Preferred Bank (PFBC) to Issue Quarterly Dividend of $0.30 on October 21st
Preferred Bank (NASDAQ:PFBC) announced a quarterly dividend on Wednesday, September 16th, Zacks reports. Shareholders of record on Wednesday, October 7th will be paid a dividend of 0.30 per share by the bank on Wednesday, October 21st. This represents a $1.20 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date is Tuesday, October 6th.
Preferred Bank has raised its dividend by 100.0% over the last three years and has increased its dividend every year for the last 1 years. Preferred Bank has a payout ratio of 28.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Preferred Bank to earn $4.00 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 30.0%.
Preferred Bank stock traded down $0.11 during midday trading on Friday, reaching $33.34. The stock had a trading volume of 52,653 shares, compared to its average volume of 92,000. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.20. Preferred Bank has a 12 month low of $20.04 and a 12 month high of $64.50. The company has a fifty day moving average price of $37.57 and a two-hundred day moving average price of $38.04. The company has a market capitalization of $501.77 million, a P/E ratio of 7.03 and a beta of 1.39.
Several brokerages have weighed in on PFBC. Raymond James restated a “hold” rating on shares of Preferred Bank in a research note on Wednesday, September 9th. Piper Sandler reiterated an “overweight” rating and set a $45.00 price objective on shares of Preferred Bank in a research note on Thursday, June 4th. Zacks Investment Research downgraded Preferred Bank from a “strong-buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, BidaskClub downgraded shares of Preferred Bank from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. Preferred Bank has an average rating of “Hold” and an average target price of $47.67.
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'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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