There has been some selling insider activity on PrivateBancorp, Inc. (NASDAQ:PVTB) recently. Bruce S. Lubin, Pres. of IL Commercial Banking reported the sale of 130,960 shares. The shares were purchased at an average price of $60.51. The Pres. of IL Commercial Banking now owns $9,245,323 of the stock per the Form 4 SEC filing. Larry D. Richman, President and CEO disclosed the sale of 312,679 shares of (PVTB). The shares were sold on June 8th for an average price of $59.75. Richman now owns $35,205,323 of the stock according to the SEC filing.
Paul E. Carey, Principal Accounting Officer let go of $975,370 worth of shares at an average price of $59.78 on June 8th. That brings the Principal Accounting Officer’s holdings to $695,122 as recorded in a recent 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. As of quarter end Proficio Capital Partners LLC had disposed of 3 shares trimming its stake by 17.6%. The value of the total investment in PrivateBancorp, Inc. decreased from $1,000 to $1,000 a change of $0 quarter to quarter. As of the end of the quarter Morgan Stanley had sold a total of 1,072 shares trimming its position 13.7%. The value in dollars went from $424,000 to $401,000 a change of 5.4% since the last quarter.
As of the end of the quarter Tower Research Capital LLC (trc) had disposed of 2,631 shares trimming its holdings by 96.3%. The value of the company’s investment in PrivateBancorp, Inc. went from $148,000 to $6,000 decreasing 95.9% for the reporting period. Schroder Investment Management Group bolstered its holdings by buying 32,404 shares an increase of 2.2% as of 03/31/2017. Schroder Investment Management Group currently owns 1,514,709 shares with a value of $89,368,000. The value of the position overall is up by 11.3%.
On June 30 the company was downgraded to “Market Perform” from “” and a price target of $45.00 was set in a report from Keefe Bruyette & Woods. On June 10, 2016 Piper Jaffray started coverage with a rating of “Neutral”.
On April 7 analysts at DA Davidson began coverage of PVTB by announcing an initial rating of “Neutral” and price target of $41.00. On March 22 the stock rating was downgraded from “Outperform” to “Market Perform” in an announcement from Fig Partners.
On February 9 the stock rating was upgraded to “Buy” from “Neutral” in a report issued by SunTrust Robinson Humphrey. On February 4, 2016 the stock rating was set at “Outperform” in a report from Fig Partners up from the previous “Market Perform” rating.
The company is up by 1.26% since yesterday’s close of $59.76. Additionally the company recently declared a dividend that was paid on Friday the 31st of March 2017. The dividend payment was $0.010 per share for the quarter which is $0.04 annualized. The dividend yield was $0.07. The ex-dividend date was Wednesday the 15th of March 2017.
Shares of the company are trading at $60.51 which is 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 went up by +2.23% and the 200 day average was up $4.32.
The P/E ratio is 22.77 and the market cap of the company is 4.85B. As of the latest earnings report the EPS was $2.66 and is projected to be $3.08 for the current year with 80,074,000 shares presently outstanding. Next quarter’s EPS is expected be $0.79 and the next full year EPS is projected to be $3.47.
Short traders are feeling a little more bearish on the company if you pay attention to the uptick in short interest. The firm had a rise in short interest between April 28, 2017 and May 15, 2017 of 93.33%. Short shares grew from 1,146,150 to 2,215,888 over that period. With short interest at 2,215,888 and short average daily volume at 2,950,056, days to cover is 1.0 and the percentage of shorted shares was 0.03% on May 15.