Preferred Bank (NASDAQ:PFBC) Given New $101.00 Price Target at DA Davidson

Preferred Bank (NASDAQ:PFBC) had its price objective hoisted by DA Davidson from $98.00 to $101.00 in a report issued on Wednesday,Benzinga reports. DA Davidson currently has a neutral rating on the bank’s stock.

Separately, Stephens lowered Preferred Bank from an “overweight” rating to an “equal weight” rating in a report on Monday, December 9th.

Preferred Bank Stock Up 3.7 %

PFBC stock opened at $90.93 on Wednesday. The company has a 50 day moving average of $89.27 and a two-hundred day moving average of $85.02. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 9.11 and a beta of 0.97. Preferred Bank has a 12-month low of $66.88 and a 12-month high of $99.78. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.20.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings results on Monday, January 27th. The bank reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.17). Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. On average, equities analysts anticipate that Preferred Bank will post 9.79 earnings per share for the current fiscal year.

Preferred Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 23rd. Investors of record on Thursday, January 9th were issued a $0.75 dividend. The ex-dividend date was Friday, January 10th. This is a boost from Preferred Bank’s previous quarterly dividend of $0.70. This represents a $3.00 dividend on an annualized basis and a yield of 3.30%. Preferred Bank’s dividend payout ratio is currently 30.06%.

Hedge Funds Weigh In On Preferred Bank

Several institutional investors have recently bought and sold shares of PFBC. Copeland Capital Management LLC bought a new stake in shares of Preferred Bank during the 3rd quarter worth about $54,000. Point72 DIFC Ltd grew its holdings in Preferred Bank by 69.9% during the second quarter. Point72 DIFC Ltd now owns 848 shares of the bank’s stock valued at $64,000 after purchasing an additional 349 shares during the last quarter. R Squared Ltd acquired a new position in Preferred Bank during the fourth quarter valued at approximately $65,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Preferred Bank in the third quarter valued at approximately $76,000. Finally, KBC Group NV lifted its stake in shares of Preferred Bank by 46.2% in the fourth quarter. KBC Group NV now owns 914 shares of the bank’s stock worth $79,000 after buying an additional 289 shares during the last quarter. 72.77% of the stock is currently 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.