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

Key Points

• Short interest surged 354% in September to 135,544 shares, representing 2.4% of Private Bancorp’s outstanding shares and 0.8 days of average trading volume.
• Analysts maintain a generally positive outlook, with four Buy ratings and one Hold rating. The stock has a consensus rating of Moderate Buy and an average price target of $93.67.
• Private Bancorp recently reported quarterly earnings of $2.27 per share, beating estimates of $2.00, while revenue of $44.38 million exceeded the $34.47 million consensus forecast.

Private Bancorp (NASDAQ:PBAM - Get Free Report) was the recipient of a large 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. Based on an average daily volume of 161,326 shares, the short-interest ratio is presently 0.8 days. Currently, 2.4% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PBAM shares. Zacks Research cut shares of Private Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 19th. DA Davidson set a $105.00 target price on Private Bancorp in a report on Monday, August 24th. Piper Sandler lifted their target price on shares of Private Bancorp from $88.00 to $96.00 and gave the stock an "overweight" rating in a research note on Monday, July 20th. Wall Street Zen raised shares of Private Bancorp to a "hold" rating in a research note on Monday, August 24th. Finally, Weiss Ratings upgraded shares of Private Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a report on Tuesday, September 29th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $93.67.

Private Bancorp Trading Down 0.2%

PBAM traded down $0.18 during mid-day trading on Friday, hitting $85.25. 78,123 shares of the stock were exchanged, compared to its average volume of 146,671. 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 $488.48 million, a price-to-earnings ratio of 11.07 and a beta of 0.06.

Private Bancorp (NASDAQ:PBAM - Get Free Report) last announced its earnings results on Monday, July 20th. The company reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.27. Private Bancorp had a net margin of 25.45% and a return on equity of 16.53%. The firm had revenue of $44.38 million for the quarter, compared to the consensus estimate of $34.47 million. On average, research analysts forecast that Private Bancorp will post 8.50 earnings per share for the current year.

About Private Bancorp

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.

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