Preferred Bank to Post FY2024 Earnings of $9.83 Per Share, DA Davidson Forecasts (NASDAQ:PFBC)

Preferred Bank (NASDAQ:PFBC) – Investment analysts at DA Davidson decreased their FY2024 EPS estimates for Preferred Bank in a research note issued to investors on Tuesday, July 30th. DA Davidson analyst G. Tenner now forecasts that the bank will earn $9.83 per share for the year, down from their prior estimate of $9.92. The consensus estimate for Preferred Bank’s current full-year earnings is $9.63 per share.

A number of other equities research analysts have also recently issued reports on PFBC. Stephens upped their price target on shares of Preferred Bank from $84.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday. Piper Sandler upped their price target on shares of Preferred Bank from $88.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, July 29th.

Preferred Bank Trading Down 3.5 %

Shares of NASDAQ:PFBC opened at $79.33 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.21. Preferred Bank has a 1 year low of $58.52 and a 1 year high of $91.67. The firm has a fifty day moving average price of $77.46 and a 200 day moving average price of $75.28. The stock has a market capitalization of $1.14 billion, a PE ratio of 7.66 and a beta of 0.97.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $2.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.39 by $0.09. The firm had revenue of $130.70 million during the quarter, compared to analysts’ expectations of $70.55 million. Preferred Bank had a net margin of 27.35% and a return on equity of 20.24%. During the same period in the prior year, the company posted $2.61 earnings per share.

Preferred Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 19th. Shareholders of record on Friday, July 5th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date of this dividend was Friday, July 5th. Preferred Bank’s dividend payout ratio (DPR) is 27.03%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Gladius Capital Management LP raised its position in shares of Preferred Bank by 518.1% during the fourth quarter. Gladius Capital Management LP now owns 445 shares of the bank’s stock valued at $33,000 after buying an additional 373 shares during the last quarter. CWM LLC raised its position in shares of Preferred Bank by 96.4% during the second quarter. CWM LLC now owns 1,043 shares of the bank’s stock valued at $79,000 after buying an additional 512 shares during the last quarter. AJOVista LLC acquired a new position in shares of Preferred Bank during the fourth quarter valued at about $101,000. SG Americas Securities LLC acquired a new position in Preferred Bank in the first quarter worth about $118,000. Finally, Picton Mahoney Asset Management acquired a new position in Preferred Bank in the second quarter worth about $161,000. Institutional investors and hedge funds 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 in the United States. 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.