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PrivateBancorp, Inc.
Recommendation[as of May 06, 2016]: HOLD
S&P Capital IQ Risk Evaluation: MODERATE Price: 39.89 (May 09, 2016 close) Trading Currency: USD Country: United States
GICS Sector: Financials
S&P Capital IQ Sector Ranking: MarketWeight
S&P Capital IQ Quality Ranking: BGICS Industry: Regional Banks
Business Summary: PrivateBancorp, Inc. operates as the holding company for The PrivateBank and Trust Company that provides customized business and personal
financial services to middle market companies, business owners, executives, entrepreneurs, and families in the United States.
[as of May 06, 2016]
S&P Capital IQ
Quantitative Model Drivers
Price Performance
Recommendation: HOLD
Neutral
Valuation
Neutral
Quality
Positive
Growth
Positive
Street
Sentiment
Price
Momentum
Neutral
MODERATE
Low
Relative Strength vs
Index
As Reported Earnings vs
Previous Year
Up
Volume
High
Moderate
Liquidity Risk
Moderate
Below Avg.
Above Avg.
Down
No Change
Total Return[%CAGR]
YTD
1Yr
3Yr
5Yr
NasdaqGS:PVTB
-2.7
5.9
27.2
21.4
Peer Average
-3.6
-0.2
14.4
11.4
1.4
1.1
10.7
11.3
S&P 500
Key Statistics
Dividend Data
Currency: USD
3,168
31.18 - 45.79
26,048
-0.09
79.4
0.888
Insider Ownership(%)
5Yr Low
Indicated Rate/
Share
Yield [%]
Payout Ratio
[%]
5Yr Hi
0.040
0.1
1.7
0.1
1.7
0.6
14.4
1Yr
3Yr
5Yr
Current
Company
11.7
10.5
13.2
NasdaqGS:PVTB
15.5
9.4
14.9
14.0
Peer Average
13.8
-2.3
1.2
3.4
S&P 500
17.0
Ex Div Date
Record Date
Payment Date
0.010
Mar 15
Mar 17
0.010
Dec 15
Dec 17
0.010
Sep 14
Sep 16
0.010
Jun 12
Jun 16
Revenue - %CAGR
S&P 500
Amount
[USD]
2.26
Peer Average
Payment Details
5-Year Average
19.8
31.3
67.8
NasdaqGS:PVTB
17.5
Peer Average
7.0
7.6
13.4
Peer Average
14.4
S&P 500
1.9
3.2
3.7
S&P 500
15.0
This document is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the
particular needs of any specific person who may receive this report. Refer to important disclosures at the end of this report.
PrivateBancorp, Inc.
Recommendation[as of May 06, 2016]: HOLD
S&P Capital IQ Risk Evaluation: MODERATE Price: 39.89 (May 09, 2016 close) Trading Currency: USD Country: United States
Earnings Per Share and Revenues (Millions USD, except per share)
Fiscal year ends Dec 31. Next earnings report expected: Late Jul.
EPS Quarterly - Actual & Estimated
%Yr.Yr Chg.
% EPS
Surprise
No. of
Analysts
%Yr.Yr Chg.
Forward
P/E
No. of
Analysts
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16E
11.5
11.8
38.3
19.2
7.3
11.2
4.3
15.2
8.8
10
12
12
13
13
% Net Interest
Margin
3.49
3.42
3.23
3.22
3.26
3.30
Peer Average
3.96
3.87
3.71
3.73
3.52
3.58
% Efficiency
Ratio
59.5
61.3
56.4
54.2
51.4
51.9
Peer Average
58.4
58.3
56.7
53.1
52.2
53.5
% Return on
Equity
3.0
5.6
9.6
10.8
11.6
11.6
2013
2014
2015
2016E
2017E
78.4
23.6
19.6
9.3
9.3
Peer Average
8.7
9.4
9.7
9.7
9.1
9.1
15.7
14.4
% Return on
Assets
0.36
0.59
0.87
1.03
1.13
1.14
14
13
12
13
13
Peer Average
0.94
1.00
1.07
1.12
1.07
1.09
# LTM column for Net Interest Margin and Efficiency Ratio show latest
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16E
10.6
9.9
14.9
12.1
11.5
2013
2014
2015
2016E
2017E
0.8
7.0
12.6
10.8
9.8
Note: EPS & Revenues in graphs above may represent analyst-adjusted actuals and estimates and therefore may not match numbers in the
financial data presentation below.
