Legal & General Group Plc boosted its stake in PrivateBancorp Inc (NASDAQ:PVTB) by 28.1% during the first quarter, Holdings Channel reports. The firm owned 51,432 shares of the financial services provider’s stock after buying an additional 11,282 shares during the period. Legal & General Group Plc’s holdings in PrivateBancorp were worth $3,053,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the company. Blair William & Co. IL purchased a new stake in shares of PrivateBancorp during the first quarter valued at about $200,000. Scout Investments Inc. purchased a new stake in shares of PrivateBancorp during the first quarter valued at about $223,000. World Asset Management Inc boosted its stake in shares of PrivateBancorp by 2.2% in the first quarter. World Asset Management Inc now owns 4,939 shares of the financial services provider’s stock valued at $293,000 after buying an additional 107 shares during the period. Peapack Gladstone Financial Corp boosted its stake in shares of PrivateBancorp by 1.8% in the first quarter. Peapack Gladstone Financial Corp now owns 5,294 shares of the financial services provider’s stock valued at $314,000 after buying an additional 93 shares during the period. Finally, OppenheimerFunds Inc. purchased a new stake in shares of PrivateBancorp during the first quarter valued at about $323,000. 88.48% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PrivateBancorp Inc (NASDAQ PVTB) opened at 60.97 on Monday. PrivateBancorp Inc has a one year low of $34.00 and a one year high of $61.12. The stock has a 50 day moving average price of $59.93 and a 200 day moving average price of $57.09.
PrivateBancorp (NASDAQ:PVTB) last issued its quarterly earnings results on Thursday, April 20th. The financial services provider reported $0.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.03. The firm had revenue of $198.30 million for the quarter, compared to analyst estimates of $197.26 million. PrivateBancorp had a net margin of 29.22% and a return on equity of 11.73%. During the same period last year, the company posted $0.62 EPS. Analysts predict that PrivateBancorp Inc will post $3.28 EPS for the current fiscal year.
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PVTB has been the topic of several research reports. Zacks Investment Research raised PrivateBancorp from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Saturday, June 24th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $44.00 target price on shares of PrivateBancorp in a report on Friday, June 2nd. BMO Capital Markets reaffirmed a “hold” rating and issued a $61.00 target price on shares of PrivateBancorp in a report on Wednesday, March 22nd. Keefe, Bruyette & Woods cut PrivateBancorp from an “outperform” rating to a “market perform” rating and set a $63.00 target price on the stock. in a report on Friday, May 26th. Finally, Piper Jaffray Companies lifted their target price on PrivateBancorp from $50.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, April 4th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. PrivateBancorp presently has a consensus rating of “Hold” and a consensus target price of $59.00.
In related news, insider Paul E. Carey sold 16,316 shares of the firm’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $59.78, for a total value of $975,370.48. Following the transaction, the insider now directly owns 22,162 shares of the company’s stock, valued at approximately $1,324,844.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Bruce S. Lubin sold 130,960 shares of the firm’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $60.51, for a total transaction of $7,924,389.60. Following the completion of the transaction, the insider now directly owns 230,915 shares in the company, valued at $13,972,666.65. The disclosure for this sale can be found here. Insiders sold a total of 474,654 shares of company stock worth $28,672,444 over the last ninety days. 3.91% of the stock is currently owned by corporate insiders.
PrivateBancorp, Inc is a bank holding company for The PrivateBank and Trust Company (the Bank). Through the Bank, the Company provides customized business and personal financial services to middle market companies, as well as business owners, executives, entrepreneurs and families in the markets and communities it serves.
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