PrivateBancorp, Inc. (PVTB) Insider Sells $4,700,781.25 in Stock
PrivateBancorp, Inc. (NASDAQ:PVTB) insider Karen B. Case sold 78,125 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $60.17, for a total transaction of $4,700,781.25. Following the completion of the transaction, the insider now directly owns 186,136 shares in the company, valued at $11,199,803.12. The sale was disclosed in a document filed with the SEC, which is available at this link.
Shares of PrivateBancorp, Inc. (NASDAQ:PVTB) opened at 60.92 on Tuesday. PrivateBancorp, Inc. has a 12-month low of $34.00 and a 12-month high of $61.12. The firm has a 50-day moving average of $59.67 and a 200-day moving average of $56.96.
PrivateBancorp (NASDAQ:PVTB) last announced its quarterly earnings results on Thursday, April 20th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.03. PrivateBancorp had a net margin of 25.65% and a return on equity of 11.58%. The company had revenue of $198.30 million for the quarter, compared to the consensus estimate of $197.26 million. During the same quarter in the prior year, the firm earned $0.62 earnings per share. On average, equities research analysts expect that PrivateBancorp, Inc. will post $3.08 earnings per share for the current year.
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Hedge funds have recently made changes to their positions in the stock. FMR LLC acquired a new stake in shares of PrivateBancorp during the fourth quarter valued at about $1,447,000. Russell Investments Group Ltd. acquired a new stake in shares of PrivateBancorp during the fourth quarter valued at about $2,007,000. Federated Investors Inc. PA increased its stake in shares of PrivateBancorp by 16.7% in the fourth quarter. Federated Investors Inc. PA now owns 51,602 shares of the financial services provider’s stock valued at $2,796,000 after buying an additional 7,395 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of PrivateBancorp during the fourth quarter valued at about $47,305,000. Finally, Empyrean Capital Partners LP acquired a new stake in shares of PrivateBancorp during the fourth quarter valued at about $80,957,000. 88.48% of the stock is currently owned by institutional investors.
A number of brokerages recently weighed in on PVTB. Keefe, Bruyette & Woods reaffirmed a “mkt perform” rating on shares of PrivateBancorp in a research note on Tuesday, May 30th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $44.00 price target on shares of PrivateBancorp in a research note on Friday, June 2nd. Piper Jaffray Companies raised their price target on shares of PrivateBancorp from $50.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, April 4th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $61.00 price target on shares of PrivateBancorp in a research note on Wednesday, March 22nd. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $54.86.
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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