Preferred Bank (NASDAQ:PFBC) Price Target Cut to $105.00 by Analysts at Piper Sandler

Preferred Bank (NASDAQ:PFBC) had its target price reduced by Piper Sandler from $111.00 to $105.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price would suggest a potential upside of 16.32% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Janney Montgomery Scott initiated coverage on Preferred Bank in a report on Tuesday, February 24th. They issued a “neutral” rating and a $100.00 price target for the company. Stephens restated a “positive” rating on shares of Preferred Bank in a research report on Monday, January 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Preferred Bank in a report on Monday, December 29th. Zacks Research downgraded shares of Preferred Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Finally, Brean Capital cut Preferred Bank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $100.50.

Preferred Bank Stock Performance

Shares of PFBC stock opened at $90.27 on Thursday. The business’s fifty day simple moving average is $89.07 and its 200-day simple moving average is $92.07. The company has a market cap of $1.30 billion, a PE ratio of 8.77 and a beta of 0.57. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Preferred Bank has a 12-month low of $71.90 and a 12-month high of $103.05.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $2.79 EPS for the quarter, beating the consensus estimate of $2.78 by $0.01. The firm had revenue of $78.07 million during the quarter, compared to analyst estimates of $74.54 million. Preferred Bank had a return on equity of 17.31% and a net margin of 26.41%. Analysts expect that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Institutional Trading of Preferred Bank

A number of institutional investors and hedge funds have recently modified their holdings of PFBC. EverSource Wealth Advisors LLC raised its position 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 worth $29,000 after purchasing an additional 306 shares during the last quarter. Quarry LP boosted its holdings in Preferred Bank by 1,992.0% in the 3rd 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. purchased a new stake in Preferred Bank during the 3rd quarter worth approximately $70,000. Kemnay Advisory Services Inc. purchased a new stake in Preferred Bank during the 4th quarter worth approximately $91,000. Finally, Clearstead Advisors LLC raised its holdings in shares of Preferred Bank by 192.1% during the fourth 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 last quarter. Hedge funds and other institutional investors own 72.77% of the company’s stock.

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.