Shares of Preferred Bank (NASDAQ:PFBC) shot up 1.4% on Wednesday . The stock traded as high as $34.56 and last traded at $34.54, with a volume of 58,223 shares trading hands. The stock had previously closed at $34.07.

Several brokerages recently weighed in on PFBC. Zacks Investment Research raised shares of Preferred Bank from a “hold” rating to a “strong-buy” rating and set a $37.00 target price on the stock in a report on Tuesday, July 26th. FBR & Co increased their price target on shares of Preferred Bank from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Friday, July 22nd.

The company’s 50-day moving average is $32.69 and its 200 day moving average is $31.00. The company has a market cap of $480.21 million and a P/E ratio of 15.23.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.58 by $0.03. Equities research analysts anticipate that Preferred Bank will post $2.43 EPS for the current fiscal year.

An institutional investor recently bought a new position in Preferred Bank stock. Systematic Financial Management LP bought a new position in Preferred Bank (NASDAQ:PFBC) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 40,835 shares of the company’s stock, valued at approximately $1,348,000. Systematic Financial Management LP owned approximately 0.30% of Preferred Bank at the end of the most recent quarter.

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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