Stephens Reaffirms Equal Weight Rating for Preferred Bank (NASDAQ:PFBC)

Preferred Bank (NASDAQ:PFBC)‘s stock had its “equal weight” rating reaffirmed by Stephens in a research report issued on Thursday,Benzinga reports. They presently have a $100.00 target price on the bank’s stock. Stephens’ price target indicates a potential upside of 9.46% from the stock’s previous close.

Separately, DA Davidson increased their price target on shares of Preferred Bank from $98.00 to $101.00 and gave the company a “neutral” rating in a report on Wednesday.

Preferred Bank Stock Performance

NASDAQ:PFBC opened at $91.36 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 9.49 and a beta of 0.97. Preferred Bank has a 1 year low of $66.88 and a 1 year high of $99.78. The stock’s 50 day simple moving average is $89.08 and its two-hundred day simple moving average is $85.19.

Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Monday, January 27th. The bank reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.17). Preferred Bank had a return on equity of 17.80% and a net margin of 25.00%. As a group, equities analysts anticipate that Preferred Bank will post 9.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. New York State Common Retirement Fund lifted its holdings in shares of Preferred Bank by 15.5% in the 4th quarter. New York State Common Retirement Fund now owns 26,222 shares of the bank’s stock worth $2,265,000 after acquiring an additional 3,516 shares during the last quarter. Principal Financial Group Inc. raised its position in Preferred Bank by 4.3% in the 4th quarter. Principal Financial Group Inc. now owns 70,530 shares of the bank’s stock worth $6,092,000 after purchasing an additional 2,884 shares during the period. Meritage Portfolio Management lifted its stake in Preferred Bank by 223.1% in the fourth quarter. Meritage Portfolio Management now owns 14,729 shares of the bank’s stock worth $1,272,000 after purchasing an additional 10,171 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Preferred Bank by 19.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,976 shares of the bank’s stock valued at $778,000 after buying an additional 1,463 shares during the period. Finally, SkyOak Wealth LLC bought a new position in shares of Preferred Bank during the fourth quarter valued at approximately $281,000. Institutional investors own 72.77% of the company’s stock.

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.