Zacks: Analysts Expect Preferred Bank (NASDAQ:PFBC) Will Announce Quarterly Sales of $34.68 Million

Wall Street brokerages expect Preferred Bank (NASDAQ:PFBC) to announce sales of $34.68 million for the current quarter, Zacks reports. Four analysts have issued estimates for Preferred Bank’s earnings, with the lowest sales estimate coming in at $34.20 million and the highest estimate coming in at $35.30 million. Preferred Bank posted sales of $27.85 million during the same quarter last year, which suggests a positive year over year growth rate of 24.5%. The business is expected to report its next earnings report on Wednesday, October 18th.

On average, analysts expect that Preferred Bank will report full-year sales of $34.68 million for the current financial year, with estimates ranging from $132.60 million to $135.10 million. For the next year, analysts expect that the company will post sales of $157.40 million per share, with estimates ranging from $149.70 million to $166.40 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Preferred Bank.

Preferred Bank (NASDAQ:PFBC) last announced its quarterly earnings data on Tuesday, July 18th. The bank reported $0.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.05. The company had revenue of $32.55 million during the quarter, compared to analyst estimates of $31.78 million. Preferred Bank had a net margin of 28.91% and a return on equity of 14.18%.

PFBC has been the subject of a number of analyst reports. Zacks Investment Research cut shares of Preferred Bank from a “buy” rating to a “hold” rating in a research note on Friday, June 23rd. Stephens initiated coverage on shares of Preferred Bank in a research note on Thursday, April 6th. They issued an “equal weight” rating for the company. FBR & Co restated a “buy” rating on shares of Preferred Bank in a research note on Thursday, April 20th. ValuEngine upgraded shares of Preferred Bank from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, BidaskClub upgraded shares of Preferred Bank from a “hold” rating to a “buy” rating in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $45.33.

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Shares of Preferred Bank (PFBC) traded up 0.20% on Friday, reaching $56.15. 63,522 shares of the company’s stock traded hands. The company’s 50-day moving average is $54.07 and its 200-day moving average is $53.46. Preferred Bank has a 52 week low of $32.00 and a 52 week high of $58.98. The firm has a market capitalization of $805.64 million, a P/E ratio of 19.28 and a beta of 0.96.

The business also recently announced a quarterly dividend, which was paid on Friday, July 21st. Investors of record on Friday, July 7th were paid a dividend of $0.20 per share. This is a boost from Preferred Bank’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 1.42%. The ex-dividend date was Wednesday, July 5th. Preferred Bank’s dividend payout ratio is presently 27.49%.

A number of institutional investors have recently added to or reduced their stakes in PFBC. State Street Corp boosted its position in Preferred Bank by 6.9% in the fourth quarter. State Street Corp now owns 238,287 shares of the bank’s stock valued at $12,494,000 after buying an additional 15,467 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Preferred Bank by 9.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 443,763 shares of the bank’s stock valued at $23,262,000 after buying an additional 37,377 shares during the last quarter. GSA Capital Partners LLP bought a new position in Preferred Bank during the fourth quarter valued at approximately $250,000. Teachers Advisors LLC boosted its position in Preferred Bank by 9.9% in the fourth quarter. Teachers Advisors LLC now owns 23,687 shares of the bank’s stock valued at $1,242,000 after buying an additional 2,124 shares during the last quarter. Finally, Highbridge Capital Management LLC boosted its position in Preferred Bank by 17.2% in the fourth quarter. Highbridge Capital Management LLC now owns 17,090 shares of the bank’s stock valued at $896,000 after buying an additional 2,505 shares during the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

About Preferred Bank

Preferred Bank is a commercial bank. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and high net worth individuals. The Bank offers various services, such as personal banking, business banking and treasury management.

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Earnings History and Estimates for Preferred Bank (NASDAQ:PFBC)

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