Piper Sandler Boosts Preferred Bank (NASDAQ:PFBC) Price Target to $82.00


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Preferred Bank (NASDAQ:PFBC) had its price objective raised by Piper Sandler from $71.00 to $82.00 in a research note published on Wednesday, The Fly reports. Piper Sandler currently has an above average rating on the bank’s stock. Piper Sandler also issued estimates for Preferred Bank’s Q1 2021 earnings at $1.43 EPS, Q2 2021 earnings at $1.49 EPS, Q3 2021 earnings at $1.56 EPS, Q4 2021 earnings at $1.64 EPS, FY2021 earnings at $6.12 EPS, Q1 2022 earnings at $1.58 EPS, Q2 2022 earnings at $1.68 EPS, Q3 2022 earnings at $1.74 EPS, Q4 2022 earnings at $1.82 EPS and FY2022 earnings at $6.82 EPS. The analysts noted that the move was a valuation call.

PFBC has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Preferred Bank from a hold rating to a buy rating and set a $54.00 price objective for the company in a report on Tuesday, February 2nd. TheStreet upgraded shares of Preferred Bank from a c+ rating to a b- rating in a report on Tuesday, December 15th. Raymond James upgraded shares of Preferred Bank from a market perform rating to an outperform rating and set a $72.00 price objective for the company in a report on Tuesday. Finally, B. Riley boosted their price objective on shares of Preferred Bank from $75.00 to $80.00 and gave the stock a buy rating in a report on Friday, April 9th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $64.80.

Shares of NASDAQ PFBC opened at $68.14 on Wednesday. Preferred Bank has a fifty-two week low of $28.92 and a fifty-two week high of $67.73. The company has a 50 day simple moving average of $64.22 and a two-hundred day simple moving average of $48.73. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 14.91 and a beta of 1.47. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.07 and a current ratio of 1.07.

Preferred Bank (NASDAQ:PFBC) last announced its earnings results on Sunday, January 24th. The bank reported $1.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.20. Preferred Bank had a net margin of 30.60% and a return on equity of 14.08%. The business had revenue of $47.42 million during the quarter, compared to the consensus estimate of $45.79 million. On average, analysts forecast that Preferred Bank will post 4.44 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 21st. Shareholders of record on Wednesday, April 7th will be paid a dividend of $0.38 per share. The ex-dividend date is Tuesday, April 6th. This is a positive change from Preferred Bank’s previous quarterly dividend of $0.30. This represents a $1.52 dividend on an annualized basis and a yield of 2.23%. Preferred Bank’s payout ratio is currently 29.06%.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. UBS Asset Management Americas Inc. raised its stake in Preferred Bank by 13.1% during the 4th quarter. UBS Asset Management Americas Inc. now owns 14,337 shares of the bank’s stock valued at $724,000 after buying an additional 1,661 shares during the last quarter. Phocas Financial Corp. grew its position in shares of Preferred Bank by 1.4% during the 4th quarter. Phocas Financial Corp. now owns 162,387 shares of the bank’s stock valued at $8,195,000 after acquiring an additional 2,238 shares during the period. JPMorgan Chase & Co. grew its position in shares of Preferred Bank by 57.7% during the 4th quarter. JPMorgan Chase & Co. now owns 71,210 shares of the bank’s stock valued at $3,594,000 after acquiring an additional 26,055 shares during the period. Canada Pension Plan Investment Board bought a new position in Preferred Bank in the 4th quarter worth $762,000. Finally, Morgan Stanley boosted its holdings in Preferred Bank by 19.6% in the 4th quarter. Morgan Stanley now owns 91,086 shares of the bank’s stock worth $4,597,000 after buying an additional 14,915 shares during the period. Institutional investors and hedge funds own 75.87% 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 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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