Stock Repurchase Program Declared by Private Bancorp of America (OTCMKTS:PBAM) Board

Private Bancorp of America (OTCMKTS:PBAM) announced that its Board of Directors has approved a stock repurchase plan on Thursday, September 11th, RTT News reports. The company plans to buyback $5.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 1.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Private Bancorp of America Price Performance

OTCMKTS PBAM opened at $58.49 on Friday. The company has a market capitalization of $339.24 million, a PE ratio of 8.33 and a beta of 0.30. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.00 and a current ratio of 1.01. The business’s fifty day moving average is $57.33 and its 200 day moving average is $55.57. Private Bancorp of America has a fifty-two week low of $42.27 and a fifty-two week high of $61.50.

Private Bancorp of America (OTCMKTS:PBAM) last released its earnings results on Thursday, July 17th. The company reported $1.77 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.02). The company had revenue of $31.84 million for the quarter, compared to analysts’ expectations of $30.36 million. Private Bancorp of America had a net margin of 24.17% and a return on equity of 17.81%. Sell-side analysts predict that Private Bancorp of America will post 6.88 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have commented on PBAM. Zacks Research upgraded Private Bancorp of America to a “hold” rating in a research note on Tuesday, August 12th. Piper Sandler raised their price target on Private Bancorp of America from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 22nd. One equities 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $80.00.

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.