Preferred Bank (NASDAQ:PFBC) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Preferred Bank (NASDAQ:PFBC) released its quarterly earnings data on Friday. The bank reported $2.73 earnings per share for the quarter, topping the consensus estimate of $2.69 by $0.04, Zacks reports. Preferred Bank had a return on equity of 17.27% and a net margin of 26.54%.

Preferred Bank Stock Down 1.5%

Shares of PFBC traded down $1.65 during trading hours on Friday, hitting $106.97. 60,659 shares of the company were exchanged, compared to its average volume of 113,329. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market cap of $1.54 billion, a PE ratio of 9.80 and a beta of 0.57. The firm’s 50 day moving average is $104.72 and its 200-day moving average is $101.39. Preferred Bank has a 52 week low of $81.50 and a 52 week high of $112.26.

Preferred Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 19th. Stockholders of record on Monday, October 5th were paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, October 5th. Preferred Bank’s dividend payout ratio is 29.25%.

Analysts Set New Price Targets

PFBC has been the subject of a number of recent analyst reports. Benchmark upgraded Preferred Bank to a “strong-buy” rating in a research report on Wednesday, September 23rd. Stephens boosted their price objective on Preferred Bank from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Thursday, July 23rd. Piper Sandler upped their price objective on shares of Preferred Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 1st. Finally, Weiss Ratings raised shares of Preferred Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Preferred Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $110.00.

About Preferred Bank

Preferred Bank (NASDAQ: PFBC) is a commercial bank headquartered in Los Angeles, California. Founded in 1991, the bank provides banking and financial services to businesses, professionals and individuals, with a particular focus on commercial banking and relationship-based service.

The bank’s principal offerings include commercial and industrial loans, commercial real estate financing, construction and residential real estate loans, and consumer lending. Preferred Bank also provides deposit accounts, cash-management services, online banking and other treasury-management solutions for business and personal customers.

Preferred Bank operates a network of full-service branches in California and New York, serving customers in major metropolitan markets including the greater Los Angeles area, the San Francisco Bay Area and New York City.