Private Bancorp of America, Inc. (OTCMKTS:PBAM) Sees Large Growth in Short Interest

Key Points

• Short interest surged in Private Bancorp of America during July, rising 897.1% to 1,017 shares as of July 15, though that still represents a very small portion of the float and only 0.1 days to cover.
• Analysts remain mostly positive on PBAM, with recent firms raising price targets to as high as $96 and the stock holding a consensus rating of Moderate Buy with a $90.67 average target.
• The company beat quarterly earnings expectations, reporting $2.27 EPS versus $2.00 expected and revenue of $44.38 million versus $34.47 million estimated, while shares recently traded near their 52-week high.

Private Bancorp of America, Inc. (OTCMKTS:PBAM - Get Free Report) was the target of a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 1,017 shares, an increase of 897.1% from the June 30th total of 102 shares. Approximately 0.0% of the shares of the company are short sold. Based on an average daily trading volume, of 8,844 shares, the days-to-cover ratio is currently 0.1 days.

Wall Street Analysts Forecast Growth

PBAM has been the subject of several recent research reports. DA Davidson lifted their target price on shares of Private Bancorp of America from $91.00 to $96.00 and gave the company a "buy" rating in a report on Monday. Zacks Research cut Private Bancorp of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 19th. Brean Capital assumed coverage on Private Bancorp of America in a research note on Thursday, April 16th. They issued a "buy" rating and a $80.00 price target for the company. Finally, Piper Sandler upped their price target on Private Bancorp of America from $88.00 to $96.00 and gave the stock an "overweight" rating in a report on Monday, July 20th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $90.67.

Private Bancorp of America Stock Up 0.9%

Shares of OTCMKTS:PBAM opened at $81.24 on Friday. The firm's 50 day moving average price is $74.99 and its 200 day moving average price is $69.45. The stock has a market cap of $465.51 million, a price-to-earnings ratio of 10.55 and a beta of 0.07. Private Bancorp of America has a fifty-two week low of $54.45 and a fifty-two week high of $81.50. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.03.

Private Bancorp of America (OTCMKTS:PBAM - Get Free Report) last posted its earnings results on Monday, July 20th. The company reported $2.27 EPS for the quarter, beating analysts' consensus estimates of $2.00 by $0.27. Private Bancorp of America had a net margin of 25.45% and a return on equity of 16.85%. The firm had revenue of $44.38 million for the quarter, compared to the consensus estimate of $34.47 million. As a group, equities research analysts predict that Private Bancorp of America will post 8.52 earnings per share for the current fiscal year.

Private Bancorp of America Company Profile

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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