BidaskClub downgraded shares of Preferred Bank (NASDAQ:PFBC) from a hold rating to a sell rating in a report published on Wednesday.
PFBC has been the subject of several other reports. Stephens upgraded Preferred Bank from an equal weight rating to an overweight rating in a research report on Monday, July 10th. Zacks Investment Research lowered Preferred Bank from a buy rating to a hold rating in a research report on Friday, June 23rd. FBR & Co reiterated a buy rating on shares of Preferred Bank in a research report on Wednesday, July 19th. Finally, ValuEngine upgraded Preferred Bank from a hold rating to a buy rating in a research report on Friday, June 2nd. One analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $45.33.
Preferred Bank (NASDAQ PFBC) traded up 1.18% during mid-day trading on Wednesday, hitting $56.39. 44,814 shares of the stock were exchanged. Preferred Bank has a 12-month low of $32.17 and a 12-month high of $58.98. The stock has a market capitalization of $809.08 million, a P/E ratio of 19.36 and a beta of 0.97. The firm has a 50-day moving average price of $54.32 and a 200-day moving average price of $53.55.
Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Tuesday, July 18th. The bank reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.05. The company had revenue of $32.55 million during the quarter, compared to analyst estimates of $31.78 million. Preferred Bank had a return on equity of 14.18% and a net margin of 28.91%. Equities analysts predict that Preferred Bank will post $3.21 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 21st. Shareholders of record on Friday, July 7th were given a dividend of $0.20 per share. The ex-dividend date was Wednesday, July 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.42%. This is an increase from Preferred Bank’s previous quarterly dividend of $0.18. Preferred Bank’s dividend payout ratio is 27.49%.
Institutional investors have recently added to or reduced their stakes in the company. Nuveen Asset Management LLC increased its position in Preferred Bank by 52.5% in the first quarter. Nuveen Asset Management LLC now owns 530,245 shares of the bank’s stock worth $28,453,000 after buying an additional 182,564 shares during the period. Rothschild Asset Management Inc. increased its position in Preferred Bank by 243.5% in the first quarter. Rothschild Asset Management Inc. now owns 111,121 shares of the bank’s stock worth $5,963,000 after buying an additional 78,772 shares during the period. Wellington Management Group LLP increased its position in Preferred Bank by 38.5% in the first quarter. Wellington Management Group LLP now owns 195,104 shares of the bank’s stock worth $10,469,000 after buying an additional 54,200 shares during the period. O Shaughnessy Asset Management LLC increased its position in Preferred Bank by 314.9% in the first quarter. O Shaughnessy Asset Management LLC now owns 66,940 shares of the bank’s stock worth $3,592,000 after buying an additional 50,806 shares during the period. Finally, Vanguard Group Inc. increased its position in Preferred Bank by 10.2% in the first quarter. Vanguard Group Inc. now owns 522,054 shares of the bank’s stock worth $28,013,000 after buying an additional 48,266 shares during the period. 75.01% of the stock is owned by hedge funds and other institutional investors.
About Preferred Bank
Preferred Bank is a commercial bank. 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 high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.
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