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 “
Other equities research analysts have also recently issued reports about the stock. Raymond James restated a buy rating on shares of West Fraser Timber in a research report on Monday, April 22nd. FIG Partners restated an outperform rating on shares of RBB Bancorp in a research report on Friday, April 12th. ValuEngine upgraded shares of Zogenix from a buy rating to a strong-buy rating in a research report on Thursday, June 27th. BidaskClub upgraded shares of Zillow Group from a buy rating to a strong-buy rating in a research report on Tuesday, July 2nd. Finally, DA Davidson cut their price objective on shares of Skyworks Solutions to $95.00 and set a buy rating for the company in a research report on Wednesday, June 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Preferred Bank presently has an average rating of Hold and an average target price of $53.40.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Wednesday, April 17th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $42.96 million. Research analysts anticipate that Preferred Bank will post 5.21 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Monday, July 8th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Friday, July 5th. Preferred Bank’s dividend payout ratio is presently 26.37%.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Legal & General Group Plc lifted its stake in Preferred Bank by 0.7% in the fourth quarter. Legal & General Group Plc now owns 29,928 shares of the bank’s stock worth $1,298,000 after acquiring an additional 205 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in Preferred Bank by 2.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 9,861 shares of the bank’s stock worth $427,000 after acquiring an additional 216 shares during the last quarter. Comerica Bank lifted its position in shares of Preferred Bank by 2.1% during the 1st quarter. Comerica Bank now owns 13,793 shares of the bank’s stock worth $652,000 after buying an additional 287 shares during the last quarter. Texas Permanent School Fund lifted its position in shares of Preferred Bank by 3.8% during the 1st quarter. Texas Permanent School Fund now owns 9,469 shares of the bank’s stock worth $426,000 after buying an additional 343 shares during the last quarter. Finally, Context BH Capital Management LP lifted its position in shares of Preferred Bank by 0.7% during the 1st quarter. Context BH Capital Management LP now owns 70,521 shares of the bank’s stock worth $3,171,000 after buying an additional 492 shares during the last quarter. Institutional investors and hedge funds own 77.39% 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'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.
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