Preferred Bank (NASDAQ:PFBC) PT Raised to $105.00

Preferred Bank (NASDAQ:PFBC) had its price objective hoisted by equities researchers at Piper Sandler from $88.00 to $105.00 in a report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective suggests a potential upside of 15.46% from the company’s current price.

Preferred Bank Trading Down 0.4 %

PFBC traded down $0.32 during trading on Monday, reaching $90.94. 4,768 shares of the stock traded hands, compared to its average volume of 88,221. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $1.31 billion, a PE ratio of 8.78 and a beta of 0.98. The stock’s 50-day moving average is $76.80 and its 200 day moving average is $74.92. Preferred Bank has a 12 month low of $58.52 and a 12 month high of $91.67.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $2.48 EPS for the quarter, beating analysts’ consensus estimates of $2.39 by $0.09. Preferred Bank had a net margin of 27.35% and a return on equity of 20.24%. The business had revenue of $130.70 million for the quarter, compared to analysts’ expectations of $70.55 million. During the same quarter in the prior year, the firm posted $2.61 earnings per share. Equities analysts anticipate that Preferred Bank will post 9.6 earnings per share for the current year.

Hedge Funds Weigh In On Preferred Bank

Institutional investors have recently made changes to their positions in the stock. SummerHaven Investment Management LLC raised its holdings in shares of Preferred Bank by 1.2% in the 4th quarter. SummerHaven Investment Management LLC now owns 12,516 shares of the bank’s stock worth $914,000 after acquiring an additional 147 shares during the last quarter. Texas Permanent School Fund Corp raised its holdings in shares of Preferred Bank by 1.6% in the 1st quarter. Texas Permanent School Fund Corp now owns 10,964 shares of the bank’s stock worth $842,000 after acquiring an additional 169 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Preferred Bank by 0.8% in the 4th quarter. Federated Hermes Inc. now owns 29,965 shares of the bank’s stock worth $2,189,000 after acquiring an additional 226 shares during the last quarter. Gladius Capital Management LP raised its holdings in shares of Preferred Bank by 518.1% in the 4th quarter. Gladius Capital Management LP now owns 445 shares of the bank’s stock worth $33,000 after acquiring an additional 373 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of Preferred Bank by 96.4% in the 2nd quarter. CWM LLC now owns 1,043 shares of the bank’s stock worth $79,000 after acquiring an additional 512 shares during the last quarter. Institutional investors and hedge funds 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 in the United States. 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.