PrivateBancorp, Inc. (NASDAQ:PVTB) has been the object of insider selling activity recently. Larry D. Richman, President and CEO sold $18,682,570 worth of shares at an average price of $59.75 on Thu the 8th. That brings the President and CEO’s holdings to $35,205,323 as reported to the SEC. Principal Accounting Officer Paul E. Carey disclosed the sale of 16,316 shares. The shares were purchased at an average price of $59.78. Carey now owns $695,122 of the stock according to the SEC filing.
Edward W. Rabin, Director reported the sale of 40,000 shares of (PVTB). The shares were sold on November 7th for a price of $45.11. The Director now owns $1,578,850 of the stock per the Form 4 SEC filing.
PrivateBancorp, Inc., launched on November 7, 1989, 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. The Company operates through three operating segments: Banking, Asset Management and Holding Company activities. It operates commercial banking, community banking and private wealth businesses. Its full-service bank branches are located in the greater Chicago metropolitan area, with additional branches in the St. Louis, Milwaukee and Detroit metropolitan areas. As of December 31, 2016, it had total loans of $15.1 billion and total deposits of $16.1 billion..
Here are a few other firms who have also updated their positions. Proficio Capital Partners LLC divested its ownership by selling 3 shares a decrease of 17.6% in the quarter. Proficio Capital Partners LLC now holds 14 shares valued at $1,000. The total value of its holdings decreased 0.0%. Morgan Stanley trimmed its holdings by shedding 1,072 shares a decrease of 13.7%. Morgan Stanley now controls 6,753 shares with a value of $401,000. The value of the position overall is down by 5.4%.
Tower Research Capital LLC (trc) reduced its stake by shedding 2,631 shares a decrease of 96.3% as of 03/31/2017. Tower Research Capital LLC (trc) claims 100 shares worth $6,000. The total value of its holdings decreased 95.9%. As of the end of the quarter Schroder Investment Management Group had bought 32,404 shares growing its position 2.2%. The value of the investment in (PVTB) went from $80,326,000 to $89,368,000 a change of 11.3% since the last quarter.
On June 30 the company was downgraded to “Market Perform” from “” with a current price target of $45.00 in an announcement from Keefe Bruyette & Woods. On June 10, 2016 Piper Jaffray starting coverage on the stock with an initial rating of “Neutral”.
Equity analyst DA Davidson added the stock to its research portfolio by announcing an initial rating of “Neutral” and a price target of $41.00. On March 22 the stock rating was downgraded from “Outperform” to “Market Perform” in a statement from Fig Partners.
On February 9, 2016 the stock rating was rated “Buy” according to a SunTrust Robinson Humphrey report which was a boost from the previous “Neutral” rating. On February 4 the company was set at “Outperform” by Fig Partners up from the previous “Market Perform” rating.
The company is so far trading up from yesterday’s close of $59.76. The company recently announced a dividend for shareholders that was paid on Friday the 31st of March 2017. The dividend payment was $0.010 per share for the quarter or $0.04 annualized. The dividend yield was $0.07. The ex-dividend date was set for Wednesday the 15th of March 2017.
It is trading at $60.51 a tad above the 50 day moving average of $59.19 and which is marginally over the 200 day moving average of $56.19. The 50 day moving average was up by +2.23% and the 200 day average was up $4.32.
PrivateBancorp, Inc.’s P/E ratio is 22.77 and the market cap is 4.85B. As of the latest earnings report the EPS was $2.66 and is estimated to be $3.08 for the current year with 80,074,000 shares currently outstanding. Analysts expect next quarter’s EPS will be $0.79 with next year’s EPS projected to be $3.47.
Investors are feeling more bearish of late as inferred by the change in short interest. The firm saw a rise in short interest between April 28, 2017 and May 15, 2017 of 93.33%. Short shares increased 1,069,738 over that timeframe. The short-interest ratio decreased to 1.0 and the short interest percentage is 0.03% as of May 15.