Preferred Bank (NASDAQ:PFBC) Sets New 52-Week High – Time to Buy?

Preferred Bank (NASDAQ:PFBC)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $98.88 and last traded at $98.88, with a volume of 5805 shares trading hands. The stock had previously closed at $95.67.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Stephens increased their price target on shares of Preferred Bank from $90.00 to $94.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Piper Sandler increased their price target on Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th.

Preferred Bank Price Performance

The business has a fifty day moving average of $85.08 and a 200-day moving average of $80.53. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.20. The firm has a market cap of $1.42 billion, a PE ratio of 9.59 and a beta of 0.94.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Monday, October 21st. The bank reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.39 by $0.07. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. The firm had revenue of $132.88 million during the quarter, compared to the consensus estimate of $68.80 million. During the same quarter last year, the company posted $2.71 EPS. As a group, research analysts predict that Preferred Bank will post 9.75 earnings per share for the current year.

Preferred Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Monday, October 7th were given a $0.70 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $2.80 annualized dividend and a yield of 2.84%. Preferred Bank’s dividend payout ratio (DPR) is presently 28.06%.

Institutional Investors Weigh In On Preferred Bank

Several hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of Preferred Bank by 3.6% during the third quarter. Geode Capital Management LLC now owns 352,597 shares of the bank’s stock worth $28,300,000 after acquiring an additional 12,283 shares in the last quarter. Barclays PLC increased its holdings in shares of Preferred Bank by 70.9% in the third quarter. Barclays PLC now owns 27,430 shares of the bank’s stock worth $2,201,000 after buying an additional 11,379 shares during the period. XTX Topco Ltd lifted its stake in shares of Preferred Bank by 85.5% in the 3rd quarter. XTX Topco Ltd now owns 5,616 shares of the bank’s stock valued at $451,000 after acquiring an additional 2,589 shares during the last quarter. Jane Street Group LLC boosted its holdings in Preferred Bank by 43.8% during the 3rd quarter. Jane Street Group LLC now owns 19,879 shares of the bank’s stock valued at $1,595,000 after acquiring an additional 6,056 shares during the period. Finally, State Street Corp grew its position in Preferred Bank by 0.4% during the 3rd quarter. State Street Corp now owns 592,566 shares of the bank’s stock worth $47,553,000 after acquiring an additional 2,339 shares during the last quarter. Institutional investors own 72.77% 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. 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.