Private Bancorp (NASDAQ:PBAM) Stock Price Breaks Above 50 Day Moving Average – Here’s What Happened

Private Bancorp (NASDAQ:PBAM)’s share price passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $86.75 and traded as high as $87.00. Private Bancorp shares last traded at $86.95, with a volume of 76,873 shares.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. DA Davidson boosted their target price on shares of Private Bancorp from $105.00 to $107.00 and gave the stock a “buy” rating in a research report on Tuesday, October 20th. Piper Sandler increased their price target on shares of Private Bancorp from $96.00 to $101.00 and gave the company an “overweight” rating in a report on Tuesday, October 20th. Weiss Ratings upgraded shares of Private Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, October 30th. Finally, Wall Street Zen upgraded shares of Private Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, November 7th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Private Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.00.

Private Bancorp Trading Up 1.7%

The stock has a market capitalization of $498.22 million, a P/E ratio of 10.84 and a beta of 0.05. The firm has a fifty day moving average of $86.75.

Private Bancorp (NASDAQ:PBAM) last released its quarterly earnings data on Friday, October 16th. The company reported $1.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.10). The firm had revenue of $35.56 million for the quarter, compared to the consensus estimate of $35.07 million. Private Bancorp had a net margin of 26.03% and a return on equity of 16.91%. As a group, sell-side analysts expect that Private Bancorp will post 8.44 EPS for the current fiscal year.

About Private Bancorp

PrivateBancorp, Inc. was a Chicago-based financial holding company and the parent of The PrivateBank and Trust Company. It provided banking and financial services to businesses, professionals, and individuals, including commercial lending, deposit accounts, treasury management, private banking, and wealth management. The company served customers in Chicago and other Midwestern markets. Its history as an independent public company ended in 2017, when Canadian Imperial Bank of Commerce completed its acquisition of PrivateBancorp and integrated the business into its U.S. operations.