Private Bancorp (NASDAQ:PBAM – Get Free Report) released its earnings results on Friday. The company reported $1.97 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.10), Zacks reports. The business had revenue of $35.56 million during the quarter, compared to the consensus estimate of $35.07 million. Private Bancorp had a net margin of 25.45% and a return on equity of 16.53%.
Private Bancorp Price Performance
Shares of NASDAQ PBAM opened at $82.30 on Friday. Private Bancorp has a 12 month low of $54.45 and a 12 month high of $92.09. The stock has a market cap of $471.58 million, a price-to-earnings ratio of 10.26 and a beta of 0.06.
Key Headlines Impacting Private Bancorp
Here are the key news stories impacting Private Bancorp this week:
- Positive Sentiment: Net income increased to $11.4 million, or $1.97 diluted EPS, from $9.7 million, or $1.65 EPS, a year earlier. Net interest income rose 16.3% year over year to $34.1 million, while the net interest margin improved to 5.05% from 4.65%. Private Bancorp of America Q3 results
- Positive Sentiment: Core deposits grew 7.8% year over year to $2.36 billion, while loans held for investment increased 5.0% to $2.19 billion. Tangible book value per share rose to $50.56 from $44.11, and the bank remained above “well-capitalized” regulatory thresholds. Private Bancorp of America Q3 income rises
- Neutral Sentiment: Management said loan production and pipelines remain strong entering the fourth quarter. The July NASDAQ uplisting could improve liquidity, visibility and access to capital, although the company incurred approximately $0.9 million in related third-quarter expenses. Private Bancorp of America reports Q3 results
- Negative Sentiment: Quarterly EPS of $1.97 missed the $2.07 consensus estimate. Net income also fell from $13.1 million in the second quarter, while the net interest margin declined from 5.18%. Higher expenses, including NASDAQ listing costs and an OREO impairment, pushed the efficiency ratio to 51.68% from 48.81%. PBAM Q3 earnings miss estimates
- Negative Sentiment: Criticized loans increased to $71.9 million, or 3.29% of total loans, and nonperforming assets rose to 1.58% of total assets. The bank recorded a $1.3 million credit-loss provision, reversing the prior quarter’s $0.2 million release, signaling increased credit-risk concerns. Private Bancorp of America Q3 credit metrics
Analyst Upgrades and Downgrades
PBAM has been the topic of several research analyst reports. Wall Street Zen raised shares of Private Bancorp to a “hold” rating in a research report on Monday, August 24th. Weiss Ratings cut shares of Private Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday. Piper Sandler boosted their price objective on shares of Private Bancorp from $88.00 to $96.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Finally, DA Davidson set a $105.00 price target on shares of Private Bancorp in a research report on Monday, August 24th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Private Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $93.67.
Get Our Latest Research Report on Private Bancorp
About Private Bancorp
PrivateBancorp, Inc was a bank holding company headquartered in Chicago, Illinois. Through its principal banking subsidiary, The PrivateBank and Trust Company, it provided commercial banking, private banking and wealth management services to businesses, professionals, executives and high-net-worth individuals.
The company offered deposit accounts, commercial and real estate lending, treasury management, investment management and trust services. Its commercial banking activities included financing for middle-market companies, commercial real estate developers and investors, while its private banking business served clients with customized lending, deposit and financial planning needs.
PrivateBancorp operated primarily in the Midwest and other selected U.S.
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