Preferred Bank (NASDAQ:PFBC) PT Raised to $94.00 at Stephens

Preferred Bank (NASDAQ:PFBC) had its price target hoisted by Stephens from $90.00 to $94.00 in a research note published on Tuesday, Benzinga reports. They currently have an overweight rating on the bank’s stock.

Separately, Piper Sandler lifted their target price on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th.

Preferred Bank Stock Performance

NASDAQ PFBC opened at $82.04 on Tuesday. The company has a market capitalization of $1.18 billion, a P/E ratio of 8.22 and a beta of 0.95. The company has a fifty day moving average of $80.75 and a 200-day moving average of $78.38. Preferred Bank has a 52-week low of $58.52 and a 52-week high of $91.67. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.07 and a current ratio of 1.08.

Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Monday, October 21st. The bank reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.39 by $0.07. The company had revenue of $132.88 million for the quarter, compared to analysts’ expectations of $68.80 million. Preferred Bank had a net margin of 26.20% and a return on equity of 19.01%. During the same quarter last year, the company earned $2.71 EPS. As a group, equities research analysts predict that Preferred Bank will post 9.54 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Shareholders of record on Monday, October 7th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend was Monday, October 7th. Preferred Bank’s payout ratio is 28.06%.

Hedge Funds Weigh In On Preferred Bank

A number of hedge funds have recently modified their holdings of PFBC. LSV Asset Management increased its position in shares of Preferred Bank by 121.0% in the second quarter. LSV Asset Management now owns 171,330 shares of the bank’s stock valued at $12,934,000 after acquiring an additional 93,815 shares during the period. Kennedy Capital Management LLC purchased a new position in shares of Preferred Bank in the first quarter valued at about $3,449,000. AQR Capital Management LLC increased its position in shares of Preferred Bank by 24.7% in the second quarter. AQR Capital Management LLC now owns 77,745 shares of the bank’s stock valued at $5,869,000 after acquiring an additional 15,391 shares during the period. Vanguard Group Inc. increased its position in shares of Preferred Bank by 1.3% in the first quarter. Vanguard Group Inc. now owns 868,073 shares of the bank’s stock valued at $66,642,000 after acquiring an additional 10,931 shares during the period. Finally, Inspire Investing LLC purchased a new position in shares of Preferred Bank in the second quarter valued at about $791,000. 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.