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 “
Other equities analysts have also issued research reports about the company. Piper Sandler lowered their price objective on Preferred Bank from $44.00 to $37.00 and set an overweight rating on the stock in a research note on Thursday, October 1st. BidaskClub upgraded Preferred Bank from a strong sell rating to a sell rating in a research note on Wednesday, October 7th. Finally, Raymond James restated a hold rating on shares of Preferred Bank in a research note on Wednesday, September 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $46.33.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings results on Tuesday, July 21st. The bank reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.28. The business had revenue of $43.61 million during the quarter, compared to analysts’ expectations of $43.39 million. Preferred Bank had a return on equity of 15.03% and a net margin of 31.17%. As a group, sell-side analysts forecast that Preferred Bank will post 4.26 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 21st. Stockholders of record on Wednesday, October 7th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, October 6th. This represents a $1.20 annualized dividend and a dividend yield of 3.53%. Preferred Bank’s payout ratio is 22.94%.
Institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC bought a new position in shares of Preferred Bank in the 1st quarter valued at $26,000. PNC Financial Services Group Inc. increased its stake in shares of Preferred Bank by 39.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 956 shares of the bank’s stock valued at $42,000 after purchasing an additional 271 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Preferred Bank in the 2nd quarter valued at $163,000. BNP Paribas Arbitrage SA increased its stake in shares of Preferred Bank by 78.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,531 shares of the bank’s stock valued at $187,000 after purchasing an additional 2,426 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System bought a new position in shares of Preferred Bank in the 2nd quarter valued at $238,000. Institutional investors own 78.06% of the company’s stock.
About Preferred Bank
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 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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