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

Preferred Bank (NASDAQ:PFBCGet Free Report) announced a quarterly dividend on Wednesday, March 20th, Zacks reports. Stockholders of record on Friday, April 5th will be paid a dividend of 0.70 per share by the bank on Friday, April 19th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Thursday, April 4th.

Preferred Bank has raised its dividend payment by an average of 22.4% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Preferred Bank has a dividend payout ratio of 31.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Preferred Bank to earn $8.88 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 31.5%.

Preferred Bank Stock Performance

Preferred Bank stock opened at $75.48 on Wednesday. The stock has a market cap of $1.09 billion, a P/E ratio of 7.17 and a beta of 1.04. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.21. The stock has a 50 day moving average of $72.57 and a 200-day moving average of $68.43. Preferred Bank has a 52 week low of $42.42 and a 52 week high of $77.65.

Preferred Bank (NASDAQ:PFBCGet Free Report) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.54 by $0.06. The business had revenue of $127.07 million for the quarter, compared to analyst estimates of $72.84 million. Preferred Bank had a return on equity of 22.30% and a net margin of 30.93%. During the same period in the prior year, the company posted $2.71 EPS. On average, analysts expect that Preferred Bank will post 9.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Preferred Bank

Several large investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its stake in shares of Preferred Bank by 38.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 169,716 shares of the bank’s stock valued at $12,398,000 after purchasing an additional 47,438 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Preferred Bank by 1.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 22,662 shares of the bank’s stock valued at $1,657,000 after purchasing an additional 221 shares in the last quarter. GSA Capital Partners LLP raised its stake in shares of Preferred Bank by 26.2% during the fourth quarter. GSA Capital Partners LLP now owns 20,225 shares of the bank’s stock valued at $1,477,000 after purchasing an additional 4,204 shares in the last quarter. Barclays PLC raised its stake in shares of Preferred Bank by 28.7% during the fourth quarter. Barclays PLC now owns 32,377 shares of the bank’s stock valued at $2,365,000 after purchasing an additional 7,214 shares in the last quarter. Finally, Voloridge Investment Management LLC raised its stake in shares of Preferred Bank by 117.3% during the fourth quarter. Voloridge Investment Management LLC now owns 12,856 shares of the bank’s stock valued at $939,000 after purchasing an additional 6,940 shares in the last quarter. 72.77% of the stock is owned by institutional investors and hedge funds.

About Preferred Bank

(Get Free Report)

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 accepts checking, savings, 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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Dividend History for Preferred Bank (NASDAQ:PFBC)

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