Shares of Preferred Bank (NASDAQ:PFBC – Get Free Report) saw unusually-strong trading volume on Monday . Approximately 144,630 shares traded hands during mid-day trading, an increase of 34% from the previous session’s volume of 107,993 shares.The stock last traded at $104.8150 and had previously closed at $104.82.
Analysts Set New Price Targets
PFBC has been the subject of several recent research reports. Piper Sandler boosted their price objective on Preferred Bank from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Weiss Ratings upgraded shares of Preferred Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Preferred Bank presently has an average rating of “Hold” and an average target price of $102.00.
Get Our Latest Analysis on PFBC
Preferred Bank Stock Performance
Preferred Bank (NASDAQ:PFBC – Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $2.53 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.05. The business had revenue of $69.62 million during the quarter, compared to analysts’ expectations of $71.76 million. Preferred Bank had a return on equity of 17.52% and a net margin of 26.49%. Analysts predict that Preferred Bank will post 10.67 EPS for the current year.
Preferred Bank Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 21st. Shareholders of record on Tuesday, July 7th will be issued a dividend of $0.80 per share. The ex-dividend date is Tuesday, July 7th. This represents a $3.20 dividend on an annualized basis and a yield of 3.1%. Preferred Bank’s dividend payout ratio (DPR) is 29.96%.
Hedge Funds Weigh In On Preferred Bank
Institutional investors have recently modified their holdings of the stock. Qube Research & Technologies Ltd increased its stake in shares of Preferred Bank by 288.4% in the 3rd quarter. Qube Research & Technologies Ltd now owns 74,636 shares of the bank’s stock valued at $6,746,000 after acquiring an additional 55,418 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Preferred Bank by 40,612.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 52,112 shares of the bank’s stock worth $4,896,000 after acquiring an additional 51,984 shares during the last quarter. American Century Companies Inc. grew its holdings in Preferred Bank by 15.7% during the third quarter. American Century Companies Inc. now owns 337,804 shares of the bank’s stock valued at $30,534,000 after purchasing an additional 45,946 shares during the period. Kennedy Capital Management LLC grew its holdings in Preferred Bank by 19.9% during the fourth quarter. Kennedy Capital Management LLC now owns 199,419 shares of the bank’s stock valued at $18,831,000 after purchasing an additional 33,157 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Preferred Bank by 19.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 206,622 shares of the bank’s stock valued at $19,511,000 after purchasing an additional 33,124 shares during the period. 72.77% of the stock is currently owned by institutional investors and hedge funds.
About Preferred Bank
Preferred Bank (NASDAQ: PFBC) is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.
The bank’s core lending portfolio focuses on commercial real estate acquisition, development and investment properties.
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