Private Bancorp of America, Inc. (OTCMKTS:PBAM) Short Interest Update

Key Points

• Private Bancorp of America saw a significant 28.6% drop in short interest in September, decreasing from 1,400 shares to 1,000 shares.
• Analysts have set a consensus price target of $74.00 for the stock, with recommendations ranging from "Strong Buy" to "Hold."
• The company reported earnings per share (EPS) of $1.65 for the last quarter, missing expectations of $1.81, alongside a revenue of $31.50 million.

Private Bancorp of America, Inc. (OTCMKTS:PBAM - Get Free Report) was the target of a large drop in short interest during the month of September. As of September 30th, there was short interest totaling 1,000 shares, a drop of 28.6% from the September 15th total of 1,400 shares. Based on an average daily volume of 12,700 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily volume of 12,700 shares, the days-to-cover ratio is currently 0.1 days.

Analysts Set New Price Targets

A number of research analysts recently commented on PBAM shares. Piper Sandler restated an "overweight" rating and issued a $73.00 price target (down previously from $77.00) on shares of Private Bancorp of America in a research report on Tuesday. DA Davidson set a $75.00 target price on Private Bancorp of America in a research report on Tuesday. Finally, Zacks Research upgraded Private Bancorp of America to a "hold" rating in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Private Bancorp of America currently has a consensus rating of "Buy" and a consensus price target of $74.00.

Private Bancorp of America Stock Performance

Shares of OTCMKTS PBAM traded up $1.60 during trading on Thursday, reaching $57.00. 2,178 shares of the stock traded hands, compared to its average volume of 4,153. Private Bancorp of America has a 52-week low of $48.00 and a 52-week high of $61.50. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.01 and a quick ratio of 1.00. The company has a 50-day moving average of $58.02 and a 200-day moving average of $56.08. The stock has a market capitalization of $331.17 million, a P/E ratio of 8.10 and a beta of 0.31.

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

Private Bancorp of America declared that its board has initiated a stock repurchase program on Thursday, September 11th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 1.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors 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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