Wall Street analysts expect Preferred Bank (NASDAQ:PFBC) to report sales of $42.11 million for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Preferred Bank’s earnings, with the lowest sales estimate coming in at $41.40 million and the highest estimate coming in at $43.13 million. Preferred Bank reported sales of $35.78 million during the same quarter last year, which indicates a positive year-over-year growth rate of 17.7%. The business is expected to report its next quarterly earnings report on Monday, January 28th.
On average, analysts expect that Preferred Bank will report full year sales of $159.80 million for the current fiscal year, with estimates ranging from $158.70 million to $161.08 million. For the next fiscal year, analysts forecast that the business will report sales of $179.27 million, with estimates ranging from $174.20 million to $185.58 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Preferred Bank.
Preferred Bank (NASDAQ:PFBC) last released its quarterly earnings data on Wednesday, October 17th. The bank reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.02. Preferred Bank had a net margin of 31.74% and a return on equity of 18.39%. The company had revenue of $40.91 million during the quarter, compared to the consensus estimate of $41.19 million.
Several equities research analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Preferred Bank from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. B. Riley set a $76.00 price objective on shares of Preferred Bank and gave the stock a “buy” rating in a research note on Tuesday, October 30th. ValuEngine downgraded shares of Preferred Bank from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 27th. Raymond James decreased their price objective on shares of Preferred Bank from $77.00 to $72.00 and set a “strong-buy” rating for the company in a research note on Friday, October 19th. Finally, BidaskClub upgraded shares of Preferred Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $72.00.
PFBC opened at $50.90 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.28. Preferred Bank has a 52-week low of $49.45 and a 52-week high of $69.48. The company has a market cap of $661.38 million, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 1.07 and a beta of 1.01.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Preferred Bank by 31.6% in the third quarter. Vanguard Group Inc. now owns 879,043 shares of the bank’s stock valued at $51,424,000 after purchasing an additional 210,979 shares during the period. Morgan Stanley boosted its stake in shares of Preferred Bank by 14.4% in the third quarter. Morgan Stanley now owns 36,331 shares of the bank’s stock valued at $2,126,000 after purchasing an additional 4,569 shares during the period. Legal & General Group Plc boosted its stake in shares of Preferred Bank by 1,196.2% in the third quarter. Legal & General Group Plc now owns 29,723 shares of the bank’s stock valued at $1,743,000 after purchasing an additional 27,430 shares during the period. B. Riley Financial Inc. boosted its stake in shares of Preferred Bank by 57.4% in the third quarter. B. Riley Financial Inc. now owns 9,100 shares of the bank’s stock valued at $532,000 after purchasing an additional 3,317 shares during the period. Finally, Maltese Capital Management LLC boosted its stake in shares of Preferred Bank by 7.2% in the third quarter. Maltese Capital Management LLC now owns 184,069 shares of the bank’s stock valued at $10,768,000 after purchasing an additional 12,289 shares during the period. Institutional investors and hedge funds own 93.10% 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 in the United States. The company's deposit products include checking, savings, negotiable order of withdrawal, 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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