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 “
A number of other brokerages have also commented on PFBC. Piper Sandler decreased their price objective on Preferred Bank from $44.00 to $37.00 and set an overweight rating for the company in a report on Thursday, October 1st. BidaskClub raised Preferred Bank from a strong sell rating to a sell rating in a report on Wednesday, October 7th. Finally, Raymond James reissued a hold rating on shares of Preferred Bank in a report on Wednesday, September 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $46.33.
Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings data on Tuesday, July 21st. The bank reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.28. The firm had revenue of $43.61 million during the quarter, compared to analyst estimates of $43.39 million. Preferred Bank had a return on equity of 15.03% and a net margin of 31.17%. On average, sell-side analysts expect that Preferred Bank will post 4.26 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 21st. Investors of record on Wednesday, October 7th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, October 6th. This represents a $1.20 dividend on an annualized basis and a yield of 3.53%. Preferred Bank’s dividend payout ratio is presently 22.94%.
Large investors have recently made changes to their positions in the company. Macquarie Group Ltd. boosted its holdings in shares of Preferred Bank by 0.9% during the second quarter. Macquarie Group Ltd. now owns 26,445 shares of the bank’s stock worth $1,133,000 after purchasing an additional 245 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Preferred Bank by 39.6% during the second quarter. PNC Financial Services Group Inc. now owns 956 shares of the bank’s stock valued at $42,000 after acquiring an additional 271 shares in the last quarter. American International Group Inc. increased its position in shares of Preferred Bank by 3.2% during the second quarter. American International Group Inc. now owns 9,726 shares of the bank’s stock valued at $417,000 after acquiring an additional 303 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Preferred Bank by 5.3% in the 1st quarter. Thrivent Financial for Lutherans now owns 11,404 shares of the bank’s stock worth $386,000 after purchasing an additional 569 shares during the period. Finally, Raymond James & Associates grew its position in shares of Preferred Bank by 1.9% during the 2nd quarter. Raymond James & Associates now owns 40,962 shares of the bank’s stock valued at $1,755,000 after acquiring an additional 757 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.
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.
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