Legal & General Group Plc Has $3.05 Million Position in PrivateBancorp Inc (PVTB)
Legal & General Group Plc raised its stake in PrivateBancorp Inc (NASDAQ:PVTB) by 28.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,432 shares of the financial services provider’s stock after buying an additional 11,282 shares during the period. Legal & General Group Plc owned 0.06% of PrivateBancorp worth $3,053,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. Blair William & Co. IL purchased a new stake in PrivateBancorp during the first quarter valued at about $200,000. Scout Investments Inc. purchased a new stake in PrivateBancorp during the first quarter valued at about $223,000. World Asset Management Inc increased its stake in PrivateBancorp by 2.2% in the first quarter. World Asset Management Inc now owns 4,939 shares of the financial services provider’s stock valued at $293,000 after buying an additional 107 shares in the last quarter. Peapack Gladstone Financial Corp increased its stake in PrivateBancorp by 1.8% in the first quarter. Peapack Gladstone Financial Corp now owns 5,294 shares of the financial services provider’s stock valued at $314,000 after buying an additional 93 shares in the last quarter. Finally, OppenheimerFunds Inc. purchased a new stake in PrivateBancorp during the first quarter valued at about $323,000. 88.48% of the stock is currently owned by institutional investors and hedge funds.
PrivateBancorp Inc (NASDAQ PVTB) traded up 1.18% during mid-day trading on Friday, hitting $60.97. PrivateBancorp Inc has a 52-week low of $34.00 and a 52-week high of $61.12. The firm has a 50 day moving average of $59.93 and a 200-day moving average of $57.09.
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A number of analysts recently issued reports on PVTB shares. Zacks Investment Research downgraded PrivateBancorp from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. Keefe, Bruyette & Woods reaffirmed a “mkt perform” rating on shares of PrivateBancorp in a research report on Tuesday, May 30th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $44.00 target price on shares of PrivateBancorp in a research report on Friday, June 2nd. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $59.00.
In related news, General Counsel Jennifer Evans sold 70,020 shares of the company’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $60.68, for a total value of $4,248,813.60. Following the sale, the general counsel now owns 104,375 shares in the company, valued at approximately $6,333,475. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bruce S. Lubin sold 130,960 shares of the company’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $60.51, for a total transaction of $7,924,389.60. Following the completion of the sale, the insider now owns 230,915 shares in the company, valued at approximately $13,972,666.65. The disclosure for this sale can be found here. Insiders sold a total of 474,654 shares of company stock worth $28,672,444 in the last 90 days. 3.91% of the stock is currently owned by company insiders.
PrivateBancorp, Inc is a bank holding company for The PrivateBank and Trust Company (the Bank). Through the Bank, the Company provides customized business and personal financial services to middle market companies, as well as business owners, executives, entrepreneurs and families in the markets and communities it serves.
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