Preferred Bank (NASDAQ:PFBC) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Preferred Bank (NASDAQ:PFBC) from a sell rating to a hold rating in a research report report published on Tuesday morning, reports.

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 “

Several other equities analysts also recently commented on the stock. ValuEngine upgraded shares of Zogenix from a buy rating to a strong-buy rating in a report on Thursday, June 27th. FIG Partners reiterated an outperform rating on shares of RBB Bancorp in a report on Friday, April 12th. BidaskClub upgraded shares of Zillow Group from a buy rating to a strong-buy rating in a report on Tuesday, July 2nd. Raymond James reiterated a buy rating on shares of West Fraser Timber in a report on Monday, April 22nd. Finally, DA Davidson cut their price target on shares of Skyworks Solutions to $95.00 and set a buy rating on the stock in a report on Wednesday, June 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $53.40.

Preferred Bank stock opened at $48.85 on Tuesday. The business has a 50-day simple moving average of $46.35. Preferred Bank has a twelve month low of $39.87 and a twelve month high of $67.15. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $733.24 million, a P/E ratio of 10.74, a PEG ratio of 0.94 and a beta of 1.20.

Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Wednesday, April 17th. The bank reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.06. Preferred Bank had a net margin of 33.75% and a return on equity of 17.82%. The firm had revenue of $42.77 million for the quarter, compared to the consensus estimate of $42.96 million. As a group, sell-side analysts forecast that Preferred Bank will post 5.21 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Monday, July 8th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, July 5th. This represents a $1.20 annualized dividend and a yield of 2.46%. Preferred Bank’s payout ratio is 26.37%.

A number of large investors have recently modified their holdings of PFBC. Quantamental Technologies LLC bought a new position in Preferred Bank during the 1st quarter valued at about $31,000. BNP Paribas Arbitrage SA lifted its position in shares of Preferred Bank by 72,425.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,901 shares of the bank’s stock worth $130,000 after purchasing an additional 2,897 shares during the period. Convergence Investment Partners LLC purchased a new stake in shares of Preferred Bank in the 1st quarter worth approximately $139,000. SG Americas Securities LLC purchased a new stake in Preferred Bank during the first quarter valued at approximately $199,000. Finally, Metropolitan Life Insurance Co. NY lifted its position in Preferred Bank by 319.0% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 4,710 shares of the bank’s stock valued at $204,000 after acquiring an additional 3,586 shares during the last quarter. Institutional investors own 77.39% of the company’s stock.

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.

See Also: Leveraged Buyout (LBO)

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