DA Davidson Comments on Preferred Bank’s Q3 2024 Earnings (NASDAQ:PFBC)

Preferred Bank (NASDAQ:PFBC) – Analysts at DA Davidson reduced their Q3 2024 earnings per share estimates for Preferred Bank in a research report issued to clients and investors on Thursday, October 3rd. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings of $2.41 per share for the quarter, down from their prior estimate of $2.42. The consensus estimate for Preferred Bank’s current full-year earnings is $9.61 per share. DA Davidson also issued estimates for Preferred Bank’s FY2024 earnings at $9.54 EPS and FY2025 earnings at $8.48 EPS.

PFBC has been the topic of a number of other reports. Piper Sandler upped their price target on Preferred Bank from $88.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Stephens upped their price target on Preferred Bank from $84.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th.

Preferred Bank Stock Performance

Shares of NASDAQ:PFBC opened at $79.84 on Friday. The business’s fifty day moving average price is $79.75 and its two-hundred day moving average price is $77.61. Preferred Bank has a fifty-two week low of $58.52 and a fifty-two week high of $91.67. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 7.71 and a beta of 0.96. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.07 and a quick ratio of 1.07.

Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Thursday, July 25th. The bank reported $2.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.39 by $0.09. The business had revenue of $130.70 million for the quarter, compared to analysts’ expectations of $70.55 million. Preferred Bank had a return on equity of 20.24% and a net margin of 27.35%. During the same period in the previous year, the business posted $2.61 earnings per share.

Institutional Trading of Preferred Bank

A number of large investors have recently bought and sold shares of PFBC. BNP Paribas Financial Markets boosted its stake in Preferred Bank by 78.3% in the first quarter. BNP Paribas Financial Markets now owns 15,564 shares of the bank’s stock worth $1,195,000 after purchasing an additional 6,833 shares in the last quarter. LSV Asset Management acquired a new position in Preferred Bank in the first quarter worth $5,951,000. Vanguard Group Inc. boosted its stake in Preferred Bank by 1.3% in the first quarter. Vanguard Group Inc. now owns 868,073 shares of the bank’s stock worth $66,642,000 after purchasing an additional 10,931 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Preferred Bank by 6.2% in the first quarter. Russell Investments Group Ltd. now owns 15,637 shares of the bank’s stock worth $1,200,000 after purchasing an additional 919 shares in the last quarter. Finally, Quadrature Capital Ltd boosted its stake in Preferred Bank by 96.7% in the fourth quarter. Quadrature Capital Ltd now owns 16,959 shares of the bank’s stock worth $1,236,000 after purchasing an additional 8,338 shares in the last quarter. 72.77% of the stock is currently owned by institutional investors.

Preferred Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, October 7th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend is Monday, October 7th. Preferred Bank’s dividend payout ratio (DPR) is 27.03%.

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. 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.