Private Bancorp (NASDAQ:PBAM) Short Interest Up 1,009.9% in August

Private Bancorp (NASDAQ:PBAM) saw a significant growth in short interest during the month of August. As of August 14th, there was short interest totaling 7,636 shares, a growth of 1,009.9% from the July 30th total of 688 shares. Based on an average daily volume of 16,416 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.1% of the shares of the company are short sold.

Wall Street Analyst Weigh In

PBAM has been the subject of a number of research reports. Weiss Ratings began coverage on shares of Private Bancorp in a research note on Friday. They set a “hold (c)” rating for the company. DA Davidson raised their price target on Private Bancorp from $96.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Wall Street Zen raised Private Bancorp to a “hold” rating in a report on Monday. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.00.

Private Bancorp Price Performance

Shares of NASDAQ PBAM traded down $0.04 during midday trading on Tuesday, hitting $88.46. 35,957 shares of the company’s stock traded hands, compared to its average volume of 19,172. Private Bancorp has a 1 year low of $54.45 and a 1 year high of $89.10. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $506.88 million, a P/E ratio of 11.49 and a beta of 0.06.

Private Bancorp Company Profile

PrivateBancorp, Inc was a Chicago-based bank holding company that operated through The PrivateBank and Trust Company. The company provided banking and financial services primarily to middle-market businesses, professional firms, executives, entrepreneurs and high-net-worth individuals.

Its principal offerings included commercial lending, commercial real estate financing, treasury management, deposit accounts, mortgage lending, private banking and wealth management services. The bank served clients through offices in selected metropolitan markets, including Chicago and other major U.S.