Preferred Bank (NASDAQ:PFBC) Cut to “Hold” at BidaskClub

Preferred Bank (NASDAQ:PFBC) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Wednesday, BidAskClub reports.

Other research analysts have also recently issued reports about the company. ValuEngine cut Preferred Bank from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Raymond James cut Preferred Bank from an “outperform” rating to a “market perform” rating and set a $56.00 price objective for the company. in a research note on Tuesday. Janney Montgomery Scott cut Preferred Bank from a “buy” rating to a “neutral” rating in a research note on Thursday, October 17th. Finally, Zacks Investment Research upgraded Preferred Bank from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a research note on Tuesday. One analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. Preferred Bank currently has a consensus rating of “Hold” and an average target price of $57.00.

Shares of NASDAQ:PFBC traded down $0.11 during trading on Wednesday, hitting $58.58. The stock had a trading volume of 87,708 shares, compared to its average volume of 81,942. Preferred Bank has a 12-month low of $41.98 and a 12-month high of $60.49. The stock has a market capitalization of $892.62 million, a price-to-earnings ratio of 12.87 and a beta of 1.20. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.26. The stock has a 50-day simple moving average of $57.37 and a two-hundred day simple moving average of $52.87.

Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.32. Preferred Bank had a return on equity of 17.53% and a net margin of 32.86%. The firm had revenue of $43.21 million during the quarter, compared to analysts’ expectations of $44.22 million. As a group, sell-side analysts forecast that Preferred Bank will post 5.18 earnings per share for the current year.

Several large investors have recently made changes to their positions in PFBC. Nuveen Asset Management LLC raised its stake in shares of Preferred Bank by 10.0% in the second quarter. Nuveen Asset Management LLC now owns 931,544 shares of the bank’s stock worth $44,016,000 after purchasing an additional 85,003 shares during the last quarter. Royal Bank of Canada grew its holdings in Preferred Bank by 82.8% during the second quarter. Royal Bank of Canada now owns 156,356 shares of the bank’s stock worth $7,388,000 after acquiring an additional 70,809 shares during the period. Putnam Investments LLC acquired a new stake in Preferred Bank during the second quarter worth about $2,882,000. Morgan Stanley grew its holdings in Preferred Bank by 861.2% during the second quarter. Morgan Stanley now owns 63,423 shares of the bank’s stock worth $2,997,000 after acquiring an additional 56,825 shares during the period. Finally, BlackRock Inc. grew its holdings in Preferred Bank by 1.5% during the second quarter. BlackRock Inc. now owns 2,117,451 shares of the bank’s stock worth $100,051,000 after acquiring an additional 31,589 shares during the period. Hedge funds and other institutional investors own 77.29% of the company’s stock.

Preferred Bank Company Profile

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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Analyst Recommendations for Preferred Bank (NASDAQ:PFBC)

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