Preferred Bank (NASDAQ:PFBC) Reaches New 52-Week High – Here’s Why

Preferred Bank (NASDAQ:PFBC) shares hit a new 52-week high on Monday . The company traded as high as $98.88 and last traded at $98.88, with a volume of 5805 shares trading hands. The stock had previously closed at $95.67.

Analysts Set New Price Targets

Separately, Stephens upped their price objective on Preferred Bank from $90.00 to $94.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd.

Preferred Bank Stock Performance

The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 9.58 and a beta of 0.94. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.20. The stock’s 50-day moving average is $85.70 and its 200-day moving average is $80.78.

Preferred Bank (NASDAQ:PFBC) last posted its earnings results on Monday, October 21st. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.07. Preferred Bank had a net margin of 26.20% and a return on equity of 19.01%. The business had revenue of $132.88 million for the quarter, compared to analyst estimates of $68.80 million. During the same quarter in the previous year, the business posted $2.71 EPS. On average, analysts expect that Preferred Bank will post 9.75 EPS for the current year.

Preferred Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Monday, October 7th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, October 7th. This represents a $2.80 annualized dividend and a dividend yield of 2.92%. Preferred Bank’s payout ratio is currently 28.06%.

Institutional Trading of Preferred Bank

Large investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in Preferred Bank by 3.6% in the third quarter. Geode Capital Management LLC now owns 352,597 shares of the bank’s stock valued at $28,300,000 after purchasing an additional 12,283 shares during the last quarter. Barclays PLC raised its holdings in Preferred Bank by 70.9% in the third quarter. Barclays PLC now owns 27,430 shares of the bank’s stock valued at $2,201,000 after acquiring an additional 11,379 shares in the last quarter. XTX Topco Ltd grew its holdings in Preferred Bank by 85.5% during the 3rd quarter. XTX Topco Ltd now owns 5,616 shares of the bank’s stock worth $451,000 after acquiring an additional 2,589 shares in the last quarter. Jane Street Group LLC increased its position in shares of Preferred Bank by 43.8% in the 3rd quarter. Jane Street Group LLC now owns 19,879 shares of the bank’s stock worth $1,595,000 after purchasing an additional 6,056 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Preferred Bank by 0.4% in the 3rd quarter. State Street Corp now owns 592,566 shares of the bank’s stock valued at $47,553,000 after purchasing an additional 2,339 shares in the last quarter. Institutional investors and hedge funds own 72.77% 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. 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.