PNC Financial Services Group Inc. reduced its position in PrivateBancorp Inc (NASDAQ:PVTB) by 0.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,311 shares of the financial services provider’s stock after selling 18 shares during the period. PNC Financial Services Group Inc.’s holdings in PrivateBancorp were worth $137,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Blair William & Co. IL purchased a new stake in PrivateBancorp during the first quarter worth about $200,000. Scout Investments Inc. purchased a new stake in PrivateBancorp during the first quarter worth 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 worth $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 worth $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 worth about $323,000. 88.48% of the stock is owned by institutional investors and hedge funds.

PrivateBancorp Inc (NASDAQ PVTB) traded up 1.18% during trading on Friday, reaching $60.97. PrivateBancorp Inc has a 12 month low of $34.00 and a 12 month high of $61.12. The firm’s 50-day moving average price is $59.93 and its 200-day moving average price is $57.09.

COPYRIGHT VIOLATION NOTICE: “PrivateBancorp Inc (NASDAQ:PVTB) Shares Sold by PNC Financial Services Group Inc.” was reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international copyright laws. The correct version of this piece can be accessed at https://www.thecerbatgem.com/2017/08/19/pnc-financial-services-group-inc-lowers-position-in-privatebancorp-inc-nasdaqpvtb-updated-updated-updated.html.

PVTB has been the subject of several recent research reports. Zacks Investment Research upgraded PrivateBancorp from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research report on Saturday, June 24th. Jefferies Group LLC reiterated a “hold” rating and issued a $44.00 price target on shares of PrivateBancorp in a research report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods cut PrivateBancorp from an “outperform” rating to a “market perform” rating and set a $63.00 price target for the company. in a research report on Friday, May 26th. 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 has a consensus rating of “Hold” and a consensus target price of $59.00.

In other PrivateBancorp news, insider Bruce S. Lubin sold 130,960 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $60.51, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Karen B. Case sold 49,513 shares of the stock in a transaction on Friday, June 16th. The stock was sold at an average price of $60.46, for a total value of $2,993,555.98. Following the completion of the sale, the insider now owns 122,451 shares of the company’s stock, valued at approximately $7,403,387.46. The disclosure for this sale can be found here. Insiders sold a total of 474,654 shares of company stock valued at $28,672,444 in the last quarter. 3.91% of the stock is currently owned by company insiders.

About PrivateBancorp

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.

Institutional Ownership by Quarter for PrivateBancorp (NASDAQ:PVTB)

Receive News & Stock Ratings for PrivateBancorp Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PrivateBancorp Inc and related stocks with our FREE daily email newsletter.