Private Bancorp of America, Inc. (OTCMKTS:PBAM) Short Interest Down 91.1% in June

Key Points

• Short interest in Private Bancorp of America plunged 91.1% in June, falling to 102 shares by June 30 from 1,141 shares two weeks earlier. The stock’s short-interest ratio is now essentially zero days.
• The company’s latest quarterly results beat expectations, with EPS of $2.07 versus the $1.75 estimate and revenue of $34.54 million versus $31.99 million expected. It also posted a strong return on equity of 16.12% and net margin of 24.01%.
• Analysts remain broadly positive on PBAM, with three Buy ratings and one Hold, giving it a consensus “Moderate Buy.” The average price target stands at $86.33, above the recent share price of $74.40.

Private Bancorp of America, Inc. (OTCMKTS:PBAM - Get Free Report) saw a significant decline in short interest in the month of June. As of June 30th, there was short interest totaling 102 shares, a decline of 91.1% from the June 15th total of 1,141 shares. Based on an average trading volume of 5,826 shares, the short-interest ratio is presently 0.0 days. Approximately 0.0% of the shares of the company are sold short.

Private Bancorp of America Stock Performance

Private Bancorp of America stock traded down $0.03 during trading on Friday, reaching $74.40. The company had a trading volume of 8,151 shares, compared to its average volume of 5,540. Private Bancorp of America has a 52 week low of $54.45 and a 52 week high of $78.53. The firm's 50-day simple moving average is $74.04 and its 200 day simple moving average is $67.86. The firm has a market capitalization of $426.31 million, a price-to-earnings ratio of 10.33 and a beta of 0.07. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.03.

Private Bancorp of America (OTCMKTS:PBAM - Get Free Report) last released its quarterly earnings results on Friday, April 17th. The company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.32. The business had revenue of $34.54 million during the quarter, compared to analyst estimates of $31.99 million. Private Bancorp of America had a return on equity of 16.12% and a net margin of 24.01%. Sell-side analysts forecast that Private Bancorp of America will post 8.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. DA Davidson increased their target price on Private Bancorp of America from $80.00 to $91.00 and gave the company a "buy" rating in a report on Monday, April 20th. Brean Capital started coverage on shares of Private Bancorp of America in a research report on Thursday, April 16th. They set a "buy" rating and a $80.00 price target for the company. Zacks Research lowered shares of Private Bancorp of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 19th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $88.00 price objective (up from $77.00) on shares of Private Bancorp of America in a research note on Monday, April 20th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $86.33.

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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