PrivateBancorp, Inc. (PVTB) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of PrivateBancorp, Inc. (NASDAQ:PVTB) from a hold rating to a buy rating in a report issued on Saturday morning. The brokerage currently has $67.00 target price on the financial services provider’s stock.

According to Zacks, “PRIVATEBANCORP is a bank holding company for The PrivateBank and Trust Company. “

PVTB has been the subject of a number of other research reports. Keefe, Bruyette & Woods reiterated a mkt perform rating on shares of PrivateBancorp in a research note on Tuesday, May 30th. BMO Capital Markets restated a hold rating and issued a $61.00 target price on shares of PrivateBancorp in a research note on Wednesday, March 22nd. Piper Jaffray Companies boosted their target price on PrivateBancorp from $50.00 to $60.00 and gave the stock a neutral rating in a research note on Tuesday, April 4th. Finally, Jefferies Group LLC restated a hold rating and issued a $44.00 target price on shares of PrivateBancorp in a research note on Friday, June 2nd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. PrivateBancorp has an average rating of Hold and an average target price of $55.71.

PrivateBancorp (NASDAQ:PVTB) opened at 60.97 on Friday. The company’s 50-day moving average price is $59.76 and its 200 day moving average price is $57.04. The firm has a market capitalization of $4.88 billion, a PE ratio of 22.95 and a beta of 1.29. PrivateBancorp has a 12 month low of $34.00 and a 12 month high of $61.12.

PrivateBancorp (NASDAQ:PVTB) last released its quarterly earnings results on Thursday, April 20th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.03. The business had revenue of $198.30 million during the quarter, compared to the consensus estimate of $197.26 million. PrivateBancorp had a return on equity of 11.58% and a net margin of 25.65%. During the same quarter in the previous year, the business earned $0.62 EPS. On average, equities research analysts predict that PrivateBancorp will post $3.08 earnings per share for the current year.

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In other PrivateBancorp news, insider Bruce S. Lubin sold 130,960 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $60.51, for a total transaction of $7,924,389.60. Following the sale, the insider now owns 230,915 shares of the company’s stock, valued at approximately $13,972,666.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Karen B. Case sold 49,513 shares of the business’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $60.46, for a total transaction of $2,993,555.98. Following the sale, the insider now directly owns 122,451 shares in the company, valued at approximately $7,403,387.46. The disclosure for this sale can be found here. Insiders have sold a total of 474,654 shares of company stock worth $28,672,444 in the last three months. Insiders own 3.91% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in PrivateBancorp by 17,321.3% in the first quarter. BlackRock Inc. now owns 8,339,245 shares of the financial services provider’s stock valued at $495,101,000 after buying an additional 8,291,377 shares during the last quarter. Empyrean Capital Partners LP purchased a new position in PrivateBancorp during the fourth quarter valued at $80,957,000. Norges Bank purchased a new position in PrivateBancorp during the fourth quarter valued at $31,248,000. MARSHALL WACE ASIA Ltd purchased a new position in PrivateBancorp during the first quarter valued at $20,933,000. Finally, Marshall Wace North America L.P. purchased a new position in PrivateBancorp during the first quarter valued at $20,933,000. 88.48% of the stock is currently owned by hedge funds and other institutional investors.

About PrivateBancorp

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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