The company still owes $243.8 million in TARP money.FIG Partners analyst Christopher Marinac rates the shares "Market Perform," with an $11 price target, saying in November that with the shares trading at a significant discount to book value, "investors are seemingly ignorant of the company's significant progress on credit risk grade improvements." The analyst also said that "the company still requires additional capital to fund the repayment of TARP preferred but also permit external expansion of loan balances when economic conditions permit. A portion of this capital can be self -funded by retained earnings but likely additional shares must be considered at a future date in 2012 or 2013." Marinac estimates that PrivateBancorp will earn 45 cents a share in 2012 and 69 cents a share in 2013. The shares trade for 0.8 times their Sept, 30 tangible book value of $13.04, according to SNL, and for 17 times the consensus 2012 EPS estimate of 65 cents, among analysts polled by FactSet. Out of 14 analysts covering PrivateBancorp, four rate the shares a buy, while the remaining analysts all have neutral ratings. Interested in more on PrivateBancorp? See TheStreet Ratings' report card for this stock.