Preferred Bank (NASDAQ:PFBC) Stock Passes Above 200 Day Moving Average - Here's What Happened

Preferred Bank (NASDAQ:PFBC - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $83.85 and traded as high as $85.73. Preferred Bank shares last traded at $85.33, with a volume of 82,987 shares.

Analyst Ratings Changes

Separately, Stephens downgraded shares of Preferred Bank from an "overweight" rating to an "equal weight" rating in a report on Monday, December 9th.

Preferred Bank Price Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.08 and a current ratio of 1.08. The company has a fifty day moving average price of $90.80 and a two-hundred day moving average price of $83.85. The company has a market cap of $1.17 billion, a P/E ratio of 8.16 and a beta of 0.97.

Preferred Bank (NASDAQ:PFBC - Get Free Report) last posted its quarterly 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. Preferred Bank had a return on equity of 19.01% and a net margin of 26.20%. The firm had revenue of $132.88 million during the quarter, compared to the consensus estimate of $68.80 million. During the same period last year, the company earned $2.71 earnings per share. On average, sell-side analysts anticipate that Preferred Bank will post 9.75 earnings per share for the current fiscal year.

Preferred Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 23rd. Shareholders of record on Thursday, January 9th will be given a dividend of $0.75 per share. This is a positive change from Preferred Bank's previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend is Friday, January 10th. Preferred Bank's dividend payout ratio is 30.06%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in Preferred Bank by 24.0% in 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. Geode Capital Management LLC lifted its position in shares of 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 buying an additional 12,283 shares during the last quarter. Barclays PLC boosted its stake in shares of Preferred Bank by 70.9% during the 3rd quarter. Barclays PLC now owns 27,430 shares of the bank's stock worth $2,201,000 after acquiring an additional 11,379 shares during the period. XTX Topco Ltd increased its holdings in shares of 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 during the last quarter. Finally, Jane Street Group LLC raised its stake in Preferred Bank by 43.8% in the 3rd quarter. Jane Street Group LLC now owns 19,879 shares of the bank's stock valued at $1,595,000 after acquiring an additional 6,056 shares during the period. Institutional investors 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.