Piper Sandler Reaffirms "Overweight" Rating for Private Bancorp of America (OTCMKTS:PBAM)

Key Points

• Piper Sandler has reaffirmed its "Overweight" rating for Private Bancorp of America, with a revised price target of $73.00, down from $77.00, indicating a potential upside of 32.75% from the previous close.
• Private Bancorp reported $1.65 EPS for the quarter, missing analysts' estimates of $1.81, along with revenue of $31.50 million, which was slightly below expectations.
• The company's board has authorized a $5.00 million stock buyback plan, signaling confidence in the company's valuation and potential for share price appreciation.

Private Bancorp of America (OTCMKTS:PBAM - Get Free Report)'s stock had its "overweight" rating restated by equities researchers at Piper Sandler in a report released on Tuesday, MarketBeat Ratings reports. They currently have a $73.00 price target on the stock, down from their previous price target of $77.00. Piper Sandler's price target suggests a potential upside of 32.75% from the company's previous close.

Separately, Zacks Research upgraded shares of Private Bancorp of America to a "hold" rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $74.00.

Private Bancorp of America Price Performance

Private Bancorp of America stock traded down $0.26 during midday trading on Tuesday, reaching $54.99. The company had a trading volume of 4,190 shares, compared to its average volume of 4,175. The company has a market capitalization of $318.94 million, a P/E ratio of 7.81 and a beta of 0.31. Private Bancorp of America has a 12-month low of $48.00 and a 12-month high of $61.50. The firm's fifty day simple moving average is $58.09 and its 200-day simple moving average is $56.10. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.01 and a quick ratio of 1.00.

Private Bancorp of America (OTCMKTS:PBAM - Get Free Report) last released its quarterly earnings data on Friday, October 17th. The company reported $1.65 EPS for the quarter, missing analysts' consensus estimates of $1.81 by ($0.16). The business had revenue of $31.50 million during the quarter, compared to analyst estimates of $31.79 million. Private Bancorp of America had a net margin of 24.04% and a return on equity of 17.52%. As a group, equities analysts anticipate that Private Bancorp of America will post 6.88 EPS for the current year.

Private Bancorp of America announced that its board has authorized a stock buyback plan on Thursday, September 11th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the company to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.

About Private Bancorp of America

Private Bancorp of America, Inc operates as the bank holding company for CalPrivate Bank that provides banking products and services to individuals and businesses in California. The company offers checking and savings, money market, certificate of deposit, sweep, zero balance, and individual retirement accounts; unsecured lines of credit, personal credit lines, and term loans; additional services, such as direct deposits, online banking, ATM and debit cards, credit cards, savings/line of credit overdraft protection, and safe deposit boxes; and certificate of deposit account registry services.

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