Preferred Bank (NASDAQ:PFBC – Get Rating) declared a quarterly dividend on Wednesday, September 21st, Zacks reports. Shareholders of record on Friday, October 7th will be paid a dividend of 0.43 per share by the bank on Friday, October 21st. This represents a $1.72 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Thursday, October 6th.
Preferred Bank has increased its dividend payment by an average of 15.5% annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Preferred Bank has a payout ratio of 19.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Preferred Bank to earn $8.81 per share next year, which means the company should continue to be able to cover its $1.72 annual dividend with an expected future payout ratio of 19.5%.
Preferred Bank Stock Performance
NASDAQ:PFBC traded down $0.92 during trading on Friday, reaching $66.37. The company’s stock had a trading volume of 18 shares, compared to its average volume of 49,921. The firm has a market cap of $998.87 million, a price-to-earnings ratio of 9.38 and a beta of 1.17. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a 50 day moving average of $70.46 and a 200-day moving average of $70.11. Preferred Bank has a 12 month low of $62.02 and a 12 month high of $81.97.
Wall Street Analyst Weigh In
PFBC has been the topic of a number of research reports. Raymond James cut Preferred Bank from an “outperform” rating to a “market perform” rating in a report on Thursday, July 7th. B. Riley decreased their price objective on Preferred Bank from $95.00 to $80.00 in a report on Monday, July 11th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $86.60.
Hedge Funds Weigh In On Preferred Bank
Large investors have recently bought and sold shares of the stock. Captrust Financial Advisors increased its stake in Preferred Bank by 887.8% in the 1st quarter. Captrust Financial Advisors now owns 484 shares of the bank’s stock worth $36,000 after purchasing an additional 435 shares during the period. PNC Financial Services Group Inc. increased its stake in Preferred Bank by 59.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,352 shares of the bank’s stock worth $99,000 after purchasing an additional 505 shares during the period. Advisor Group Holdings Inc. increased its stake in Preferred Bank by 181.4% in the 1st quarter. Advisor Group Holdings Inc. now owns 1,770 shares of the bank’s stock worth $131,000 after purchasing an additional 1,141 shares during the period. Quantbot Technologies LP purchased a new position in Preferred Bank in the 1st quarter worth approximately $179,000. Finally, Graham Capital Management L.P. bought a new stake in shares of Preferred Bank in the 1st quarter worth approximately $312,000. 73.44% of the stock is owned by hedge funds and other institutional investors.
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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