Goldman Sachs Group Inc. decreased its position in shares of PrivateBancorp Inc (NASDAQ:PVTB) by 19.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,729,282 shares of the financial services provider’s stock after selling 430,870 shares during the period. Goldman Sachs Group Inc. owned approximately 2.16% of PrivateBancorp worth $102,668,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in PVTB. BlackRock Inc. increased its position in shares of PrivateBancorp by 17,321.3% in the first quarter. BlackRock Inc. now owns 8,339,245 shares of the financial services provider’s stock worth $495,101,000 after buying an additional 8,291,377 shares in the last quarter. Empyrean Capital Partners LP acquired a new position in shares of PrivateBancorp during the fourth quarter worth approximately $80,957,000. Norges Bank purchased a new position in PrivateBancorp during the fourth quarter worth about $31,248,000. MARSHALL WACE ASIA Ltd purchased a new position in PrivateBancorp during the first quarter worth about $20,933,000. Finally, Marshall Wace North America L.P. purchased a new position in PrivateBancorp during the first quarter worth about $20,933,000. 88.48% of the stock is owned by hedge funds and other institutional investors.
PrivateBancorp Inc (NASDAQ PVTB) opened at 60.97 on Tuesday. PrivateBancorp Inc has a 1-year low of $34.00 and a 1-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 Thomson Reuters’ consensus estimate of $0.67 by $0.03. The company had revenue of $198.30 million during the quarter, compared to the consensus estimate of $197.26 million. PrivateBancorp had a return on equity of 11.73% and a net margin of 29.22%. During the same period in the previous year, the firm posted $0.62 EPS. Analysts predict that PrivateBancorp Inc will post $3.28 earnings per share for the current fiscal year.
A number of equities analysts have issued reports on PVTB shares. Zacks Investment Research upgraded PrivateBancorp from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a report on Saturday, June 24th. Jefferies Group LLC restated a “hold” rating and set a $44.00 price target on shares of PrivateBancorp in a report on Friday, June 2nd. BMO Capital Markets restated a “hold” rating and set a $61.00 price target 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 price objective on the stock. in a research report on Friday, May 26th. Finally, Piper Jaffray Companies increased their price objective on PrivateBancorp from $50.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, April 4th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. PrivateBancorp currently has a consensus rating of “Hold” and a consensus target price of $59.00.
In other news, CFO Kevin M. Killips sold 100,337 shares of the company’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $60.33, for a total transaction of $6,053,331.21. Following the completion of the sale, the chief financial officer now directly owns 217,503 shares in the company, valued at approximately $13,121,955.99. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul E. Carey sold 16,316 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $59.78, for a total value of $975,370.48. Following the sale, the insider now owns 22,162 shares of the company’s stock, valued at $1,324,844.36. The disclosure for this sale can be found here. Insiders sold a total of 474,654 shares of company stock valued at $28,672,444 over the last quarter. 3.91% of the stock is currently owned by 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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