Preferred Bank (NASDAQ:PFBC) Announces $0.70 Quarterly Dividend

Preferred Bank (NASDAQ:PFBC) announced a quarterly dividend on Thursday, September 19th, Zacks reports. Investors of record on Monday, October 7th will be paid a dividend of 0.70 per share by the bank on Monday, October 21st. This represents a $2.80 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Monday, October 7th.

Preferred Bank has increased its dividend by an average of 22.4% per year over the last three years. Preferred Bank has a payout ratio of 31.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Preferred Bank to earn $8.91 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 31.4%.

Preferred Bank Price Performance

NASDAQ PFBC opened at $80.95 on Friday. Preferred Bank has a 1 year low of $58.52 and a 1 year high of $91.67. The business’s fifty day moving average is $80.89 and its two-hundred day moving average is $77.18. The stock has a market capitalization of $1.17 billion, a P/E ratio of 7.81 and a beta of 0.96. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.07.

Preferred Bank (NASDAQ:PFBC) last announced its earnings results on Thursday, July 25th. The bank reported $2.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.39 by $0.09. Preferred Bank had a return on equity of 20.24% and a net margin of 27.35%. The company had revenue of $130.70 million for the quarter, compared to analyst estimates of $70.55 million. During the same period in the previous year, the firm earned $2.61 earnings per share. On average, research analysts forecast that Preferred Bank will post 9.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PFBC shares. Piper Sandler raised their target price on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Stephens raised their price objective on shares of Preferred Bank from $84.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th.

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.