Preferred Bank (NASDAQ:PFBC) Price Target Raised to $111.00

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

A number of other research analysts have also weighed in on PFBC. DA Davidson lifted their price objective on shares of Preferred Bank from $98.00 to $101.00 and gave the company a “neutral” rating in a research note on Wednesday, January 29th. Stephens reiterated an “equal weight” rating and issued a $100.00 price objective on shares of Preferred Bank in a research report on Thursday.

Preferred Bank Stock Performance

Shares of PFBC stock opened at $91.36 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 9.49 and a beta of 0.97. The firm’s 50-day simple moving average is $89.08 and its two-hundred day simple moving average is $85.19. Preferred Bank has a 52 week low of $66.88 and a 52 week high of $99.78.

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

Preferred Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 23rd. Shareholders of record on Thursday, January 9th were issued a dividend of $0.75 per share. This is an increase from Preferred Bank’s previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a yield of 3.28%. The ex-dividend date was Friday, January 10th. Preferred Bank’s dividend payout ratio (DPR) is presently 31.15%.

Hedge Funds Weigh In On Preferred Bank

A number of hedge funds and other institutional investors have recently modified their holdings of PFBC. Copeland Capital Management LLC bought a new position in shares of Preferred Bank in the 3rd quarter worth $54,000. R Squared Ltd purchased a new position in shares of Preferred Bank in the 4th quarter worth approximately $65,000. KBC Group NV raised its stake in shares of Preferred Bank by 46.2% during the 4th quarter. KBC Group NV now owns 914 shares of the bank’s stock worth $79,000 after acquiring an additional 289 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Preferred Bank in the third quarter valued at approximately $76,000. Finally, Point72 Asset Management L.P. boosted its stake 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 valued at $112,000 after acquiring an additional 386 shares in the last quarter. 72.77% of the stock is currently owned by institutional investors.

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.