Preferred Bank (NASDAQ:PFBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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 “

PFBC has been the topic of a number of other research reports. BidaskClub lowered shares of Preferred Bank from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Stephens raised shares of Preferred Bank from an “equal weight” rating to an “overweight” rating in a research report on Monday, July 10th. ValuEngine raised shares of Preferred Bank from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, FBR & Co reissued a “buy” rating on shares of Preferred Bank in a report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Preferred Bank currently has a consensus rating of “Hold” and a consensus price target of $60.50.

Preferred Bank (PFBC) opened at 54.84 on Wednesday. The firm’s 50-day moving average is $53.93 and its 200 day moving average is $53.12. Preferred Bank has a one year low of $34.31 and a one year high of $58.98. The firm has a market capitalization of $788.00 million, a price-to-earnings ratio of 18.83 and a beta of 0.95.

Preferred Bank (NASDAQ:PFBC) last announced its earnings results on Tuesday, July 18th. The bank reported $0.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.05. Preferred Bank had a net margin of 28.91% and a return on equity of 14.05%. The business had revenue of $32.55 million for the quarter, compared to analyst estimates of $31.78 million. Analysts forecast that Preferred Bank will post $3.21 EPS for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in the business. Phocas Financial Corp. bought a new stake in Preferred Bank in the 2nd quarter valued at $8,623,000. The Manufacturers Life Insurance Company increased its holdings in Preferred Bank by 9.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,403 shares of the bank’s stock valued at $556,000 after buying an additional 875 shares during the period. State Street Corp increased its holdings in Preferred Bank by 61.7% in the 2nd quarter. State Street Corp now owns 388,696 shares of the bank’s stock valued at $20,782,000 after buying an additional 148,363 shares during the period. Goldman Sachs Group Inc. increased its holdings in Preferred Bank by 74.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 35,389 shares of the bank’s stock valued at $1,892,000 after buying an additional 15,124 shares during the period. Finally, Voya Investment Management LLC bought a new stake in Preferred Bank in the 2nd quarter valued at $269,000. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

About Preferred Bank

Preferred Bank is a commercial bank. 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 high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.

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