Preferred Bank (NASDAQ: PFBC) – Piper Sandler research analysts increased their earnings estimates for fiscal 2021 for Preferred Bank shares in a report released on Wednesday, November 17. Piper Sandler analyst Mr. Clark now predicts the bank will post earnings per share of $ 6.38 for the year, up from its previous forecast of $ 6.36. Piper Sandler currently has an “overweight” rating and a target price of $ 88.00 on the stock. Piper Sandler also released estimates for Preferred Bank fourth quarter 2021 earnings at $ 1.77 per share, fourth quarter 2022 earnings at $ 1.71 per share, year 2022 earnings at 6.75 $ per share, first quarter 2023 earnings at $ 1.67 per share, second quarter 2023 earnings at $ 1.79 per share, third quarter 2023 earnings at $ 1.89 per share and fiscal 2023 earnings at $ 7.35 per share.
Several other equity research analysts have also weighed on the company recently. Stephens downgraded Preferred Bank from an “equal weight” rating to an “overweight” rating and raised its price target for the stock from $ 74.00 to $ 79.00 in a research note on Friday October 29. Zacks investment research downgraded Preferred Bank from a âbuyâ rating to a âconservationâ rating in a report released Thursday, October 28. One research analyst rated the stock with a conservation rating and four gave the stock a buy rating. Based on MarketBeat data, Preferred Bank has a consensus rating of âBuyâ and an average target price of $ 79.80.
Shares of CBFP opened at $ 71.70 on Thursday. The company has a debt to equity ratio of 0.26, a quick ratio of 1.07, and a current ratio of 1.03. Preferred Bank has a fifty-two week low at $ 36.62 and a fifty-two week high at $ 72.35. The stock has a 50-day moving average price of $ 67.52 and a two-hundred-day moving average price of $ 64.88. The company has a market cap of $ 1.08 billion, a P / E ratio of 11.91 and a beta of 1.44. Preferred Bank (NASDAQ: PFBC) last released its results on Tuesday, October 19. The bank reported earnings per share of $ 1.76 for the quarter, beating the Zacks’ consensus estimate of $ 1.62 by $ 0.14. The company posted revenue of $ 50.54 million in the quarter, compared to $ 49.76 million according to analysts’ estimates. Preferred Bank recorded a return on equity of 16.42% and a net margin of 41.33%. In the same quarter of the previous year, the company achieved EPS of $ 1.15.
A number of institutional investors and hedge funds have recently changed their holdings in CBFPs. Stieven Capital Advisors LP increased its stake in Preferred Bank by 14.3% in the second quarter. Stieven Capital Advisors LP now owns 303,997 shares of the bank valued at $ 19,234,000 after purchasing an additional 38,100 shares in the last quarter. Principal Financial Group Inc. increased its position in Preferred Bank by 7.2% in the second quarter. Principal Financial Group Inc. now owns 114,576 shares of the bank valued at $ 7,249,000 after acquiring an additional 7,744 shares during the period. Millennium Management LLC acquired a new position in Preferred Bank in the first quarter valued at approximately $ 3,026,000. Jane Street Group LLC acquired a new position in Preferred Bank in the first quarter valued at approximately $ 485,000. Finally, Bank of Montreal Can increased its stake in Preferred Bank by 30.2% during the second quarter. Bank of Montreal Can now owns 162,980 shares of the bank valued at $ 10,873,000 after purchasing an additional 37,799 shares in the last quarter. 74.71% of the shares are held by institutional investors.
The company also recently announced a quarterly dividend, which was paid on Thursday, October 21. Investors of record on Thursday, October 7 received a dividend of $ 0.38 per share. The ex-dividend date of this dividend was Wednesday October 6. This represents an annualized dividend of $ 1.52 and a return of 2.12%. Preferred Bank’s dividend payout ratio (DPR) is 25.25%.
About the preferred bank
Preferred Bank operates as an independent commercial bank. It provides real estate financing for residential, commercial, industrial and other income generating properties. Its business and consumer products include checks, savings, money market and certificates of deposit accounts. The company also offers cash management services such as account reconciliation, remote deposit, cash and check courier services, merchant processing, and ACH credit issuance.
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