Preferred Bank (NASDAQ:PFBC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday. The firm presently has a $73.00 price objective on the bank’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 15.14% from the stock’s previous close.
According to Zacks, “Preferred Bank is one of the largest independent commercial banks in California focusing on the Chinese-American market. The bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Company conducts its banking business from its main office in Los Angeles, California, and through ten full-service branch banking offices in Alhambra, Century City, Chino Hills, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Santa Monica and Valencia, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid- sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Preferred Bank continues to benefit from the significant migration to Southern California of “
Several other research analysts have also recently issued reports on PFBC. BidaskClub raised Preferred Bank from a “sell” rating to a “hold” rating in a research note on Thursday. UBS Group raised Preferred Bank from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday. Raymond James Financial raised Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $71.00 price objective on the stock in a research note on Tuesday. They noted that the move was a valuation call. FBR & Co restated a “buy” rating and set a $70.00 target price (up previously from $65.00) on shares of Preferred Bank in a report on Wednesday, October 25th. Finally, ValuEngine lowered Preferred Bank from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and three have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $71.33.
Preferred Bank (PFBC) opened at $63.40 on Friday. Preferred Bank has a 52 week low of $46.88 and a 52 week high of $66.58. The stock has a market capitalization of $899.70, a P/E ratio of 20.13, a P/E/G ratio of 1.53 and a beta of 0.92. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.35.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings data on Tuesday, October 24th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.09. Preferred Bank had a return on equity of 15.22% and a net margin of 29.33%. The company had revenue of $36.67 million for the quarter, compared to analysts’ expectations of $34.68 million. analysts expect that Preferred Bank will post 3.35 EPS for the current year.
Institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. purchased a new stake in Preferred Bank during the second quarter worth $369,000. Capital Fund Management S.A. purchased a new stake in Preferred Bank during the second quarter worth $283,000. Vanguard Group Inc. lifted its holdings in Preferred Bank by 6.3% during the second quarter. Vanguard Group Inc. now owns 554,921 shares of the bank’s stock worth $29,672,000 after buying an additional 32,867 shares during the period. Ameriprise Financial Inc. lifted its holdings in Preferred Bank by 36.9% during the third quarter. Ameriprise Financial Inc. now owns 191,782 shares of the bank’s stock worth $11,574,000 after buying an additional 51,656 shares during the period. Finally, John W. Rosenthal Capital Management Inc. lifted its holdings in Preferred Bank by 54.6% during the third quarter. John W. Rosenthal Capital Management Inc. now owns 49,975 shares of the bank’s stock worth $3,016,000 after buying an additional 17,650 shares during the period. Institutional investors own 79.89% of the company’s stock.
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Preferred Bank Company Profile
Preferred Bank is a commercial bank. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.
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