Preferred Bank (PFBC) Rating Increased to Buy at Zacks Investment Research
Preferred Bank (NASDAQ:PFBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The brokerage currently has a $73.00 price target on the bank’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.35% from the company’s current price.
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 research firms also recently commented on PFBC. FBR & Co restated a “buy” rating and set a $70.00 price objective (up previously from $65.00) on shares of Preferred Bank in a report on Wednesday, October 25th. BidaskClub upgraded Preferred Bank from a “hold” rating to a “buy” rating in a report on Tuesday, July 11th. Finally, Stephens upgraded Preferred Bank from an “equal weight” rating to an “overweight” rating in a report on Monday, July 10th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Preferred Bank presently has an average rating of “Buy” and an average price target of $71.50.
Preferred Bank (PFBC) opened at 64.40 on Friday. Preferred Bank has a 52 week low of $36.02 and a 52 week high of $66.58. The company has a market capitalization of $925.36 million, a PE ratio of 22.12 and a beta of 0.94. The stock’s 50 day moving average is $57.61 and its 200 day moving average is $54.34.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Tuesday, October 24th. The bank reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.09. The firm had revenue of $36.67 million during the quarter, compared to the consensus estimate of $34.68 million. Preferred Bank had a return on equity of 15.22% and a net margin of 29.33%. Analysts predict that Preferred Bank will post $3.30 EPS for the current fiscal year.
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A number of institutional investors have recently made changes to their positions in PFBC. Bank of New York Mellon Corp grew its holdings in Preferred Bank by 39.3% during the first quarter. Bank of New York Mellon Corp now owns 133,682 shares of the bank’s stock worth $7,173,000 after buying an additional 37,724 shares in the last quarter. UBS Asset Management Americas Inc. bought a new stake in Preferred Bank during the first quarter worth $207,000. Karp Capital Management Corp bought a new stake in Preferred Bank during the first quarter worth $270,000. SG Americas Securities LLC grew its holdings in Preferred Bank by 86.9% during the first quarter. SG Americas Securities LLC now owns 3,726 shares of the bank’s stock worth $200,000 after buying an additional 1,732 shares in the last quarter. Finally, American International Group Inc. grew its holdings in Preferred Bank by 7.1% during the first quarter. American International Group Inc. now owns 7,480 shares of the bank’s stock worth $401,000 after buying an additional 499 shares in the last quarter. Institutional investors and hedge funds own 78.53% of the company’s stock.
Preferred Bank Company Profile
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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