On Sep 3, Zacks Investment Research upgraded
) to a Zacks Rank #1 (Strong Buy).
FIRSTBANK ALMA (FBMI): Free Stock Analysis
FIRST INTST MT (FIBK): Free Stock Analysis
MERCANTILE BANK (MBWM): Free Stock Analysis
PRIVATEBANCORP (PVTB): Free Stock Analysis
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Why the Upgrade?
PrivateBancorp has been witnessing rising earnings estimates on
the back of strong second-quarter 2013 results. Moreover, this
well-known business and personal financial services provider
delivered positive earnings surprises in 3 of the last 4
quarters, with an average beat of 19.95%. The long-term expected
earnings growth rate for this stock is 7.75%.
PrivateBancorp reported its second-quarter results on Jul 18 with
earnings per share of 37 cents beating the Zacks Consensus
Estimate of 33 cents by 12.1% and the year-ago earnings of 19
cents by 94.7%. Results were positively driven by higher net
revenue, reduced provision for loan losses and lower non-interest
Net revenue surged 0.9% year over year to $132.7 million. This
upsurge reflected growth in interest and non-interest income.
Further, non-interest expenses decreased 7.9% to $77.3 million,
as compared with the prior-year period.
Provision for loan and covered loan losses substantially declined
48.2% year over year to $8.8 million. However, on the downside,
interest expenses escalated 11.2% to $17.9 million, as compared
with the prior-year period.
Following second-quarter 2013 results, the Zacks Consensus
Estimate for 2013 increased 8.1% to $1.47 per share on the back
of all 11 estimates upward revisions, over the last 60 days for
PrivateBancorp. For 2014, the Zacks Consensus Estimate advanced
6.2% to $1.54 per share as 10 of the 11 estimates moved north,
over the same time period.
Other Stocks to Consider
Besides PrivateBancorp, other Midwest banks with a Zacks Rank #1
First Interstate Bancsystem Inc.
Mercantile Bank Corp.