Preferred Bank (NASDAQ:PFBC) Stock Price Expected to Rise, Piper Sandler Analyst Says

Preferred Bank (NASDAQ:PFBC) had its price target hoisted by Piper Sandler from $101.00 to $111.00 in a research report released on Friday,Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

Other equities analysts also recently issued research reports about the stock. DA Davidson raised their price target on shares of Preferred Bank from $98.00 to $101.00 and gave the company a “neutral” rating in a research note on Wednesday. Stephens reaffirmed an “equal weight” rating and set a $100.00 target price on shares of Preferred Bank in a research report on Thursday.

Preferred Bank Price Performance

Shares of PFBC opened at $91.36 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.32 billion, a PE ratio of 9.49 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 business has a 50-day simple moving average of $89.08 and a two-hundred day simple moving average of $85.19.

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

Preferred Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 23rd. Stockholders of record on Thursday, January 9th were given a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.28%. This is an increase from Preferred Bank’s previous quarterly dividend of $0.70. Preferred Bank’s payout ratio is 31.15%.

Institutional Investors Weigh In On Preferred Bank

Several large investors have recently modified their holdings of PFBC. FMR LLC boosted its position in Preferred Bank by 4.2% during the third quarter. FMR LLC now owns 6,674 shares of the bank’s stock valued at $536,000 after acquiring an additional 271 shares during the last quarter. KBC Group NV lifted its stake in shares of Preferred Bank by 46.2% in the 4th quarter. KBC Group NV now owns 914 shares of the bank’s stock valued at $79,000 after purchasing an additional 289 shares during the period. Sei Investments Co. boosted its position in shares of Preferred Bank by 6.7% during the 2nd quarter. Sei Investments Co. now owns 5,137 shares of the bank’s stock valued at $388,000 after purchasing an additional 323 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in Preferred Bank by 2.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 16,272 shares of the bank’s stock worth $1,406,000 after purchasing an additional 334 shares during the period. Finally, Point72 Asset Management L.P. increased its holdings in Preferred Bank by 35.1% in the second quarter. Point72 Asset Management L.P. now owns 1,486 shares of the bank’s stock worth $112,000 after purchasing an additional 386 shares in the last quarter. 72.77% of the stock is currently owned by institutional investors and hedge funds.

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. 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.