Principal Financial Group Inc. Has $13,044,000 Stake in PrivateBancorp Inc. (PVTB)
Principal Financial Group Inc. increased its position in PrivateBancorp Inc. (NASDAQ:PVTB) by 12.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 296,257 shares of the financial services provider’s stock after buying an additional 33,886 shares during the period. Principal Financial Group Inc. owned 0.37% of PrivateBancorp worth $13,044,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Acrospire Investment Management LLC bought a new position in shares of PrivateBancorp during the first quarter worth about $147,000. BlueMountain Capital Management LLC bought a new position in shares of PrivateBancorp during the first quarter worth about $161,000. Independent Portfolio Consultants Inc. increased 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 during the period. LS Investment Advisors LLC increased 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 during the period. Finally, LaSalle Street Capital Management LLC bought a new position in shares of PrivateBancorp during the second quarter worth about $230,000. Institutional investors own 90.86% of the company’s stock.
Shares of PrivateBancorp Inc. (NASDAQ:PVTB) opened at 45.19 on Monday. The company has a market cap of $3.59 billion, a P/E ratio of 18.43 and a beta of 1.88. The stock’s 50 day moving average price is $45.66 and its 200 day moving average price is $42.72. PrivateBancorp Inc. has a 12-month low of $31.18 and a 12-month high of $46.70.
PrivateBancorp (NASDAQ:PVTB) last announced its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.62 EPS for the quarter, missing the consensus estimate of $0.63 by $0.01. The firm had revenue of $180.30 million for the quarter, compared to the consensus estimate of $175.59 million. PrivateBancorp had a net margin of 26.08% and a return on equity of 11.60%. PrivateBancorp’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 earnings per share. On average, analysts forecast that PrivateBancorp Inc. will post $2.56 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.09%. The ex-dividend date of this dividend was Wednesday, September 14th. PrivateBancorp’s dividend payout ratio is presently 1.63%.
A number of equities analysts have recently issued reports on PVTB shares. Zacks Investment Research downgraded PrivateBancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 6th. Sterne Agee CRT assumed coverage on PrivateBancorp in a report on Sunday, June 12th. They issued a “hold” rating for the company. Keefe, Bruyette & Woods downgraded 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. Raymond James Financial Inc. downgraded PrivateBancorp from a “strong-buy” rating to a “market perform” rating and set a $49.00 target price for the company. in a report on Thursday, June 30th. Finally, Royal Bank Of Canada downgraded PrivateBancorp from an “outperform” rating to a “sector perform” rating and set a $46.00 target price for the company. in a report on Thursday, June 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $44.50.
In related news, Director Edward W. Rabin sold 5,250 shares of the stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $45.18, for a total transaction of $237,195.00. Following the completion of the sale, the director now directly owns 21,667 shares in the company, valued at approximately $978,915.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bruce R. Hague sold 11,236 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $43.92, for a total value of $493,485.12. Following 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. Corporate insiders own 3.91% 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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