Preferred Bank (PFBC) Downgraded to Hold at Zacks Investment Research
According to Zacks, “Preferred Bank is one of the largest independent commercial banks in California focusing on the Chinese-American market. The bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Company conducts its banking business from its main office in Los Angeles, California, and through ten full-service branch banking offices in Alhambra, Century City, Chino Hills, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Santa Monica and Valencia, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid- sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Preferred Bank continues to benefit from the significant migration to Southern California of “
Other analysts have also issued reports about the stock. Raymond James Financial Inc. raised shares of Preferred Bank from an outperform rating to a strong-buy rating and set a $15.00 price target on the stock in a research report on Thursday, August 25th. FBR & Co upped their price target on shares of Preferred Bank from $37.00 to $39.00 and gave the stock an outperform rating in a research report on Friday, July 22nd.
Preferred Bank (NASDAQ:PFBC) traded down 0.28% during mid-day trading on Wednesday, reaching $35.32. 24,257 shares of the company’s stock traded hands. The firm has a 50 day moving average of $35.04 and a 200 day moving average of $32.28. The firm has a market cap of $490.49 million, a PE ratio of 15.55 and a beta of 0.88. Preferred Bank has a 1-year low of $26.35 and a 1-year high of $36.82.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.03. Preferred Bank had a net margin of 28.55% and a return on equity of 11.83%. Analysts forecast that Preferred Bank will post $2.43 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Friday, October 7th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Wednesday, October 5th. Preferred Bank’s dividend payout ratio (DPR) is currently 26.32%.
A number of hedge funds have recently bought and sold shares of PFBC. American International Group Inc. raised its position in shares of Preferred Bank by 2.2% in the second quarter. American International Group Inc. now owns 6,990 shares of the company’s stock valued at $202,000 after buying an additional 150 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Preferred Bank by 0.9% in the second quarter. Parametric Portfolio Associates LLC now owns 21,270 shares of the company’s stock valued at $614,000 after buying an additional 196 shares during the last quarter. BlackRock Advisors LLC raised its position in shares of Preferred Bank by 7.4% in the second quarter. BlackRock Advisors LLC now owns 6,463 shares of the company’s stock valued at $187,000 after buying an additional 448 shares during the last quarter. MAI Capital Management raised its position in shares of Preferred Bank by 3.3% in the second quarter. MAI Capital Management now owns 14,747 shares of the company’s stock valued at $426,000 after buying an additional 471 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Preferred Bank by 4.6% in the second quarter. First Trust Advisors LP now owns 13,905 shares of the company’s stock valued at $402,000 after buying an additional 608 shares during the last quarter. 60.23% of the stock is currently owned by hedge funds and other institutional investors.
Preferred Bank Company Profile
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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