Stephens Has Lowered Expectations for Preferred Bank (NASDAQ:PFBC) Stock Price

Preferred Bank (NASDAQ:PFBC) had its price objective lowered by stock analysts at Stephens from $105.00 to $93.00 in a note issued to investors on Monday, Marketbeat reports. The firm presently has an “equal weight” rating on the bank’s stock. Stephens’ price target would suggest a potential upside of 10.07% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Piper Sandler cut their price target on Preferred Bank from $121.00 to $111.00 and set an “overweight” rating on the stock in a report on Monday. Weiss Ratings restated a “buy (b)” rating on shares of Preferred Bank in a research note on Monday, December 29th. Zacks Research cut shares of Preferred Bank from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Finally, DA Davidson lowered their price target on shares of Preferred Bank from $108.00 to $104.00 and set a “neutral” rating for the company in a report on Wednesday, October 22nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $102.67.

Preferred Bank Price Performance

Shares of PFBC opened at $84.49 on Monday. The company has a market cap of $1.22 billion, a P/E ratio of 8.14 and a beta of 0.66. Preferred Bank has a fifty-two week low of $71.90 and a fifty-two week high of $103.05. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.44. The firm’s 50 day moving average price is $95.76 and its 200 day moving average price is $93.30.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $2.79 EPS for the quarter, topping the consensus estimate of $2.78 by $0.01. The business had revenue of $78.07 million during the quarter, compared to the consensus estimate of $74.54 million. Preferred Bank had a net margin of 26.41% and a return on equity of 17.31%. On average, research analysts forecast that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank boosted its stake in shares of Preferred Bank by 3.5% during the 3rd quarter. Amalgamated Bank now owns 3,452 shares of the bank’s stock worth $312,000 after purchasing an additional 116 shares during the last quarter. Copeland Capital Management LLC raised its position in shares of Preferred Bank by 16.2% in the second quarter. Copeland Capital Management LLC now owns 845 shares of the bank’s stock valued at $73,000 after buying an additional 118 shares during the last quarter. SummerHaven Investment Management LLC lifted its stake in shares of Preferred Bank by 1.6% during the second quarter. SummerHaven Investment Management LLC now owns 10,582 shares of the bank’s stock valued at $916,000 after buying an additional 170 shares during the period. Envestnet Asset Management Inc. boosted its position in Preferred Bank by 1.4% during the second quarter. Envestnet Asset Management Inc. now owns 13,581 shares of the bank’s stock worth $1,175,000 after acquiring an additional 187 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Preferred Bank by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,266 shares of the bank’s stock worth $608,000 after acquiring an additional 202 shares during the period. Hedge funds and other institutional investors own 72.77% of the company’s stock.

About Preferred Bank

Preferred Bank (NASDAQ: PFBC) is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.

The bank’s core lending portfolio focuses on commercial real estate acquisition, development and investment properties.