) hit a new 52-week high, touching $26.52 almost at the end of
trading session on Nov 14. However, the stock closed the session
at $26.48, which reflects a solid year-to-date return of 64.4%.
The trading volume for the session was 270,092 shares.
FIRST INTST MT (FIBK): Free Stock Analysis
GERMAN AMER BCP (GABC): Free Stock Analysis
MAINSOURCE FINL (MSFG): Free Stock Analysis
PRIVATEBANCORP (PVTB): Free Stock Analysis
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Despite the strong price appreciation, this Zacks Rank #1 (Strong
Buy) Midwest bank has plenty of upside left, given its positive
estimate revisions over the last 30 days and expected
year-over-year earnings growth of 7.8% for 2013.
PrivateBancorp's impressive price performance reflects strong
third-quarter 2013 results, which included a positive earnings
surprise of 13.5%. Moreover, the company maintains a robust
capital position in compliance with regulatory requirements.
On Oct 17, PrivateBancorp declared third-quarter operating
earnings of 42 cents per share beating the Zacks Consensus
Estimate of 37 cents. Lower operating expense and consistent
organic growth through increase in loans and deposits were the
highlights of the quarter.
PrivateBancorp's non-interest expense totaled $71.3 million, down
12.8% from the prior-year quarter. Further, total deposits were
$11.8 billion, up 4.6% from third-quarter 2012. Total loans were
$109.4 billion, up 8% from the prior-year period.
PrivateBancorp continues to strategically increase its market
share. Moreover, an improved credit quality and prudent expense
management are the company's strengths. However, decline in
mortgage activities and competitive pressure on loan pricing may
affect profitability in the long run.
Estimate Revisions Show Potency
In the last 30 days, the Zacks Consensus Estimate for 2013
increased 5.4% to $1.55 per share. For 2014, the Zacks Consensus
Estimate advanced 7.2% to $1.64 per share over the same time
Other financial organizations worth considering include
First Interstate Bancsystem Inc.
German American Bancorp Inc.
Mainsource Financial Group
). All these stocks carry the same Zacks Rank as