Preferred Bank (NASDAQ:PFBC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday, January 13th. The brokerage currently has a $73.00 target price on the bank’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 9.05% from the stock’s previous close.
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 brokerages have also recently weighed in on PFBC. ValuEngine cut Preferred Bank from a “buy” rating to a “hold” rating in a report on Friday, December 1st. UBS Group upgraded Preferred Bank from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, January 9th. Raymond James Financial upgraded Preferred Bank from an “outperform” rating to a “strong-buy” rating and set a $71.00 price objective for the company in a report on Tuesday, January 9th. They noted that the move was a valuation call. BidaskClub cut Preferred Bank from a “hold” rating to a “sell” rating in a report on Thursday, December 14th. Finally, FBR & Co reiterated a “buy” rating and issued a $70.00 price objective (up previously from $65.00) on shares of Preferred Bank in a report on Wednesday, October 25th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and three have given a strong buy rating to the company’s stock. Preferred Bank presently has a consensus rating of “Buy” and a consensus target price of $71.33.
Shares of Preferred Bank (PFBC) opened at $66.94 on Friday. The firm has a market capitalization of $977.69, a PE ratio of 21.25, a P/E/G ratio of 1.47 and a beta of 0.92. Preferred Bank has a fifty-two week low of $46.88 and a fifty-two week high of $67.02. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35.
Preferred Bank (NASDAQ:PFBC) last issued its earnings results on Tuesday, October 24th. The bank reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.09. The company had revenue of $36.67 million during the quarter, compared to analysts’ expectations of $34.68 million. Preferred Bank had a return on equity of 15.22% and a net margin of 29.33%. equities analysts predict that Preferred Bank will post 3.35 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. raised its position in shares of Preferred Bank by 4.6% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 100,739 shares of the bank’s stock worth $5,922,000 after acquiring an additional 4,425 shares in the last quarter. Thomson Horstmann & Bryant Inc. raised its position in shares of Preferred Bank by 4.0% in the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 66,863 shares of the bank’s stock worth $3,930,000 after acquiring an additional 2,551 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Preferred Bank by 7.8% in the 3rd quarter. California Public Employees Retirement System now owns 36,879 shares of the bank’s stock worth $2,226,000 after acquiring an additional 2,679 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of Preferred Bank by 75.5% in the 3rd quarter. Allianz Asset Management GmbH now owns 159,543 shares of the bank’s stock worth $9,628,000 after acquiring an additional 68,612 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Preferred Bank by 8.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 525,325 shares of the bank’s stock worth $31,703,000 after acquiring an additional 40,270 shares in the last quarter. Institutional investors and hedge funds own 79.89% of the company’s stock.
Preferred Bank Company Profile
Preferred Bank is a commercial bank. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.
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