Private Bancorp (NASDAQ:PBAM) Shares Shorted: Short Interest Up 354.0% in September

Private Bancorp (NASDAQ:PBAM) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totaling 135,544 shares, an increase of 354.0% from the September 15th total of 29,857 shares. Currently, 2.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 161,326 shares, the short-interest ratio is currently 0.8 days.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Zacks Research downgraded Private Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 19th. Weiss Ratings raised Private Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, September 29th. Wall Street Zen upgraded shares of Private Bancorp to a “hold” rating in a report on Monday, August 24th. 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 research report on Monday, July 20th. Finally, DA Davidson set a $105.00 price target on shares of Private Bancorp in a research note on Monday, August 24th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Private Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $93.67.

Private Bancorp Stock Up 0.4%

PBAM traded up $0.36 during trading on Monday, hitting $85.61. 165,148 shares of the stock were exchanged, compared to its average volume of 30,256. Private Bancorp has a 1-year low of $54.45 and a 1-year high of $92.09. The firm has a market cap of $490.55 million, a price-to-earnings ratio of 11.12 and a beta of 0.06.

Private Bancorp (NASDAQ:PBAM) last issued its quarterly earnings data on Monday, July 20th. The company reported $2.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.27. The company had revenue of $44.38 million for the quarter, compared to the consensus estimate of $34.47 million. Private Bancorp had a net margin of 25.45% and a return on equity of 16.53%. Equities analysts expect that Private Bancorp will post 8.50 EPS for the current fiscal year.

Private Bancorp Company Profile

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.