Private Bancorp (NASDAQ:PBAM) Sees Large Growth in Short Interest

Private Bancorp (NASDAQ:PBAM) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 29,857 shares, an increase of 291.4% from the August 31st total of 7,628 shares. Currently, 0.5% of the shares of the company are sold short. Based on an average daily volume of 165,978 shares, the days-to-cover ratio is presently 0.2 days.

Wall Street Analyst Weigh In

PBAM has been the topic of several analyst reports. DA Davidson boosted their price target on shares of Private Bancorp from $96.00 to $105.00 and gave the company a “buy” rating in a report on Monday, August 24th. Weiss Ratings upgraded shares of Private Bancorp from a “hold (c)” rating to a “buy (b)” rating in a research report on Friday, September 4th. Finally, Wall Street Zen raised shares of Private Bancorp to a “hold” rating in a research note on Monday, August 24th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $105.00.

Private Bancorp Stock Performance

Shares of NASDAQ PBAM traded up $0.35 during midday trading on Friday, reaching $86.14. 33,969 shares of the company traded hands, compared to its average volume of 25,614. 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 $493.58 million, a PE ratio of 11.18 and a beta of 0.07.

Private Bancorp Company Profile

PrivateBancorp, Inc was a financial services company and bank holding company that operated The PrivateBank, a relationship-focused commercial bank headquartered in Chicago, Illinois. The company provided banking and financial services to middle-market businesses, professional services firms, nonprofit organizations, entrepreneurs and high-net-worth individuals.

The PrivateBank’s offerings included commercial and real estate lending, corporate banking, treasury management, deposit accounts, personal banking and wealth management services.