NEW YORK (TheStreet) -- Shares of PrivateBancorp (PVTB) closed lower by 0.59% to $44.03 on high trading volume as the company's rating was downgraded to "market perform" from "outperform" with a price target of $45 earlier today at Keefe Bruyette & Woods

Today, 8.86 million shares were traded vs. the average 1.27 million shares. 

This follows yesterday's announcement that the Chicago-based middle-market commercial bank would be bought by Canadian Imperial Bank of Commerce (CIBC) for $3.8 billion, or $47 per share.

David Neuhauser, managing director at Livermore Partners, which owns shares of PrivateBancorp, told Reuters the deal would benefit PrivateBancorp. 

"PrivateBancorp was reaching an inflection point where it was going to be harder for them to continue to grow their assets in the U.S. unless they were on the acquisition trail. It was ripe for consolidation." 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate PRIVATEBANCORP INC as a Buy with a ratings score of B+. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, expanding profit margins and good cash flow from operations. We feel its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.

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