Preferred Bank (PFBC) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS
Preferred Bank (NASDAQ:PFBC) issued its earnings results on Tuesday. The bank reported $0.80 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.05, Morningstar.com reports. Preferred Bank had a net margin of 28.31% and a return on equity of 13.25%.
Shares of Preferred Bank (PFBC) opened at 56.17 on Wednesday. The stock has a market cap of $804.92 million, a price-to-earnings ratio of 20.68 and a beta of 0.96. Preferred Bank has a one year low of $31.25 and a one year high of $58.12. The company has a 50 day moving average of $52.48 and a 200-day moving average of $53.15.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 21st. Investors of record on Friday, July 7th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, July 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.42%. This is a positive change from Preferred Bank’s previous quarterly dividend of $0.18. Preferred Bank’s dividend payout ratio is currently 29.41%.
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A number of hedge funds have recently bought and sold shares of PFBC. Nuveen Asset Management LLC boosted its stake in shares of Preferred Bank by 52.5% in the first quarter. Nuveen Asset Management LLC now owns 530,245 shares of the bank’s stock worth $28,453,000 after buying an additional 182,564 shares during the last quarter. Vanguard Group Inc. boosted its position in Preferred Bank by 10.2% in the first quarter. Vanguard Group Inc. now owns 522,054 shares of the bank’s stock worth $28,013,000 after buying an additional 48,266 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Preferred Bank by 7.0% in the first quarter. Dimensional Fund Advisors LP now owns 474,744 shares of the bank’s stock worth $25,475,000 after buying an additional 30,981 shares in the last quarter. Renaissance Technologies LLC boosted its position in Preferred Bank by 6.0% in the first quarter. Renaissance Technologies LLC now owns 347,055 shares of the bank’s stock worth $18,623,000 after buying an additional 19,600 shares in the last quarter. Finally, State Street Corp boosted its position in Preferred Bank by 6.9% in the fourth quarter. State Street Corp now owns 238,287 shares of the bank’s stock worth $12,494,000 after buying an additional 15,467 shares in the last quarter. Institutional investors own 75.67% of the company’s stock.
A number of brokerages have recently commented on PFBC. Zacks Investment Research upgraded shares of Preferred Bank from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a research report on Saturday, June 24th. Stephens raised shares of Preferred Bank from an “equal weight” rating to an “overweight” rating in a report on Monday, July 10th. ValuEngine raised shares of Preferred Bank from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub raised shares of Preferred Bank from a “hold” rating to a “buy” rating in a report on Tuesday, July 11th. Finally, FBR & Co reissued a “buy” rating on shares of Preferred Bank in a report on Thursday, April 20th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $45.33.
About Preferred Bank
Preferred Bank is a commercial bank. 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 high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.
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