Private Bancorp (NASDAQ:PBAM) Sees Large Growth in Short Interest

Private Bancorp (NASDAQ:PBAM) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totaling 29,857 shares, a growth of 291.4% from the August 31st total of 7,628 shares. Based on an average daily trading volume, of 165,978 shares, the days-to-cover ratio is currently 0.2 days. Currently, 0.5% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PBAM. Wall Street Zen upgraded shares of Private Bancorp to a “hold” rating in a research note on Monday, August 24th. Weiss Ratings raised shares of Private Bancorp from a “hold (c)” rating to a “buy (b)” rating in a research report on Friday, September 4th. Finally, DA Davidson upped their price target on shares of Private Bancorp from $96.00 to $105.00 and gave the company a “buy” rating in a report on Monday, August 24th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $105.00.

Private Bancorp Stock Performance

Shares of NASDAQ PBAM traded up $0.35 during mid-day trading on Friday, hitting $86.14. The company had a trading volume of 33,969 shares, compared to its average volume of 25,614. Private Bancorp has a 12 month low of $54.45 and a 12 month high of $92.09. The stock has a market cap of $493.58 million, a PE ratio of 11.18 and a beta of 0.07.

Private Bancorp Company Profile

PrivateBancorp, Inc was a financial services company and bank holding company that operated The PrivateBank, a relationship-focused commercial bank headquartered in Chicago, Illinois. The company provided banking and financial services to middle-market businesses, professional services firms, nonprofit organizations, entrepreneurs and high-net-worth individuals.

The PrivateBank’s offerings included commercial and real estate lending, corporate banking, treasury management, deposit accounts, personal banking and wealth management services.