DA Davidson Predicts Increased Earnings for Preferred Bank

Preferred Bank (NASDAQ:PFBC - Free Report) - DA Davidson increased their FY2024 earnings per share estimates for Preferred Bank in a research note issued on Wednesday, October 23rd. DA Davidson analyst G. Tenner now expects that the bank will post earnings of $9.80 per share for the year, up from their prior estimate of $9.54. The consensus estimate for Preferred Bank's current full-year earnings is $9.54 per share. DA Davidson also issued estimates for Preferred Bank's FY2025 earnings at $8.75 EPS.

Other equities analysts also recently issued reports about the stock. 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 research note on Monday, July 29th. Stephens upped their target price on Preferred Bank from $90.00 to $94.00 and gave the stock an "overweight" rating in a research report on Tuesday.

Preferred Bank Stock Down 3.1 %

Preferred Bank stock traded down $2.66 during trading hours on Friday, hitting $82.04. The company had a trading volume of 74,777 shares, compared to its average volume of 82,682. Preferred Bank has a fifty-two week low of $58.52 and a fifty-two week high of $91.67. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.08 and a quick ratio of 1.07. The firm has a market capitalization of $1.18 billion, a P/E ratio of 8.22 and a beta of 0.95. The firm's fifty day moving average is $80.75 and its 200-day moving average is $78.38.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last issued its earnings results on Monday, October 21st. The bank reported $2.46 earnings per share for the quarter, beating analysts' consensus estimates of $2.39 by $0.07. The company had revenue of $132.88 million for the quarter, compared to the consensus estimate of $68.80 million. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. During the same quarter in the prior year, the company earned $2.71 EPS.

Institutional Trading of Preferred Bank

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Preferred Bank by 10.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,513 shares of the bank's stock valued at $598,000 after purchasing an additional 694 shares during the period. Copeland Capital Management LLC bought a new position in Preferred Bank in the 3rd quarter worth $54,000. CWM LLC lifted its position in Preferred Bank by 140.0% during the 3rd quarter. CWM LLC now owns 2,503 shares of the bank's stock worth $201,000 after acquiring an additional 1,460 shares during the last quarter. SG Americas Securities LLC bought a new stake in Preferred Bank during the third quarter valued at about $294,000. Finally, Point72 DIFC Ltd grew its position in shares of Preferred Bank by 69.9% in the second quarter. Point72 DIFC Ltd now owns 848 shares of the bank's stock valued at $64,000 after purchasing an additional 349 shares during the last quarter. Institutional investors and hedge funds own 72.77% of the company's stock.

Preferred Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Monday, October 7th were issued a dividend of $0.70 per share. The ex-dividend date was Monday, October 7th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.41%. Preferred Bank's dividend payout ratio is currently 28.06%.

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.