Brokerages Set PrivateBancorp Inc. (NASDAQ:PVTB) Target Price at $43.63
Shares of PrivateBancorp Inc. (NASDAQ:PVTB) have been assigned a consensus rating of “Hold” from the twelve analysts that are currently covering the firm. One research analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $43.63.
A number of brokerages have recently commented on PVTB. Sterne Agee CRT began coverage on PrivateBancorp in a report on Sunday, June 12th. They issued a “hold” rating for the company. Keefe, Bruyette & Woods cut PrivateBancorp from an “outperform” rating to a “market perform” rating and set a $45.00 target price for the company. in a report on Thursday, June 30th. Zacks Investment Research upgraded PrivateBancorp from a “sell” rating to a “hold” rating and set a $49.00 target price for the company in a report on Tuesday, July 26th. Raymond James Financial Inc. reiterated a “strong-buy” rating on shares of PrivateBancorp in a report on Friday, June 3rd. Finally, Piper Jaffray Cos. began coverage on PrivateBancorp in a report on Friday, June 10th. They issued a “neutral” rating and a $43.00 target price for the company.
PrivateBancorp (NASDAQ:PVTB) opened at 45.49 on Tuesday. The company has a market cap of $3.62 billion, a P/E ratio of 18.55 and a beta of 1.91. The firm has a 50-day moving average price of $45.59 and a 200-day moving average price of $42.43. PrivateBancorp has a 12-month low of $31.18 and a 12-month high of $46.70.
PrivateBancorp (NASDAQ:PVTB) last released its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.63 by $0.01. PrivateBancorp had a return on equity of 11.60% and a net margin of 26.08%. The firm earned $180.30 million during the quarter, compared to the consensus estimate of $175.59 million. During the same period in the previous year, the firm earned $0.58 EPS. The business’s revenue was up 13.6% compared to the same quarter last year. On average, equities research analysts forecast that PrivateBancorp will post $2.57 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.09%. The ex-dividend date of this dividend is Wednesday, September 14th. PrivateBancorp’s dividend payout ratio is 1.63%.
In other PrivateBancorp news, insider C. Brant Ahrens sold 2,500 shares of the company’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $46.32, for a total value of $115,800.00. Following the completion of the sale, the insider now directly owns 59,311 shares in the company, valued at approximately $2,747,285.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bruce R. Hague sold 11,236 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $43.92, for a total value of $493,485.12. Following the completion of the sale, the insider now owns 139,225 shares of the company’s stock, valued at $6,114,762. The disclosure for this sale can be found here. 3.91% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. Acrospire Investment Management LLC purchased a new stake in shares of PrivateBancorp during the first quarter valued at $147,000. BlueMountain Capital Management LLC purchased a new stake in shares of PrivateBancorp during the first quarter valued at $161,000. Independent Portfolio Consultants Inc. boosted its stake in shares of PrivateBancorp by 10.5% in the second quarter. Independent Portfolio Consultants Inc. now owns 4,082 shares of the financial services provider’s stock valued at $180,000 after buying an additional 387 shares in the last quarter. Stevens Capital Management LP purchased a new stake in shares of PrivateBancorp during the second quarter valued at $202,000. Finally, LS Investment Advisors LLC raised its position in PrivateBancorp by 74.9% in the second quarter. LS Investment Advisors LLC now owns 4,751 shares of the financial services provider’s stock valued at $209,000 after buying an additional 2,035 shares during the last quarter. Institutional investors and hedge funds own 90.86% of the company’s stock.
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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