Preferred Bank (PFBC) Downgraded to “Hold” at Zacks Investment Research
Preferred Bank (NASDAQ:PFBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
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 “
Other equities research analysts also recently issued research reports about the company. FBR & Co lifted their target price on Preferred Bank from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Friday, July 22nd. Raymond James Financial Inc. raised Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $15.00 target price for the company in a report on Thursday, August 25th.
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Preferred Bank (NASDAQ:PFBC) traded down 0.25% on Wednesday, reaching $35.24. 23,514 shares of the company’s stock were exchanged. Preferred Bank has a 52 week low of $26.35 and a 52 week high of $36.82. The stock’s 50 day moving average is $35.09 and its 200 day moving average is $32.34. The company has a market cap of $489.38 million, a price-to-earnings ratio of 15.52 and a beta of 0.88.
Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Wednesday, July 20th. The company reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.03. Preferred Bank had a return on equity of 11.83% and a net margin of 28.55%. On average, equities analysts anticipate that Preferred Bank will post $2.43 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, October 7th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Wednesday, October 5th. Preferred Bank’s dividend payout ratio (DPR) is presently 26.32%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Emerald Acquisition Ltd. bought a new position in Preferred Bank during the second quarter worth approximately $1,264,000. Context BH Capital Management LP increased its position in Preferred Bank by 185.2% in the second quarter. Context BH Capital Management LP now owns 61,740 shares of the company’s stock worth $1,783,000 after buying an additional 40,093 shares during the period. DUPONT CAPITAL MANAGEMENT Corp bought a new position in Preferred Bank during the second quarter worth approximately $378,000. California State Teachers Retirement System increased its position in Preferred Bank by 2.8% in the second quarter. California State Teachers Retirement System now owns 25,462 shares of the company’s stock worth $735,000 after buying an additional 690 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Preferred Bank by 1.3% in the second quarter. Bank of New York Mellon Corp now owns 65,443 shares of the company’s stock worth $1,890,000 after buying an additional 849 shares during the period. 60.23% of the stock is owned by institutional investors and hedge funds.
Preferred Bank Company Profile
Preferred Bank is a commercial bank, which offers financial services to individuals and companies in Southern California. 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 individuals.
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