Stephens Increases Preferred Bank (NASDAQ:PFBC) Price Target to $94.00

Preferred Bank (NASDAQ:PFBC) had its price objective upped by Stephens from $90.00 to $94.00 in a report published on Tuesday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

Separately, Piper Sandler boosted their price target on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th.

Preferred Bank Stock Performance

NASDAQ:PFBC opened at $84.70 on Tuesday. The stock has a market capitalization of $1.22 billion, a P/E ratio of 8.49 and a beta of 0.95. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.07 and a current ratio of 1.08. Preferred Bank has a fifty-two week low of $58.52 and a fifty-two week high of $91.67. The company has a 50 day moving average price of $80.69 and a 200 day moving average price of $78.33.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings results on Monday, October 21st. The bank reported $2.46 EPS for the quarter, topping the consensus estimate of $2.39 by $0.07. The business had revenue of $132.88 million during the quarter, compared to analyst estimates of $68.80 million. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. During the same period last year, the business posted $2.71 earnings per share. Equities research analysts forecast that Preferred Bank will post 9.54 EPS for the current year.

Preferred Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 21st. Shareholders of record on Monday, October 7th were paid a $0.70 dividend. The ex-dividend date was Monday, October 7th. This represents a $2.80 annualized dividend and a dividend yield of 3.31%. Preferred Bank’s dividend payout ratio (DPR) is 28.06%.

Institutional Trading of Preferred Bank

Several hedge funds have recently modified their holdings of PFBC. LSV Asset Management increased its holdings in Preferred Bank by 121.0% during the 2nd quarter. LSV Asset Management now owns 171,330 shares of the bank’s stock worth $12,934,000 after purchasing an additional 93,815 shares during the period. Kennedy Capital Management LLC acquired a new position in shares of Preferred Bank during the first quarter worth about $3,449,000. AQR Capital Management LLC increased its stake in shares of Preferred Bank by 24.7% during the second quarter. AQR Capital Management LLC now owns 77,745 shares of the bank’s stock worth $5,869,000 after buying an additional 15,391 shares during the period. Vanguard Group Inc. raised its holdings in Preferred Bank by 1.3% in the first quarter. Vanguard Group Inc. now owns 868,073 shares of the bank’s stock valued at $66,642,000 after acquiring an additional 10,931 shares in the last quarter. Finally, Inspire Investing LLC purchased a new position in Preferred Bank in the second quarter worth approximately $791,000. 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.