Private Bancorp (NASDAQ:PBAM) Releases Quarterly Earnings Results, Misses Expectations By $0.10 EPS

Private Bancorp (NASDAQ:PBAM) released its quarterly earnings data on Friday. The company reported $1.97 EPS for the quarter, missing the consensus estimate of $2.07 by ($0.10), Zacks reports. Private Bancorp had a net margin of 25.45% and a return on equity of 16.53%. The business had revenue of $35.56 million for the quarter, compared to analysts’ expectations of $35.07 million.

Private Bancorp Price Performance

Shares of NASDAQ PBAM traded down $1.89 during midday trading on Friday, hitting $82.30. 157,341 shares of the stock traded hands, compared to its average volume of 122,415. The stock has a market capitalization of $471.58 million, a price-to-earnings ratio of 10.69 and a beta of 0.06. Private Bancorp has a one year low of $54.45 and a one year high of $92.09.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PBAM shares. Zacks Research cut shares of Private Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 19th. Piper Sandler raised their price target on shares of Private Bancorp from $88.00 to $96.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Weiss Ratings upgraded shares of Private Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, September 29th. DA Davidson set a $105.00 price target on shares of Private Bancorp in a research note on Monday, August 24th. Finally, Wall Street Zen raised shares of Private Bancorp to a “hold” rating in a report on Monday, August 24th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $93.67.

Trending Headlines about Private Bancorp

Here are the key news stories impacting Private Bancorp this week:

• Positive Sentiment: Net income increased to $11.4 million, or $1.97 diluted EPS, from $9.7 million, or $1.65 EPS, a year earlier. Net interest income rose 16.3% year over year to $34.1 million, while the net interest margin improved to 5.05% from 4.65%. Private Bancorp of America Q3 results
• Positive Sentiment: Core deposits grew 7.8% year over year to $2.36 billion, while loans held for investment increased 5.0% to $2.19 billion. Tangible book value per share rose to $50.56 from $44.11, and the bank remained above “well-capitalized” regulatory thresholds. Private Bancorp of America Q3 income rises
• Neutral Sentiment: Management said loan production and pipelines remain strong entering the fourth quarter. The July NASDAQ uplisting could improve liquidity, visibility and access to capital, although the company incurred approximately $0.9 million in related third-quarter expenses. Private Bancorp of America reports Q3 results
• Negative Sentiment: Quarterly EPS of $1.97 missed the $2.07 consensus estimate. Net income also fell from $13.1 million in the second quarter, while the net interest margin declined from 5.18%. Higher expenses, including NASDAQ listing costs and an OREO impairment, pushed the efficiency ratio to 51.68% from 48.81%. PBAM Q3 earnings miss estimates
• Negative Sentiment: Criticized loans increased to $71.9 million, or 3.29% of total loans, and nonperforming assets rose to 1.58% of total assets. The bank recorded a $1.3 million credit-loss provision, reversing the prior quarter’s $0.2 million release, signaling increased credit-risk concerns. Private Bancorp of America Q3 credit metrics

About Private Bancorp

PrivateBancorp, Inc was a bank holding company headquartered in Chicago, Illinois. Through its principal banking subsidiary, The PrivateBank and Trust Company, it provided commercial banking, private banking and wealth management services to businesses, professionals, executives and high-net-worth individuals.

The company offered deposit accounts, commercial and real estate lending, treasury management, investment management and trust services. Its commercial banking activities included financing for middle-market companies, commercial real estate developers and investors, while its private banking business served clients with customized lending, deposit and financial planning needs.

PrivateBancorp operated primarily in the Midwest and other selected U.S.