Preferred Bank (NASDAQ:PFBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
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 recently issued reports about the company. FBR & Co reaffirmed a “buy” rating and issued a $70.00 price target (up from $65.00) on shares of Preferred Bank in a research note on Wednesday, October 25th. BidaskClub raised Preferred Bank from a “hold” rating to a “buy” rating in a research note on Tuesday, July 11th. Finally, Stephens raised Preferred Bank from an “equal weight” rating to an “overweight” rating in a research note on Monday, July 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $71.50.
Shares of Preferred Bank (NASDAQ PFBC) traded down $0.83 during trading on Thursday, reaching $61.24. The company’s stock had a trading volume of 33,400 shares, compared to its average volume of 93,318. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $818.58 million, a PE ratio of 19.64, a PEG ratio of 1.86 and a beta of 0.94.
Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Tuesday, October 24th. The bank reported $0.94 EPS for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.09. The business had revenue of $36.67 million for the quarter, compared to analysts’ expectations of $34.68 million. Preferred Bank had a return on equity of 15.22% and a net margin of 29.33%. equities analysts anticipate that Preferred Bank will post 3.34 earnings per share for the current year.
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Several institutional investors and hedge funds have recently bought and sold shares of PFBC. UBS Asset Management Americas Inc. purchased a new position in shares of Preferred Bank during the first quarter valued at approximately $207,000. Karp Capital Management Corp purchased a new position in shares of Preferred Bank during the first quarter valued at approximately $270,000. SG Americas Securities LLC increased its stake in shares of Preferred Bank by 86.9% during the first quarter. SG Americas Securities LLC now owns 3,726 shares of the bank’s stock valued at $200,000 after buying an additional 1,732 shares during the period. American International Group Inc. increased its stake in shares of Preferred Bank by 7.1% during the first quarter. American International Group Inc. now owns 7,480 shares of the bank’s stock valued at $401,000 after buying an additional 499 shares during the period. Finally, FMR LLC increased its stake in shares of Preferred Bank by 1.5% during the first quarter. FMR LLC now owns 218,598 shares of the bank’s stock valued at $11,730,000 after buying an additional 3,160 shares during the period. 78.53% of the stock is currently owned by hedge funds and other institutional investors.
Preferred Bank Company Profile
Preferred Bank is a commercial bank. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.
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