 2nd quarter. CWM LLC now owns 1,043 shares of the bank’s stock valued at $79,000 after purchasing an additional 512 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of Preferred Bank by 35.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,486 shares of the bank’s stock valued at $112,000 after purchasing an additional 386 shares during the period. 72.77% of the stock is owned by institutional investors.

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. 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.