Zacks Investment Research cut shares of Preferred Bank (NASDAQ:PFBC) from a buy rating to a hold rating in a report issued on Thursday.

According to Zacks, “Preferred Bank is one of the largest independent commercial banks in California focusing on the Chinese-American market. The bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Company conducts its banking business from its main office in Los Angeles, California, and through ten full-service branch banking offices in Alhambra, Century City, Chino Hills, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Santa Monica and Valencia, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid- sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Preferred Bank continues to benefit from the significant migration to Southern California of “

PFBC has been the subject of several other research reports. FBR & Co reissued a buy rating and issued a $70.00 price target (up previously from $65.00) on shares of Preferred Bank in a research note on Wednesday, October 25th. BidaskClub cut Preferred Bank from a buy rating to a hold rating in a research note on Thursday, July 27th. Finally, Stephens raised Preferred Bank from an equal weight rating to an overweight rating in a research note on Monday, July 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Preferred Bank has a consensus rating of Hold and an average target price of $71.50.

Shares of Preferred Bank (NASDAQ:PFBC) traded down $0.83 during midday trading on Thursday, hitting $61.24. The company had a trading volume of 33,400 shares, compared to its average volume of 93,318. The firm has a market cap of $807.63, a P/E ratio of 19.38, a PEG ratio of 1.84 and a beta of 0.94. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.04 and a current ratio of 1.04.

Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings results on Tuesday, October 24th. The bank reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.09. The business had revenue of $36.67 million during the quarter, compared to analysts’ expectations of $34.68 million. Preferred Bank had a return on equity of 15.22% and a net margin of 29.33%. analysts expect that Preferred Bank will post 3.34 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which was paid on Friday, October 20th. Shareholders of record on Friday, October 6th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.31%. Preferred Bank’s payout ratio is currently 25.32%.

A number of institutional investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA boosted its position in Preferred Bank by 80.4% during the third quarter. BNP Paribas Arbitrage SA now owns 2,415 shares of the bank’s stock worth $146,000 after purchasing an additional 1,076 shares during the period. Prudential Financial Inc. boosted its position in Preferred Bank by 2.1% during the third quarter. Prudential Financial Inc. now owns 54,120 shares of the bank’s stock worth $3,266,000 after purchasing an additional 1,090 shares during the period. Stevens Capital Management LP bought a new stake in Preferred Bank during the third quarter worth approximately $237,000. Chicago Equity Partners LLC boosted its position in Preferred Bank by 10.6% during the third quarter. Chicago Equity Partners LLC now owns 76,660 shares of the bank’s stock worth $4,626,000 after purchasing an additional 7,340 shares during the period. Finally, Phocas Financial Corp. bought a new stake in Preferred Bank during the second quarter worth approximately $8,623,000. 78.53% of the stock is owned by hedge funds and other institutional investors.

Preferred Bank Company Profile

Preferred Bank is a commercial bank. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.

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