PrivateBancorp Inc. (PVTB) Upgraded by Zacks Investment Research to Hold
PrivateBancorp Inc. (NASDAQ:PVTB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday. The brokerage currently has a $49.00 price target on the financial services provider’s stock. Zacks Investment Research’s price objective would indicate a potential upside of 8.43% from the stock’s current price.
According to Zacks, “PRIVATEBANCORP is a bank holding company for The PrivateBank and Trust Company. “
A number of other research firms have also commented on PVTB. Royal Bank Of Canada restated a “buy” rating on shares of PrivateBancorp in a research report on Saturday, April 23rd. DA Davidson assumed coverage on shares of PrivateBancorp in a research note on Thursday, April 7th. They issued a “neutral” rating and a $41.00 target price for the company. Sterne Agee CRT assumed coverage on shares of PrivateBancorp in a research note on Sunday, June 12th. They issued a “hold” rating for the company. Piper Jaffray Cos. assumed coverage on shares of PrivateBancorp in a research note on Friday, June 10th. They issued a “neutral” rating and a $43.00 target price for the company. Finally, Raymond James Financial Inc. reaffirmed a “strong-buy” rating on shares of PrivateBancorp in a research note on Friday, June 3rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $44.50.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/09/privatebancorp-inc-pvtb-upgraded-by-zacks-investment-research-to-hold.html
Shares of PrivateBancorp (NASDAQ:PVTB) traded down 0.13% during mid-day trading on Tuesday, reaching $45.19. 477,578 shares of the company were exchanged. The firm has a 50-day moving average price of $45.66 and a 200 day moving average price of $42.72. PrivateBancorp has a 12 month low of $31.18 and a 12 month high of $46.70. The stock has a market capitalization of $3.59 billion, a P/E ratio of 18.43 and a beta of 1.88.
PrivateBancorp (NASDAQ:PVTB) last released its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.62 EPS for the quarter, missing the Zacks’ consensus estimate of $0.63 by $0.01. The firm earned $180.30 million during the quarter, compared to analyst estimates of $175.59 million. PrivateBancorp had a net margin of 26.08% and a return on equity of 11.60%. PrivateBancorp’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.58 earnings per share. Equities research analysts anticipate that PrivateBancorp will post $2.56 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.09%. The ex-dividend date of this dividend was Wednesday, September 14th. PrivateBancorp’s dividend payout ratio (DPR) is 1.63%.
In related news, insider Bruce R. Hague sold 11,236 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $43.92, for a total transaction of $493,485.12. Following the completion of the transaction, the insider now owns 139,225 shares in the company, valued at $6,114,762. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Edward W. Rabin sold 5,250 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $45.18, for a total transaction of $237,195.00. Following the transaction, the director now owns 21,667 shares of the company’s stock, valued at approximately $978,915.06. The disclosure for this sale can be found here. Corporate insiders own 3.91% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Acrospire Investment Management LLC purchased a new position in shares of PrivateBancorp during the first quarter worth about $147,000. BlueMountain Capital Management LLC purchased a new position in shares of PrivateBancorp during the first quarter worth about $161,000. Independent Portfolio Consultants Inc. boosted its position 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 worth $180,000 after buying an additional 387 shares in the last quarter. Stevens Capital Management LP purchased a new position in shares of PrivateBancorp during the second quarter worth about $202,000. Finally, LS Investment Advisors LLC boosted its position in shares of PrivateBancorp by 74.9% in the second quarter. LS Investment Advisors LLC now owns 4,751 shares of the financial services provider’s stock worth $209,000 after buying an additional 2,035 shares in the last quarter. Hedge funds and other institutional investors own 90.86% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & 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 companies with MarketBeat.com's FREE daily email newsletter.