B.Riley FBR analyst Steve Moss reiterated a Buy rating on Preferred Bank (PFBC) yesterday and set a price target of $59. The company’s shares closed yesterday at $49.55.
Moss noted:
“PFBC reported 2Q19 results of $1.31 per share, $0.02 ahead of our estimate and $0.03 ahead of consensus. Results were better than expected due to lower-than-expected expenses (+$0.02), higher fee income (+$0.02), lower-than-expected credit costs (+$0.01), partly offset by lower- than-expected NII (-$0.03). The quarter was marked by better-than-expected EOP loan growth, which increased 5.3% LQ. Additionally, credit quality remains strong and expenses were well- controlled. We expect a modestly positive stock reaction given strong loan growth and positive credit and expense trends, somewhat tempered by weaker-than-expected NII growth and the bank’s asset sensitivity. We reiterate our Buy rating and $59 PT. *Close price on 7/17/19.”
According to TipRanks.com, Moss is a 1-star analyst with an average return of -0.8% and a 44.0% success rate. Moss covers the Financial sector, focusing on stocks such as Seacoast Banking Corporation Of Florida, Meta Financial Group, and Axos Financial Inc.
Preferred Bank has an analyst consensus of Moderate Buy, with a price target consensus of $55.25.
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The company has a one-year high of $66.92 and a one-year low of $39.87. Currently, Preferred Bank has an average volume of 63.71K.
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Preferred Bank engages in the provision of independent commercial banks. It offers personalized 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, and professionals.
