Preferred Bank to Post FY2024 Earnings of $9.83 Per Share, DA Davidson Forecasts (NASDAQ:PFBC)

Preferred Bank (NASDAQ:PFBC) – Equities researchers at DA Davidson reduced their FY2024 earnings estimates for shares of Preferred Bank in a research report issued on Tuesday, July 30th. DA Davidson analyst G. Tenner now forecasts that the bank will earn $9.83 per share for the year, down from their prior estimate of $9.92. The consensus estimate for Preferred Bank’s current full-year earnings is $9.63 per share.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.39 by $0.09. Preferred Bank had a net margin of 27.35% and a return on equity of 20.24%. The company had revenue of $130.70 million during the quarter, compared to the consensus estimate of $70.55 million. During the same quarter in the prior year, the firm posted $2.61 EPS.

A number of other analysts also recently weighed in on PFBC. Piper Sandler upped their price target on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Stephens upped their price target on shares of Preferred Bank from $84.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday.

Preferred Bank Stock Performance

Shares of Preferred Bank stock opened at $79.33 on Thursday. The company has a 50 day moving average of $77.46 and a 200-day moving average of $75.28. Preferred Bank has a 1-year low of $58.52 and a 1-year high of $91.67. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.21. The company has a market cap of $1.14 billion, a PE ratio of 7.66 and a beta of 0.97.

Preferred Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, July 5th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.53%. The ex-dividend date of this dividend was Friday, July 5th. Preferred Bank’s payout ratio is 27.03%.

Hedge Funds Weigh In On Preferred Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Picton Mahoney Asset Management bought a new position in Preferred Bank in the 2nd quarter valued at approximately $161,000. Allspring Global Investments Holdings LLC raised its stake in shares of Preferred Bank by 44.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 9,224 shares of the bank’s stock valued at $696,000 after acquiring an additional 2,839 shares during the last quarter. SummerHaven Investment Management LLC raised its stake in shares of Preferred Bank by 1.6% during the second quarter. SummerHaven Investment Management LLC now owns 12,846 shares of the bank’s stock valued at $970,000 after acquiring an additional 201 shares during the last quarter. CWM LLC raised its stake in shares of Preferred Bank by 96.4% during the second quarter. CWM LLC now owns 1,043 shares of the bank’s stock valued at $79,000 after acquiring an additional 512 shares during the last quarter. Finally, Comerica Bank raised its stake in shares of Preferred Bank by 35.6% during the first quarter. Comerica Bank now owns 8,242 shares of the bank’s stock valued at $633,000 after acquiring an additional 2,163 shares during the last quarter. Institutional investors own 72.77% 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 accepts checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.