Preferred Bank (NASDAQ:PFBC) Given New $111.00 Price Target at Piper Sandler

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

Several other research analysts also recently commented on PFBC. Stephens reaffirmed an “equal weight” rating and issued a $100.00 price objective on shares of Preferred Bank in a research note on Thursday. DA Davidson upped their price target on shares of Preferred Bank from $98.00 to $101.00 and gave the stock a “neutral” rating in a research report on Wednesday.

Preferred Bank Stock Performance

Shares of NASDAQ PFBC traded up $1.92 during midday trading on Friday, hitting $92.30. 9,949 shares of the stock traded hands, compared to its average volume of 78,389. The firm has a market capitalization of $1.33 billion, a P/E ratio of 9.60 and a beta of 0.97. Preferred Bank has a one year low of $66.88 and a one year high of $99.78. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a 50-day moving average of $89.23 and a two-hundred day moving average of $85.06.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings data on Monday, January 27th. The bank reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.17). Preferred Bank had a return on equity of 17.80% and a net margin of 25.00%. On average, equities analysts forecast that Preferred Bank will post 9.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Preferred Bank

Several institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in shares of Preferred Bank by 24.0% in the third quarter. JPMorgan Chase & Co. now owns 186,107 shares of the bank’s stock worth $14,935,000 after purchasing an additional 35,979 shares during the last quarter. Jane Street Group LLC grew its holdings in Preferred Bank by 43.8% during the 3rd quarter. Jane Street Group LLC now owns 19,879 shares of the bank’s stock valued at $1,595,000 after buying an additional 6,056 shares in the last quarter. Geode Capital Management LLC increased its stake in Preferred Bank by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 352,597 shares of the bank’s stock worth $28,300,000 after acquiring an additional 12,283 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Preferred Bank during the 3rd quarter worth approximately $294,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Preferred Bank by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 415,722 shares of the bank’s stock valued at $33,362,000 after acquiring an additional 7,086 shares during the last quarter. 72.77% of the stock is owned by hedge funds and other 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.