Shares of Preferred Bank (NASDAQ:PFBC) break above its 200-day moving average of $76.05

Preferred Bank (NASDAQ:PFBC – Get Free Report ) broke above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $76.05 and traded as high as $83.80. Preferred Bank stock last traded at $81.62 with a volume of 60,562 shares.

Analysts on Wall Street are forecasting an increase

Several brokerages have recently commented on PFBC. Stephens raised their price target on shares of Preferred Bank from $84.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Piper Sandler upped their price target on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th.

Get the latest stock report on PFBC

Preferred Bank Price Performance

The firm has a market cap of $1.18 billion, a P/E ratio of 7.88 and a beta of 0.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07, and a current ratio of 1.07. The stock has a 50-day moving average of $78.66 and a two-hundred-day moving average of $76.05.

Preferred Bank (NASDAQ:PFBC – Get Free Report ) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $2.48 EPS for the quarter, topping analysts’ consensus estimates of $2.39 by $0.09. The company had revenue of $130.70 million for the quarter, compared to analyst estimates of $70.55 million. Preferred Bank had a net margin of 27.35% and a return on equity of 20.24%. In the same quarter last year, the firm posted earnings per share of $2.61. sell-side analysts predict that Preferred Bank will post 9.61 earnings per share for the current fiscal year.

Preferred Bank announces dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Friday, July 5th were given a dividend of $0.70 per share. This represents a dividend of $2.80 on an annualized basis and a yield of 3.43%. The ex-dividend date was Friday, July 5. Preferred Bank’s dividend payout ratio is 27.03%.

Institutional investors weigh in on Preferred Bank

Several hedge funds and other institutional investors have recently made changes to their positions in PFBC. LSV Asset Management boosted its holdings in Preferred Bank by 121.0% during the 2nd quarter. LSV Asset Management now owns 171,330 shares of the bank’s stock valued at $12,934,000 after acquiring an additional 93,815 shares during the period. Kennedy Capital Management LLC acquired a new position in shares of Preferred Bank in the first quarter worth about $3,449,000. AQR Capital Management LLC boosted its position in shares of Preferred Bank by 24.7% in the second quarter. AQR Capital Management LLC now owns 77,745 shares of the bank’s stock valued at $5,869,000 after acquiring an additional 15,391 shares during the period. Trexquant Investment LP purchased a new stake in shares of Preferred Bank in the fourth quarter valued at $942,000. Finally, Vanguard Group Inc. raised its position in Preferred Bank by 1.3% in the first quarter. Vanguard Group Inc. now owns 868,073 shares of the bank’s stock worth $66,642,000 after acquiring an additional 10,931 shares during the period. 72.77% of the shares are owned by institutional investors and hedge funds.

Preferred Bank Company Profile

(Get a free report)

Preferred Bank offers various commercial banking products and services to small and medium-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; retail and non-retail fixed rate and fixed maturity certificates of deposit; and individual retirement accounts.

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