Preferred Bank's PFBC 3Q10 results missed expectations due to higher-than-expected provision expense, offset in part by operating expense improvement., Keefe, Bruyette & Woods reports.
“[We're] updating [our] estimates, [and] leaving PT unchanged,” Keefe, Bruyette & Woods writes. “Reiterating at Market Perform. We remain concerned with the long-term profitability prospects of the bank but are more positive about the return to profitability in the near term, based on the reduction in operating costs in 3Q. See PDF for details.”
Preferred Bank closed Friday at $1.68.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in