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 have also weighed in on PFBC. ValuEngine lowered Preferred Bank from a hold rating to a sell rating in a report on Friday, November 1st. BidaskClub downgraded Preferred Bank from a buy rating to a hold rating in a report on Saturday, November 16th. B. Riley downgraded Preferred Bank from a buy rating to a neutral rating and lowered their price target for the stock from $59.00 to $55.00 in a report on Wednesday, August 21st. Raymond James raised their price target on Preferred Bank from $55.00 to $56.00 and gave the stock an outperform rating in a research report on Friday, October 18th. Finally, Janney Montgomery Scott cut Preferred Bank from a buy rating to a neutral rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Preferred Bank presently has an average rating of Hold and an average price target of $53.00.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.32. Preferred Bank had a net margin of 32.86% and a return on equity of 17.53%. The company had revenue of $43.21 million during the quarter, compared to analyst estimates of $44.22 million. Equities research analysts expect that Preferred Bank will post 5.18 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of PFBC. Panagora Asset Management Inc. raised its holdings in shares of Preferred Bank by 39.3% during the second quarter. Panagora Asset Management Inc. now owns 1,105 shares of the bank’s stock worth $52,000 after acquiring an additional 312 shares during the period. Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Preferred Bank in the 3rd quarter valued at about $210,000. Miles Capital Inc. bought a new stake in shares of Preferred Bank in the second quarter valued at about $216,000. Laurion Capital Management LP bought a new stake in shares of Preferred Bank in the second quarter valued at about $221,000. Finally, Susquehanna International Group LLP bought a new stake in shares of Preferred Bank in the second quarter valued at about $259,000. 77.34% of the stock is owned by institutional investors.
Preferred Bank Company Profile
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 in the United States. The company's deposit products include 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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