PNC Financial Services Group Inc. reduced its position in PrivateBancorp Inc (NASDAQ:PVTB) by 0.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,311 shares of the financial services provider’s stock after selling 18 shares during the period. PNC Financial Services Group Inc.’s holdings in PrivateBancorp were worth $137,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of PVTB. FMR LLC purchased a new stake in PrivateBancorp during the fourth quarter worth $1,447,000. Empyrean Capital Partners LP purchased a new stake in PrivateBancorp during the fourth quarter worth $80,957,000. Private Bank & Trust Co. increased its stake in PrivateBancorp by 17.0% in the first quarter. Private Bank & Trust Co. now owns 163,499 shares of the financial services provider’s stock worth $9,707,000 after buying an additional 23,815 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in PrivateBancorp by 9.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 13,650 shares of the financial services provider’s stock worth $740,000 after buying an additional 1,190 shares during the last quarter. Finally, Highbridge Capital Management LLC increased its stake in PrivateBancorp by 7.2% in the fourth quarter. Highbridge Capital Management LLC now owns 642,935 shares of the financial services provider’s stock worth $34,841,000 after buying an additional 42,935 shares during the last quarter. 88.48% of the stock is currently owned by institutional investors.
Shares of PrivateBancorp Inc (PVTB) opened at 60.97 on Friday. PrivateBancorp Inc has a 12-month low of $34.00 and a 12-month high of $61.12. The company has a 50-day moving average price of $59.93 and a 200-day moving average price of $57.09.
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A number of equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded PrivateBancorp from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research report on Saturday, June 24th. Keefe, Bruyette & Woods restated a “mkt perform” rating on shares of PrivateBancorp in a research report on Tuesday, May 30th. Finally, Jefferies Group LLC restated a “hold” rating and set a $44.00 target price on shares of PrivateBancorp in a research report on Friday, June 2nd. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has an average 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 on Thursday, June 8th. The stock was sold at an average price of $59.78, for a total transaction of $975,370.48. Following the sale, the insider now owns 22,162 shares of the company’s stock, valued at approximately $1,324,844.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bruce S. Lubin sold 130,960 shares of PrivateBancorp stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $60.51, for a total value of $7,924,389.60. Following 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. In the last three months, insiders have sold 474,654 shares of company stock worth $28,672,444. 3.91% of the stock is currently owned by company insiders.
PrivateBancorp Company Profile
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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