Short Interest in Private Bancorp of America, Inc. (OTCMKTS:PBAM) Declines By 28.6%

Private Bancorp of America, Inc. (OTCMKTS:PBAM) was the target of a significant drop in short interest in September. As of September 30th, there was short interest totaling 1,000 shares, a drop of 28.6% from the September 15th total of 1,400 shares. Based on an average trading volume of 12,700 shares, the days-to-cover ratio is presently 0.1 days. Based on an average trading volume of 12,700 shares, the days-to-cover ratio is presently 0.1 days.

Private Bancorp of America Price Performance

PBAM stock opened at $57.00 on Friday. The business has a fifty day moving average of $58.01 and a two-hundred day moving average of $56.12. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.04. The stock has a market cap of $331.17 million, a price-to-earnings ratio of 8.10 and a beta of 0.31. Private Bancorp of America has a 52-week low of $48.00 and a 52-week high of $61.50.

Private Bancorp of America (OTCMKTS:PBAM) last posted its earnings results on Friday, October 17th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($0.16). The business had revenue of $31.50 million for the quarter, compared to analyst estimates of $31.79 million. Private Bancorp of America had a return on equity of 17.52% and a net margin of 24.04%. As a group, research analysts anticipate that Private Bancorp of America will post 6.88 earnings per share for the current year.

Private Bancorp of America announced that its board has initiated a stock repurchase program on Thursday, September 11th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the company to buy up to 1.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms recently commented on PBAM. DA Davidson set a $75.00 price target on Private Bancorp of America in a report on Tuesday. Zacks Research raised Private Bancorp of America to a “hold” rating in a report on Tuesday, August 12th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $73.00 price target (down previously from $77.00) on shares of Private Bancorp of America in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Private Bancorp of America currently has a consensus rating of “Buy” and an average price target of $74.00.

About Private Bancorp of America

Private Bancorp of America, Inc operates as the bank holding company for CalPrivate Bank that provides banking products and services to individuals and businesses in California. The company offers checking and savings, money market, certificate of deposit, sweep, zero balance, and individual retirement accounts; unsecured lines of credit, personal credit lines, and term loans; additional services, such as direct deposits, online banking, ATM and debit cards, credit cards, savings/line of credit overdraft protection, and safe deposit boxes; and certificate of deposit account registry services.