Zacks Investment Research Lowers Preferred Bank (PFBC) to Hold
Preferred Bank (NASDAQ:PFBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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 “
Several other analysts have also recently issued reports on PFBC. FBR & Co started coverage on shares of Preferred Bank in a research note on Friday, July 1st. They set an “outperform” rating and a $37.00 price objective for the company. Raymond James Financial Inc. raised shares of Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $15.00 price objective for the company in a research note on Thursday, August 25th.
Shares of Preferred Bank (NASDAQ:PFBC) opened at 34.79 on Wednesday. The firm has a market cap of $483.13 million, a P/E ratio of 15.32 and a beta of 0.88. The company has a 50-day moving average of $35.00 and a 200 day moving average of $32.25. Preferred Bank has a 12-month low of $26.35 and a 12-month high of $36.82.
Preferred Bank (NASDAQ:PFBC) last released its earnings results on Wednesday, July 20th. The company reported $0.61 EPS for the quarter, topping the Thomson Reuters’ 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%. Equities research analysts anticipate that Preferred Bank will post $2.43 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Friday, October 7th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.60 annualized dividend and a dividend yield of 1.72%. Preferred Bank’s dividend payout ratio is presently 26.32%.
Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Preferred Bank by 1.0% in the second quarter. Vanguard Group Inc. now owns 434,802 shares of the company’s stock worth $12,555,000 after buying an additional 4,375 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Preferred Bank by 7.1% in the second quarter. Dimensional Fund Advisors LP now owns 393,220 shares of the company’s stock worth $11,354,000 after buying an additional 25,934 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Preferred Bank by 7.1% in the first quarter. Renaissance Technologies LLC now owns 386,355 shares of the company’s stock worth $11,687,000 after buying an additional 25,600 shares during the period. FMR LLC boosted its stake in shares of Preferred Bank by 47.5% in the second quarter. FMR LLC now owns 340,530 shares of the company’s stock worth $9,833,000 after buying an additional 109,630 shares during the period. Finally, BlackRock Fund Advisors boosted its stake in shares of Preferred Bank by 5.6% in the second quarter. BlackRock Fund Advisors now owns 314,237 shares of the company’s stock worth $9,074,000 after buying an additional 16,554 shares during the period. 60.23% of the stock is owned by hedge funds and other institutional investors.
About Preferred Bank
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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