Stephens Boosts Preferred Bank (NASDAQ:PFBC) Price Target to $95.00

Preferred Bank (NASDAQ:PFBC) had its price objective upped by analysts at Stephens from $84.00 to $95.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Stephens’ target price would indicate a potential upside of 10.57% from the stock’s previous close.

Separately, Piper Sandler lifted their price objective on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday.

Preferred Bank Price Performance

Shares of NASDAQ:PFBC traded up $0.67 during mid-day trading on Tuesday, reaching $85.92. The stock had a trading volume of 8,331 shares, compared to its average volume of 88,431. The business’s 50 day moving average price is $76.93 and its 200 day moving average price is $75.00. Preferred Bank has a 1 year low of $58.52 and a 1 year high of $91.67. The company has a market cap of $1.24 billion, a P/E ratio of 8.29 and a beta of 0.98. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.21.

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

Institutional Trading of Preferred Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. SummerHaven Investment Management LLC increased its position in Preferred Bank by 1.2% during the fourth quarter. SummerHaven Investment Management LLC now owns 12,516 shares of the bank’s stock valued at $914,000 after acquiring an additional 147 shares during the last quarter. Texas Permanent School Fund Corp grew its holdings in shares of Preferred Bank by 1.6% in the first quarter. Texas Permanent School Fund Corp now owns 10,964 shares of the bank’s stock worth $842,000 after purchasing an additional 169 shares during the last quarter. Federated Hermes Inc. increased its stake in 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 buying an additional 226 shares during the period. Gladius Capital Management LP lifted its holdings in Preferred Bank by 518.1% during the 4th quarter. Gladius Capital Management LP now owns 445 shares of the bank’s stock valued at $33,000 after buying an additional 373 shares in the last quarter. Finally, CWM LLC boosted its position in Preferred Bank by 96.4% in the 2nd quarter. CWM LLC now owns 1,043 shares of the bank’s stock valued at $79,000 after buying an additional 512 shares during the period. Hedge funds and other institutional investors 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.