Preferred Bank (NASDAQ:PFBC) Rating Lowered to Hold at Brean Capital

Preferred Bank (NASDAQ:PFBC) was downgraded by investment analysts at Brean Capital from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Several other equities analysts have also weighed in on the stock. Janney Montgomery Scott assumed coverage on shares of Preferred Bank in a research report on Tuesday. They set a “neutral” rating and a $100.00 price objective for the company. Stephens reiterated a “positive” rating on shares of Preferred Bank in a report on Monday, January 26th. Piper Sandler reduced their target price on shares of Preferred Bank from $121.00 to $111.00 and set an “overweight” rating for the company in a report on Monday, January 26th. Weiss Ratings restated a “buy (b)” rating on shares of Preferred Bank in a research report on Monday, December 29th. Finally, Zacks Research cut Preferred Bank from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $102.00.

Preferred Bank Stock Down 0.9%

Shares of PFBC stock opened at $89.07 on Tuesday. Preferred Bank has a 1 year low of $71.90 and a 1 year high of $103.05. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.07. The business’s fifty day moving average is $93.37 and its 200-day moving average is $92.85. The stock has a market cap of $1.29 billion, a PE ratio of 8.58 and a beta of 0.65.

Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.78 by $0.01. Preferred Bank had a return on equity of 17.31% and a net margin of 26.41%.The business had revenue of $78.07 million during the quarter, compared to analyst estimates of $74.54 million. Equities analysts expect that Preferred Bank will post 9.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Preferred Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Preferred Bank by 1,224.0% in the second quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank’s stock valued at $29,000 after purchasing an additional 306 shares in the last quarter. Quarry LP raised its position in Preferred Bank by 1,992.0% during the third quarter. Quarry LP now owns 523 shares of the bank’s stock valued at $47,000 after buying an additional 498 shares during the period. Johnson Financial Group Inc. purchased a new stake in Preferred Bank in the 3rd quarter worth about $70,000. Kemnay Advisory Services Inc. purchased a new stake in Preferred Bank in the 4th quarter worth about $91,000. Finally, Clearstead Advisors LLC boosted its position in Preferred Bank by 192.1% during the 4th quarter. Clearstead Advisors LLC now owns 1,072 shares of the bank’s stock worth $101,000 after acquiring an additional 705 shares during the period. 72.77% of the stock is currently owned by hedge funds and other institutional investors.

Preferred Bank Company Profile

Preferred Bank (NASDAQ: PFBC) is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.

The bank’s core lending portfolio focuses on commercial real estate acquisition, development and investment properties.