Private Bancorp (NASDAQ:PBAM) Shares Shorted: Short Interest Up 291.4% in September

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

Private Bancorp Stock Up 0.5%

Shares of PBAM traded up $0.46 during midday trading on Friday, hitting $86.25. 110,106 shares of the company traded hands, compared to its average volume of 162,671. The company has a market capitalization of $494.21 million, a PE ratio of 11.20 and a beta of 0.07. Private Bancorp has a 52 week low of $54.45 and a 52 week high of $92.09.

Wall Street Analyst Weigh In

A number of research firms recently commented on PBAM. Wall Street Zen raised Private Bancorp to a “hold” rating in a report on Monday, August 24th. Weiss Ratings raised shares of Private Bancorp from a “hold (c)” rating to a “buy (b)” rating in a report on Friday, September 4th. Finally, DA Davidson lifted their price objective on shares of Private Bancorp from $96.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, August 24th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Private Bancorp currently has an average rating of “Buy” and a consensus price target of $105.00.

About Private Bancorp

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.