PrivateBancorp Inc. (PVTB) Hits New 52-Week High at $45.92
PrivateBancorp Inc. (NASDAQ:PVTB) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $45.92 and last traded at $45.85, with a volume of 149,822 shares changing hands. The stock had previously closed at $45.59.
A number of equities research analysts have recently issued reports on the stock. Raymond James Financial Inc. restated a “strong-buy” rating on shares of PrivateBancorp in a research note on Friday, June 3rd. Keefe, Bruyette & Woods lowered shares of PrivateBancorp from an “outperform” rating to a “market perform” rating and set a $45.00 target price on the stock. in a research note on Thursday, June 30th. Royal Bank Of Canada lowered shares of PrivateBancorp from an “outperform” rating to a “sector perform” rating and set a $46.00 target price on the stock. in a research note on Thursday, June 30th. Zacks Investment Research lowered shares of PrivateBancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 6th. Finally, 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 on the stock. Twelve equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. PrivateBancorp currently has an average rating of “Hold” and a consensus target price of $43.70.
The company has a 50-day moving average of $44.45 and a 200-day moving average of $40.64. The stock has a market capitalization of $3.67 billion and a PE ratio of 18.82.
PrivateBancorp (NASDAQ:PVTB) last posted its earnings results on Thursday, July 21st. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by $0.01. During the same quarter in the previous year, the firm earned $0.58 EPS. The company had revenue of $180.30 million for the quarter, compared to analyst estimates of $175.59 million. The company’s revenue was up 13.6% compared to the same quarter last year. On average, equities analysts forecast that PrivateBancorp Inc. will post $2.55 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $0.04 dividend on an annualized basis and a yield of 0.09%.
In related news, insider Bruce R. Hague sold 11,236 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $43.92, for a total value of $493,485.12. Following the transaction, the insider now directly owns 139,225 shares in the company, valued at approximately $6,114,762. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward W. Rabin sold 5,250 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now owns 21,667 shares in the company, valued at $978,915.06. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently bought and sold shares of the company. King Luther Capital Management Corp raised its position in PrivateBancorp by 94.2% in the fourth quarter. King Luther Capital Management Corp now owns 639,940 shares of the financial services provider’s stock worth $26,250,000 after buying an additional 310,375 shares during the last quarter. KBC Group NV raised its stake in PrivateBancorp by 79.5% in the fourth quarter. KBC Group NV now owns 43,531 shares of the financial services provider’s stock valued at $1,786,000 after buying an additional 19,279 shares in the last quarter. Finally, Schroder Investment Management Group raised its stake in PrivateBancorp by 22.9% in the fourth quarter. Schroder Investment Management Group now owns 530,500 shares of the financial services provider’s stock valued at $21,761,000 after buying an additional 99,000 shares in the last quarter.
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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