Preferred Bank (NASDAQ:PFBC) Announces $0.70 Quarterly Dividend

Preferred Bank (NASDAQ:PFBC) announced a quarterly dividend on Thursday, September 19th, Zacks reports. Shareholders of record on Monday, October 7th will be paid a dividend of 0.70 per share by the bank on Monday, October 21st. This represents a $2.80 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Monday, October 7th.

Preferred Bank has raised its dividend by an average of 22.4% annually over the last three years. Preferred Bank has a dividend payout ratio of 31.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Preferred Bank to earn $8.91 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 31.4%.

Preferred Bank Trading Up 1.9 %

Shares of PFBC stock opened at $79.84 on Friday. 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 stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 7.71 and a beta of 0.95. Preferred Bank has a 12-month low of $58.52 and a 12-month high of $91.67. The stock’s 50-day moving average price is $79.75 and its 200-day moving average price is $77.61.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings results on Thursday, July 25th. The bank reported $2.48 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.09. The business had revenue of $130.70 million during the quarter, compared to analysts’ expectations of $70.55 million. Preferred Bank had a return on equity of 20.24% and a net margin of 27.35%. During the same quarter last year, the business posted $2.61 EPS. Equities research analysts predict that Preferred Bank will post 9.61 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on PFBC. Stephens boosted their price target on shares of Preferred Bank from $84.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Piper Sandler lifted their price objective on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th.

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. 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.