Preferred Bank (NASDAQ:PFBC) Price Target Raised to $111.00 at Piper Sandler

Preferred Bank (NASDAQ:PFBC) had its target price increased by equities researchers at Piper Sandler from $101.00 to $111.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Piper Sandler’s price target would suggest a potential upside of 20.26% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. DA Davidson boosted their target price on shares of Preferred Bank from $98.00 to $101.00 and gave the company a “neutral” rating in a research report on Wednesday. Stephens reaffirmed an “equal weight” rating and issued a $100.00 target price on shares of Preferred Bank in a report on Thursday.

Preferred Bank Trading Up 2.1 %

Shares of Preferred Bank stock traded up $1.92 during trading on Friday, hitting $92.30. The company’s stock had a trading volume of 9,949 shares, compared to its average volume of 78,389. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 9.60 and a beta of 0.97. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.08 and a quick ratio of 1.08. Preferred Bank has a 52 week low of $66.88 and a 52 week high of $99.78. The stock has a 50-day moving average price of $89.23 and a two-hundred day moving average price of $85.06.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Monday, January 27th. The bank reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.17). Preferred Bank had a net margin of 25.00% and a return on equity of 17.80%. Equities research analysts anticipate that Preferred Bank will post 9.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Preferred Bank

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its position in shares of Preferred Bank by 24.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 186,107 shares of the bank’s stock valued at $14,935,000 after purchasing an additional 35,979 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Preferred Bank by 24.7% in the second quarter. AQR Capital Management LLC now owns 77,745 shares of the bank’s stock worth $5,869,000 after buying an additional 15,391 shares during the period. De Lisle Partners LLP increased its holdings in shares of Preferred Bank by 51.8% in the third quarter. De Lisle Partners LLP now owns 41,034 shares of the bank’s stock worth $3,290,000 after buying an additional 14,000 shares during the period. Geode Capital Management LLC boosted its holdings in Preferred Bank by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 352,597 shares of the bank’s stock valued at $28,300,000 after acquiring an additional 12,283 shares during the period. Finally, GSA Capital Partners LLP boosted its holdings in Preferred Bank by 62.5% during the 3rd quarter. GSA Capital Partners LLP now owns 31,726 shares of the bank’s stock valued at $2,546,000 after acquiring an additional 12,197 shares during the period. 72.77% of the stock is currently owned by institutional investors.

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.