Trading Report: The PrivateBancorp Inc. (PVTB) Rating Increased to Hold at The Zacks Investment Research

The PrivateBancorp Inc. (PVTB) Rating Increased to Hold at The Zacks Investment Research

Zacks Investment Research upgraded shares of PrivateBancorp Inc. (NASDAQ:PVTB) from a sell rating to a hold rating in a research note released on Tuesday morning.

According to Zacks, “PRIVATEBANCORP is a bank holding company for The PrivateBank and Trust Company. “

Several other brokerages have also recently issued reports on PVTB. Keefe, Bruyette & Woods cut PrivateBancorp from an outperform rating to a market perform rating and set a $45.00 price objective for the company. in a report on Thursday, June 30th. Raymond James Financial Inc. cut PrivateBancorp from a strong-buy rating to a market perform rating and set a $49.00 price objective for the company. in a report on Thursday, June 30th. Finally, Royal Bank Of Canada cut PrivateBancorp from an outperform rating to a sector perform rating and set a $46.00 price objective for the company. in a report on Thursday, June 30th. Eight analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $45.00.

PrivateBancorp (NASDAQ:PVTB) opened at 45.41 on Tuesday. The stock has a market capitalization of $3.62 billion, a PE ratio of 18.24 and a beta of 1.88. PrivateBancorp has a 12-month low of $31.18 and a 12-month high of $46.70. The stock’s 50 day moving average price is $45.47 and its 200-day moving average price is $43.47.

PrivateBancorp (NASDAQ:PVTB) last posted its quarterly earnings results on Thursday, October 20th. The financial services provider reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.65 by $0.05. PrivateBancorp had a net margin of 25.68% and a return on equity of 11.42%. The business earned $183.12 million during the quarter, compared to analysts’ expectations of $181.50 million. During the same quarter last year, the firm earned $0.57 earnings per share. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. Analysts expect that PrivateBancorp will post $2.52 earnings per share for the current year.

In related news, Director Edward W. Rabin sold 5,250 shares of the company’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $45.18, for a total value of $237,195.00. Following the completion of the transaction, the director now directly owns 21,667 shares in the company, valued at $978,915.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider C. Brant Ahrens sold 2,500 shares of the company’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $46.32, for a total value of $115,800.00. Following the completion of the transaction, the insider now owns 59,311 shares of the company’s stock, valued at $2,747,285.52. The disclosure for this sale can be found here. 3.91% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. raised its position in PrivateBancorp by 13.3% in the first quarter. Envestnet Asset Management Inc. now owns 44,462 shares of the financial services provider’s stock valued at $1,716,000 after buying an additional 5,210 shares during the last quarter. Nuveen Asset Management LLC raised its position in PrivateBancorp by 52.5% in the first quarter. Nuveen Asset Management LLC now owns 171,028 shares of the financial services provider’s stock valued at $6,602,000 after buying an additional 58,905 shares during the last quarter. Granahan Investment Management Inc. MA raised its position in PrivateBancorp by 1.6% in the first quarter. Granahan Investment Management Inc. MA now owns 170,300 shares of the financial services provider’s stock valued at $6,574,000 after buying an additional 2,600 shares during the last quarter. Prudential PLC acquired a new position in PrivateBancorp during the first quarter valued at approximately $12,814,000. Finally, Geode Capital Management LLC raised its position in PrivateBancorp by 2.9% in the first quarter. Geode Capital Management LLC now owns 689,579 shares of the financial services provider’s stock valued at $26,617,000 after buying an additional 19,572 shares during the last quarter. Hedge funds and other institutional investors own 87.68% of the company’s stock.

PrivateBancorp Company Profile

PrivateBancorp, Inc (PrivateBancorp) is a bank holding company. The PrivateBank and Trust Company (the Bank or the PrivateBank) is its bank subsidiary. The Company has three operating segments. The Banking segment consists of commercial and personal banking services. Commercial banking services are primarily provided to corporations and other business clients and include an array of lending and cash management products.

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