Preferred Bank (NASDAQ:PFBC) Reaches New 12-Month High After Dividend Announcement

by · The Cerbat Gem

Preferred Bank (NASDAQ:PFBC – Get Free Report) hit a new 52-week high on Friday following a dividend announcement from the company. The company traded as high as $100.00 and last traded at $100.30, with a volume of 16831 shares trading hands. The stock had previously closed at $97.83.

The newly announced dividend which will be paid on Tuesday, January 20th. Shareholders of record on Tuesday, January 6th will be paid a dividend of $3.20 per share. This represents a yield of 327.0%. The ex-dividend date is Tuesday, January 6th. Preferred Bank’s dividend payout ratio is 30.49%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Zacks Research raised shares of Preferred Bank from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Preferred Bank in a research note on Tuesday, December 2nd. DA Davidson cut their price objective on Preferred Bank from $108.00 to $104.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 22nd. Finally, Piper Sandler lifted their target price on Preferred Bank from $112.00 to $119.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $104.67.

Check Out Our Latest Report on Preferred Bank

Preferred Bank Price Performance

The business has a fifty day moving average of $91.77 and a 200-day moving average of $90.71. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $1.44 billion, a P/E ratio of 10.17 and a beta of 0.74.

Preferred Bank (NASDAQ:PFBC – Get Free Report) last announced its earnings results on Monday, October 20th. The bank reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.27. Preferred Bank had a net margin of 25.67% and a return on equity of 16.91%. The firm had revenue of $74.98 million during the quarter, compared to analyst estimates of $72.74 million. During the same quarter in the prior year, the firm posted $2.46 EPS. On average, sell-side analysts forecast that Preferred Bank will post 9.81 EPS for the current fiscal year.

Institutional Trading of Preferred Bank

Large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its position in shares of Preferred Bank by 1,224.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank’s stock valued at $29,000 after acquiring an additional 306 shares in the last quarter. Quarry LP grew its stake in shares of Preferred Bank by 1,992.0% in the 3rd quarter. Quarry LP now owns 523 shares of the bank’s stock valued at $47,000 after buying an additional 498 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in Preferred Bank in the third quarter worth approximately $70,000. Copeland Capital Management LLC raised its position in Preferred Bank by 16.2% during the second quarter. Copeland Capital Management LLC now owns 845 shares of the bank’s stock valued at $73,000 after acquiring an additional 118 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in Preferred Bank by 350.7% during the second quarter. NewEdge Advisors LLC now owns 1,316 shares of the bank’s stock valued at $114,000 after acquiring an additional 1,024 shares in the last quarter. 72.77% of the stock is currently owned by institutional investors.

About Preferred Bank

(Get Free Report)

Preferred Bank provides various commercial banking products and services to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals, and high net worth individuals. The company accepts checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.

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