This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

10 Bank Stocks Turning the Credit Corner

8. PrivateBancorp

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.

4 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
CSE $15.50 -0.51%
BPOP $34.25 0.00%
BAC $15.64 0.00%
FBC $15.02 0.00%
PNC $91.00 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs