Short Interest in PrivateBancorp, Inc. (PVTB) Grows By 93.3%

PrivateBancorp, Inc. (NASDAQ:PVTB) saw a significant increase in short interest in May. As of May 15th, there was short interest totalling 2,215,888 shares, an increase of 93.3% from the April 28th total of 1,146,150 shares. Based on an average daily trading volume, of 2,950,056 shares, the short-interest ratio is currently 0.8 days. Approximately 2.8% of the company’s stock are sold short.

A number of equities analysts recently issued reports on PVTB shares. Keefe, Bruyette & Woods raised PrivateBancorp from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $54.00 to $63.00 in a report on Friday, March 24th. BMO Capital Markets reaffirmed a “hold” rating and issued a $61.00 price objective on shares of PrivateBancorp in a report on Wednesday, March 22nd. Piper Jaffray Companies lifted their price objective on PrivateBancorp from $50.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, April 4th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $44.00 price objective on shares of PrivateBancorp in a report on Friday, June 2nd. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. PrivateBancorp currently has a consensus rating of “Hold” and an average target price of $54.86.

In other news, insider Paul E. Carey sold 16,316 shares of PrivateBancorp stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $59.78, for a total transaction of $975,370.48. Following the sale, the insider now owns 22,162 shares in the company, valued at $1,324,844.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruce S. Lubin sold 130,960 shares of PrivateBancorp stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $60.51, for a total value of $7,924,389.60. Following the sale, the insider now owns 230,915 shares in the company, valued at approximately $13,972,666.65. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 474,654 shares of company stock worth $28,672,444. 3.91% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in PVTB. Point72 Asia Hong Kong Ltd bought a new position in shares of PrivateBancorp during the first quarter worth $149,000. First Interstate Bank bought a new position in shares of PrivateBancorp during the fourth quarter worth $157,000. Blair William & Co. IL bought a new position in shares of PrivateBancorp during the first quarter worth $200,000. Bard Associates Inc. bought a new position in shares of PrivateBancorp during the first quarter worth $208,000. Finally, Scout Investments Inc. bought a new position in shares of PrivateBancorp during the first quarter worth $223,000. 88.48% of the stock is owned by institutional investors.

Shares of PrivateBancorp (PVTB) traded up 0.12% during midday trading on Monday, hitting $60.92. The stock had a trading volume of 922,372 shares. PrivateBancorp has a one year low of $34.00 and a one year high of $61.12. The firm has a 50 day moving average of $59.58 and a 200-day moving average of $56.73.

PrivateBancorp (NASDAQ:PVTB) last announced its earnings results on Thursday, April 20th. The financial services provider reported $0.70 earnings per share for the quarter, topping the Zacks’ 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 during the quarter, compared to the consensus estimate of $197.26 million. During the same period in the previous year, the firm posted $0.62 earnings per share. On average, analysts anticipate that PrivateBancorp will post $3.08 earnings per share for the current fiscal year.

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PrivateBancorp Company Profile

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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