Preferred Bank (NASDAQ: PFBC) raised its quarterly dividend by 13.2% to $0.43 per share.
Headquartered in Los Angeles, Preferred Bank is one of the largest independent commercial banks chartered by the State, with its deposits insured by the Federal Deposit Insurance Corporation. Notably, shares have gained 40% over the past year.
The dividend is payable on January 21, 2022, to shareholders on record as of January 7, 2022. The annual dividend of $1.72 per share now reflects a dividend yield of 2.5%.
Preferred Bank CEO Li Yu, stated, “We are very pleased to increase the dividend as it is a direct reflection of the strong performance of the Bank through the pandemic year.”
On November 17, Piper Sandler analyst Matthew Clark increased the price target on Preferred Bank to $88 (28.8% upside potential) from $85.
Overall, the stock has a Strong Buy consensus rating based on 3 unanimous Buys. The Preferred Bank stock price prediction of $80.67 implies 15.69% upside potential from current levels.
Preferred Bank scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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