Zacks Investment Research upgraded shares of Preferred Bank (NASDAQ:PFBC) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $45.00 price objective on the bank’s stock.

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 also recently issued research reports about the company. DA Davidson reduced their price objective on Preferred Bank from $40.00 to $36.00 and set a neutral rating on the stock in a research report on Friday, April 24th. B. Riley reduced their price objective on Preferred Bank from $65.00 to $40.00 and set a neutral rating on the stock in a research report on Monday, April 13th. BidaskClub upgraded Preferred Bank from a sell rating to a hold rating in a research report on Friday, June 5th. Piper Sandler reiterated an overweight rating and set a $45.00 price objective on shares of Preferred Bank in a research report on Thursday, June 4th. Finally, ValuEngine upgraded Preferred Bank from a sell rating to a hold rating in a research report on Wednesday, April 1st. Seven equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Preferred Bank currently has a consensus rating of Hold and a consensus target price of $47.67.

NASDAQ PFBC opened at $40.44 on Tuesday. The company has a market cap of $611.33 million, a PE ratio of 8.06 and a beta of 1.49. The stock’s 50 day simple moving average is $38.65 and its 200-day simple moving average is $46.18. Preferred Bank has a 1-year low of $20.04 and a 1-year high of $64.50. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.06 and a quick ratio of 1.06.

Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.08 EPS for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.06. Preferred Bank had a return on equity of 16.34% and a net margin of 32.33%. The firm had revenue of $43.46 million for the quarter, compared to the consensus estimate of $41.46 million. On average, equities research analysts anticipate that Preferred Bank will post 4.29 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 21st. Shareholders of record on Tuesday, July 7th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, July 6th. This represents a $1.20 annualized dividend and a yield of 2.97%. Preferred Bank’s dividend payout ratio (DPR) is 22.94%.

A number of hedge funds have recently bought and sold shares of the business. State Street Corp increased its stake in Preferred Bank by 7.0% during the first quarter. State Street Corp now owns 459,784 shares of the bank’s stock worth $15,550,000 after acquiring an additional 29,879 shares during the last quarter. State of Tennessee Treasury Department grew its stake in shares of Preferred Bank by 42.6% in the first quarter. State of Tennessee Treasury Department now owns 6,677 shares of the bank’s stock valued at $226,000 after buying an additional 1,996 shares in the last quarter. Morgan Stanley grew its stake in shares of Preferred Bank by 14.7% in the first quarter. Morgan Stanley now owns 77,631 shares of the bank’s stock valued at $2,625,000 after buying an additional 9,964 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Preferred Bank by 230.4% in the first quarter. AQR Capital Management LLC now owns 27,424 shares of the bank’s stock valued at $927,000 after buying an additional 19,124 shares in the last quarter. Finally, Tower Research Capital LLC TRC purchased a new stake in Preferred Bank during the 1st quarter worth about $26,000. 77.99% 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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