Preferred Bank (NASDAQ:PFBC) Announces $0.70 Quarterly Dividend

Preferred Bank (NASDAQ:PFBC) declared a quarterly dividend on Thursday, September 19th, Zacks reports. Stockholders of record on Monday, October 7th will be paid a dividend of 0.70 per share by the bank on Monday, October 21st. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date is Monday, October 7th.

Preferred Bank has raised its dividend payment by an average of 22.4% annually over the last three years. Preferred Bank has a payout ratio of 31.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Preferred Bank to earn $8.91 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 31.4%.

Preferred Bank Price Performance

PFBC stock opened at $79.84 on Friday. The stock’s 50 day moving average price is $79.75 and its 200 day moving average price is $77.65. The firm has a market cap of $1.15 billion, a P/E ratio of 7.71 and a beta of 0.95. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.07. Preferred Bank has a 1 year low of $58.52 and a 1 year high of $91.67.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.39 by $0.09. The business had revenue of $130.70 million for the quarter, compared to the consensus estimate 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 prior year, the business earned $2.61 earnings per share. On average, sell-side analysts expect that Preferred Bank will post 9.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PFBC shares. Stephens lifted their price target on shares of Preferred Bank from $84.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Piper Sandler lifted their target price on shares of Preferred Bank from $88.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th.

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.