Piper Sandler Cuts Preferred Bank (NASDAQ:PFBC) Price Target to $105.00

Preferred Bank (NASDAQ:PFBC) had its price target cut by Piper Sandler from $111.00 to $105.00 in a report published on Thursday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

PFBC has been the topic of a number of other reports. Stephens reaffirmed a “positive” rating on shares of Preferred Bank in a report on Monday, January 26th. Brean Capital lowered shares of Preferred Bank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Janney Montgomery Scott initiated coverage on shares of Preferred Bank in a report on Tuesday, February 24th. They set a “neutral” rating and a $100.00 price target on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Preferred Bank in a research report on Monday, December 29th. Finally, Zacks Research downgraded shares of Preferred Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Preferred Bank has a consensus rating of “Hold” and an average target price of $100.50.

Preferred Bank Stock Performance

NASDAQ:PFBC opened at $91.19 on Thursday. Preferred Bank has a twelve month low of $71.90 and a twelve month 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 stock’s 50-day simple moving average is $89.20 and its 200 day simple moving average is $92.05. The firm has a market capitalization of $1.32 billion, a PE ratio of 8.79 and a beta of 0.57.

Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $2.79 earnings per share (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 return on equity of 17.31% and a net margin of 26.41%. On average, analysts anticipate that Preferred Bank will post 9.81 EPS for the current fiscal year.

Preferred Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 21st. Stockholders of record on Tuesday, April 7th will be given a dividend of $0.80 per share. The ex-dividend date of this dividend is Tuesday, April 7th. This represents a $3.20 annualized dividend and a dividend yield of 3.5%. Preferred Bank’s dividend payout ratio (DPR) is currently 30.83%.

Hedge Funds Weigh In On Preferred Bank

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its position in Preferred Bank by 1,224.0% during the second quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank’s stock valued at $29,000 after buying an additional 306 shares during the period. Quarry LP raised its position in Preferred Bank by 1,992.0% in the third quarter. Quarry LP now owns 523 shares of the bank’s stock worth $47,000 after acquiring an additional 498 shares during the period. Johnson Financial Group Inc. bought a new stake in Preferred Bank in the third quarter worth about $70,000. Kemnay Advisory Services Inc. purchased a new position in Preferred Bank in the fourth quarter valued at about $91,000. Finally, Clearstead Advisors LLC grew its position in shares of Preferred Bank by 192.1% during the 4th quarter. Clearstead Advisors LLC now owns 1,072 shares of the bank’s stock valued at $101,000 after acquiring an additional 705 shares during the period. 72.77% of the stock is owned by hedge funds and other institutional investors.

Preferred Bank Company Profile

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.