Preferred Bank (NASDAQ:PFBC – Free Report) had its price objective raised by Stephens from $84.00 to $95.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.
Separately, Piper Sandler increased their price objective on Preferred Bank from $88.00 to $105.00 and gave the company an overweight rating in a research report on Monday, July 29th.
Read Our Latest Research Report on PFBC
Preferred Bank Stock Performance
Preferred Bank (NASDAQ:PFBC – Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $2.48 EPS for the quarter, beating analysts’ consensus estimates of $2.39 by $0.09. Preferred Bank had a return on equity of 20.24% and a net margin of 27.35%. The company had revenue of $130.70 million during the quarter, compared to the consensus estimate of $70.55 million. During the same quarter in the prior year, the firm earned $2.61 EPS. Research analysts forecast that Preferred Bank will post 9.63 EPS for the current fiscal year.
Preferred Bank Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, July 5th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, July 5th. This represents a $2.80 annualized dividend and a dividend yield of 3.53%. Preferred Bank’s dividend payout ratio is 27.03%.
Institutional Trading of Preferred Bank
Several hedge funds and other institutional investors have recently modified their holdings of PFBC. SummerHaven Investment Management LLC increased its position in Preferred Bank by 1.2% during the fourth quarter. SummerHaven Investment Management LLC now owns 12,516 shares of the bank’s stock worth $914,000 after buying an additional 147 shares during the last quarter. Texas Permanent School Fund Corp increased its position in Preferred Bank by 1.6% during the first quarter. Texas Permanent School Fund Corp now owns 10,964 shares of the bank’s stock worth $842,000 after buying an additional 169 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Preferred Bank by 0.8% in the fourth quarter. Federated Hermes Inc. now owns 29,965 shares of the bank’s stock valued at $2,189,000 after purchasing an additional 226 shares during the last quarter. Gladius Capital Management LP grew its position in shares of Preferred Bank by 518.1% in the fourth quarter. Gladius Capital Management LP now owns 445 shares of the bank’s stock valued at $33,000 after purchasing an additional 373 shares during the last quarter. Finally, CWM LLC grew its position in shares of Preferred Bank by 96.4% in the second quarter. CWM LLC now owns 1,043 shares of the bank’s stock valued at $79,000 after purchasing an additional 512 shares during the last quarter. 72.77% of the stock is currently owned by hedge funds and other institutional investors.
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.
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