Shares of PrivateBancorp (PVTB) of Chicago closed at $7.78 Wednesday, down 46% year-to-date.
The company had $12.1 billion in total assets as of June 30, with a nonperforming assets ratio of 4.79%, increasing from 4.46% the previous quarter and 3.51% in June 2010, according to SNL Financial.The company owes $243.8 billion in TARP money. Second-quarter net income available to common shareholders was $5.5 million, or eight cents a share, compared to a net loss of $818 thousand, or a penny a share, during the second quarter of 2010. The second-quarter provision for loan losses declined to $31.1 million from $45.4 million a year earlier. The second-quarter return ROA was 0.29%, reflecting the continued drag on earnings from credit expenses. KBW analyst Christopher McGratty on Sept. 15 reiterated his "Outperform" rating for PrivateBancorp, with a $16 price target, saying after meeting with the company's senior management that "management's tone reaffirmed that credit trends are likely to continue to move in the right direction, albeit gradually." The shares trade for 11 times the consensus 2012 EPS estimate of 70 cents, among analysts polled by FactSet, and 0.6 times their June 30 tangible book value of $12.67, according to SNL. Out of 14 analysts covering PrivateBancorp, three rate the shares a buy, while the remaining analysts all have neutral ratings.