Preferred Bank (NASDAQ:PFBC – Get Free Report)’s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $61.78, but opened at $64.25. Preferred Bank shares last traded at $62.98, with a volume of 3,932 shares.
The bank reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.14. Preferred Bank had a return on equity of 22.83% and a net margin of 39.69%. The business had revenue of $121.51 million during the quarter, compared to the consensus estimate of $72.20 million. During the same period in the previous year, the company posted $1.87 EPS.
Preferred Bank Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 21st. Investors of record on Friday, July 7th will be issued a $0.55 dividend. The ex-dividend date is Thursday, July 6th. This represents a $2.20 dividend on an annualized basis and a yield of 3.53%. Preferred Bank’s dividend payout ratio is presently 22.94%.
Analyst Upgrades and Downgrades
Institutional Investors Weigh In On Preferred Bank
Several hedge funds have recently made changes to their positions in PFBC. Premier Fund Managers Ltd raised its stake in Preferred Bank by 678.2% in the fourth quarter. Premier Fund Managers Ltd now owns 337,724 shares of the bank’s stock valued at $3,097,000 after buying an additional 294,324 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Preferred Bank by 1,412.8% in the fourth quarter. Millennium Management LLC now owns 266,322 shares of the bank’s stock valued at $19,873,000 after purchasing an additional 248,717 shares during the period. Boston Partners grew its holdings in Preferred Bank by 65.7% during the fourth quarter. Boston Partners now owns 497,683 shares of the bank’s stock worth $36,921,000 after acquiring an additional 197,401 shares during the period. Invesco Ltd. grew its holdings in Preferred Bank by 209.9% during the first quarter. Invesco Ltd. now owns 153,655 shares of the bank’s stock worth $11,384,000 after acquiring an additional 104,067 shares during the period. Finally, State Street Corp grew its holdings in Preferred Bank by 18.4% during the first quarter. State Street Corp now owns 608,023 shares of the bank’s stock worth $33,326,000 after acquiring an additional 94,660 shares during the period. 77.37% of the stock is currently owned by hedge funds and other institutional investors.
Preferred Bank Stock Performance
The stock has a market capitalization of $899.71 million, a price-to-earnings ratio of 6.50 and a beta of 1.09. The firm has a fifty day moving average of $53.23 and a 200 day moving average of $59.06. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.09 and a quick ratio of 1.09.
Preferred Bank Company Profile
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 in the United States. 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.
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