Preferred Bank (NASDAQ:PFBC) Cut to “Hold” at Brean Capital

Brean Capital cut shares of Preferred Bank (NASDAQ:PFBC) from a strong-buy rating to a hold rating in a report released on Tuesday morning,Zacks.com reports.

PFBC has been the subject of several other research reports. Stephens reaffirmed a “positive” rating on shares of Preferred Bank in a research report on Monday, January 26th. Janney Montgomery Scott initiated coverage on Preferred Bank in a research report on Tuesday. They set a “neutral” rating and a $100.00 price objective for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Preferred Bank in a research note on Monday, December 29th. Zacks Research lowered shares of Preferred Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Finally, Piper Sandler decreased their price target on shares of Preferred Bank from $121.00 to $111.00 and set an “overweight” rating for the company in a report on Monday, January 26th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $102.00.

Preferred Bank Stock Performance

Preferred Bank stock opened at $90.77 on Tuesday. The firm’s 50 day simple moving average is $92.96 and its 200-day simple moving average is $92.83. The company has a market cap of $1.31 billion, a P/E ratio of 8.74 and a beta of 0.65. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.07 and a quick ratio of 1.07. Preferred Bank has a fifty-two week low of $71.90 and a fifty-two week high of $103.05.

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

Preferred Bank Announces Dividend

The company also recently disclosed an annual dividend, which was paid on Tuesday, January 20th. Investors of record on Tuesday, January 6th were issued a $3.20 dividend. The ex-dividend date was Tuesday, January 6th. This represents a yield of 336.0%. Preferred Bank’s dividend payout ratio is currently 30.83%.

Institutional Trading of Preferred Bank

Several large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its holdings in shares of Preferred Bank by 1,224.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank’s stock valued at $29,000 after purchasing an additional 306 shares in the last quarter. Quarry LP increased its position in Preferred Bank by 1,992.0% during the third quarter. Quarry LP now owns 523 shares of the bank’s stock worth $47,000 after buying an additional 498 shares during the last quarter. Johnson Financial Group Inc. bought a new position in Preferred Bank during the third quarter valued at about $70,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Preferred Bank in the fourth quarter worth about $91,000. Finally, Clearstead Advisors LLC lifted its position in shares of Preferred Bank by 192.1% in the fourth quarter. Clearstead Advisors LLC now owns 1,072 shares of the bank’s stock worth $101,000 after buying an additional 705 shares during the last quarter. 72.77% of the stock is owned by institutional investors.

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.