B. Riley Boosts Preferred Bank (NASDAQ:PFBC) Price Target to $95.00

Preferred Bank (NASDAQ:PFBC) had its price target increased by B. Riley from $80.00 to $95.00 in a report released on Wednesday morning, The Fly reports. They currently have a buy rating on the bank’s stock. B. Riley also issued estimates for Preferred Bank’s Q1 2022 earnings at $1.59 EPS, Q2 2022 earnings at $1.70 EPS, Q3 2022 earnings at $1.76 EPS, Q4 2022 earnings at $1.86 EPS, FY2022 earnings at $6.90 EPS, Q1 2023 earnings at $1.81 EPS, Q2 2023 earnings at $1.87 EPS, Q3 2023 earnings at $2.04 EPS, Q4 2023 earnings at $2.13 EPS and FY2023 earnings at $7.85 EPS.

PFBC has been the topic of a number of other research reports. Piper Sandler boosted their target price on shares of Preferred Bank from $85.00 to $88.00 and gave the stock an overweight rating in a research report on Wednesday, November 17th. Zacks Investment Research lowered shares of Preferred Bank from a buy rating to a hold rating in a report on Thursday, October 28th. Finally, Stephens raised shares of Preferred Bank from an equal weight rating to an overweight rating and upped their target price for the stock from $74.00 to $79.00 in a report on Friday, October 29th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Buy and a consensus price target of $82.80.

Preferred Bank stock opened at $81.06 on Wednesday. The firm’s 50 day simple moving average is $71.03 and its 200-day simple moving average is $66.12. Preferred Bank has a fifty-two week low of $47.84 and a fifty-two week high of $81.55. The company has a market cap of $1.22 billion, a P/E ratio of 13.47 and a beta of 1.40. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.03 and a quick ratio of 1.03.

Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Tuesday, October 19th. The bank reported $1.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.14. Preferred Bank had a net margin of 41.33% and a return on equity of 16.42%. The firm had revenue of $50.54 million during the quarter, compared to analysts’ expectations of $49.76 million. During the same period in the previous year, the company earned $1.15 earnings per share. On average, analysts expect that Preferred Bank will post 6.34 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 21st. Stockholders of record on Friday, January 7th will be paid a dividend of $0.43 per share. This is a boost from Preferred Bank’s previous quarterly dividend of $0.38. This represents a $1.72 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Thursday, January 6th. Preferred Bank’s dividend payout ratio (DPR) is currently 28.57%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PFBC. Rafferty Asset Management LLC boosted its holdings in shares of Preferred Bank by 12.8% in the 2nd quarter. Rafferty Asset Management LLC now owns 10,809 shares of the bank’s stock valued at $684,000 after buying an additional 1,227 shares during the last quarter. Citigroup Inc. boosted its holdings in shares of Preferred Bank by 55.4% in the 2nd quarter. Citigroup Inc. now owns 15,515 shares of the bank’s stock valued at $982,000 after buying an additional 5,528 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Preferred Bank by 7.2% in the 2nd quarter. Principal Financial Group Inc. now owns 114,576 shares of the bank’s stock valued at $7,249,000 after buying an additional 7,744 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Preferred Bank by 30.2% in the 2nd quarter. Bank of Montreal Can now owns 162,980 shares of the bank’s stock valued at $10,873,000 after buying an additional 37,799 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Preferred Bank by 72.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 94,406 shares of the bank’s stock valued at $5,973,000 after buying an additional 39,522 shares during the last quarter. 73.33% of the stock is owned by institutional investors.

About Preferred Bank

Preferred Bank operates as an independent commercial bank. It offers real estate financing for residential, commercial, industrial, and other income producing properties. Its business and consumer products include checking, savings, money market, and certificate of deposit accounts. The firm also offers treasury management services such as account reconciliation, remote deposit, cash and check courier services, merchant processing, and ACH credit origination.

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