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

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 by an average of 22.4% annually over the last three years and has raised its dividend every year for the last 3 years. Preferred Bank has a payout ratio of 31.9% indicating that its dividend is sufficiently covered by earnings. 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

Shares of PFBC stock opened at $75.48 on Wednesday. The business’s 50-day moving average price is $72.57 and its 200-day moving average price is $68.43. Preferred Bank has a 12 month low of $42.42 and a 12 month high of $77.65. The firm has a market capitalization of $1.09 billion, a price-to-earnings 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.

Preferred Bank (NASDAQ:PFBCGet Free Report) last released its quarterly earnings data on Thursday, January 25th. The bank reported $2.60 EPS for the quarter, beating the consensus estimate of $2.54 by $0.06. The firm had revenue of $127.07 million during the quarter, compared to the consensus estimate of $72.84 million. Preferred Bank had a return on equity of 22.30% and a net margin of 30.93%. During the same quarter in the previous year, the company posted $2.71 earnings per share. Equities research analysts forecast that Preferred Bank will post 9.13 EPS for the current year.

Institutional Investors Weigh In On Preferred Bank

Several institutional investors have recently bought and sold shares of PFBC. Millennium Management LLC boosted its position in Preferred Bank by 1,412.8% in the fourth quarter. Millennium Management LLC now owns 266,322 shares of the bank’s stock worth $19,873,000 after purchasing an additional 248,717 shares during the last quarter. Invesco Ltd. boosted its position in Preferred Bank by 209.9% in the first quarter. Invesco Ltd. now owns 153,655 shares of the bank’s stock worth $11,384,000 after purchasing an additional 104,067 shares during the last quarter. State Street Corp boosted its position in Preferred Bank by 18.4% in the first quarter. State Street Corp now owns 608,023 shares of the bank’s stock worth $33,326,000 after purchasing an additional 94,660 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Preferred Bank by 14.0% in the fourth quarter. Nuveen Asset Management LLC now owns 530,270 shares of the bank’s stock worth $38,736,000 after purchasing an additional 65,245 shares during the last quarter. Finally, Morgan Stanley boosted its position in Preferred Bank by 40.2% in the fourth quarter. Morgan Stanley now owns 166,741 shares of the bank’s stock worth $12,442,000 after purchasing an additional 47,818 shares during the last quarter. Institutional investors own 72.77% of the company’s stock.

Preferred Bank Company Profile

(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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