Private Bancorp (NASDAQ:PBAM) Stock Price Breaks Above 50 Day Moving Average – Here’s What Happened

Private Bancorp (NASDAQ:PBAM) crossed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $86.75 and traded as high as $87.00. Private Bancorp shares last traded at $86.95, with a volume of 76,873 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PBAM shares. DA Davidson raised their price objective on Private Bancorp from $105.00 to $107.00 and gave the company a “buy” rating in a research note on Tuesday, October 20th. Weiss Ratings upgraded Private Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, October 30th. Piper Sandler upped their target price on Private Bancorp from $96.00 to $101.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 20th. Finally, Wall Street Zen upgraded Private Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, November 7th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Private Bancorp presently has an average rating of “Moderate Buy” and an average target price of $96.00.

Private Bancorp Stock Up 1.7%

The firm has a market capitalization of $498.22 million, a P/E ratio of 10.84 and a beta of 0.05. The company’s 50-day moving average price is $86.75.

Private Bancorp (NASDAQ:PBAM) last posted its quarterly earnings data on Friday, October 16th. The company reported $1.97 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.10). Private Bancorp had a return on equity of 16.91% and a net margin of 26.03%. The business had revenue of $35.56 million during the quarter, compared to the consensus estimate of $35.07 million. On average, sell-side analysts forecast that Private Bancorp will post 8.44 earnings per share for the current fiscal year.

About Private Bancorp

PrivateBancorp, Inc. was a Chicago-based financial holding company and the parent of The PrivateBank and Trust Company. It provided banking and financial services to businesses, professionals, and individuals, including commercial lending, deposit accounts, treasury management, private banking, and wealth management. The company served customers in Chicago and other Midwestern markets. Its history as an independent public company ended in 2017, when Canadian Imperial Bank of Commerce completed its acquisition of PrivateBancorp and integrated the business into its U.S. operations.