49.2
28.7
18.2
18.5
19.8
15.6
12.6
13.8
14.3
15.1
Peer Average
15.5
14.5
13.3
14.8
15.6
15.6
13.8
Prc/Tang Book
- High
1.3
1.3
1.9
2.0
2.3
1.9
Prc/Tang Book
- Low
0.5
0.9
1.1
1.6
1.7
Peer Average
1.8
1.9
2.3
2.3
2.2
2.1
Avg
Prc/Revenue
2.6
2.7
3.3
4.4
5.2
4.9
Peer Average
3.6
3.6
4.1
4.7
4.6
4.7
Income Statement and Balance Sheet Data (Millions USD, except per share)
2009
2010
2011
2012
2013
2014
2015
LTM#
325
401
407
420
421
455
514
532
72
93
98
111
114
118
130
130
397
494
505
531
535
572
644
662
199.4
194.5
132.9
71.4
31.8
12.0
14.8
15.5
-30
44
78
123
153
185
193
82%
81%
81%
79%
79%
79%
80%
80%
18%
19%
19%
21%
21%
21%
20%
20%
-0.95
-0.17
0.43
0.88
1.57
1.94
2.32
2.41
0.040
0.040
0.040
0.040
0.040
0.040
0.040
0.040
Net Revenue
Loan Loss Provision
Net Income
NM
NM
9%
5%
3%
2%
2%
2%
Total Loans
9,549
9,545
9,355
10,374
10,794
11,973
13,336
13,535
Total Assets
17,667
12,033
12,466
12,417
14,058
14,086
15,603
17,259
3.82%
4.04%
3.51%
1.87%
1.04%
0.59%
0.39%
0.44%
Total Deposits
9,892
10,535
10,393
12,174
12,014
13,090
14,346
14,465
998
989
1,056
1,207
1,302
1,482
1,699
1,768
Common Equity
Source: S&P Capital IQ
#LTM Last 12 months ended Mar 31,2016.For balance sheet items, data is as of Mar 31,2016.
Note: Data may be restated; before results of discontinued operations/special items. Per share data adjusted for stock dividends as of ex-dividend date.
NA = Not Available. NM = Not Meaningful.
PrivateBancorp, Inc.
Recommendation[as of May 06, 2016]: HOLD
S&P Capital IQ Risk Evaluation: MODERATE Price: 39.89 (May 09, 2016 close) Trading Currency: USD Country: United States
Beta
Dividend
Yield[%] Fwrd P/E
P/B
Ratio
Peer Group
Stock Symbol
PrivateBancorp,
Inc.
NasdaqGS:PVTB
3,168
39.89
31.18/45.79
-0.09
0.1
15.5
1.9
Associated
Banc-Corp
NYSE:ASB
2,653
17.60
15.45/20.95
-0.09
2.5
14.1
Bank of Hawaii
Corporation
NYSE:BOH
2,903
67.60
54.55/70.08
-0.12
2.8
F.N.B. Corporation
NYSE:FNB
2,667
12.71
11.16/14.80
-0.06
First Midwest
Bancorp Inc.
NasdaqGS:FMBI
1,451
17.76
14.56/19.81
9,940
67.85
Old National
Bancorp.
NasdaqGS:ONB
1,679
PacWest Bancorp
NasdaqGS:PACW
Prosperity
Bancshares Inc.
S&P Capital IQ
Ranking 1
Hold
11.6
NA
1.4
19.2
6.1
NA
17.8
2.6
28.5
15.2
NA
3.8
13.4
2.0
Hold
22.8
6.3
NA
0.09
2.0
14.4
1.7
Hold
18.4
6.8
NA
56.32/72.63
-0.08
0.9
17.9
2.2
Hold
29.4
10.9
NA
12.50
10.68/15.00
-0.06
4.2
12.7
1.6
Hold
21.1
8.2
NA
4,678
38.24
29.05/48.86
0.07
5.2
13.5
2.1
Hold
34.7
7.9
NA
NYSE:PB
3,379
49.07
33.57/59.97
0.28
2.4
12.3
2.2
Hold
38.3
8.3
NA
Signature Bank
NasdaqGS:SBNY
6,693
130.72
119.60/163.15
0.1
Nil
15.6
2.1
38.9
13.1
NA
Western Alliance
Bancorporation
NYSE:WAL
3,562
34.30
26.60/39.11
-0.03
Nil
12.9
2.6
38.0
16.3
NA
Buy
1 Quantitative Rankings : Strong Buy , Buy , Hold , Sell , Strong Sell ; Qualitative Rankings(STARS) : ***** = Strong Buy , **** = Buy , *** = Hold , ** = Sell , * = Strong Sell
S&P Capital IQ Rankings are not predictive of future performance. For full definitions of S&P Capital IQ Rankings, see the glossary section of this report.
Note: Peer Group selection is performed using S&P Capital IQ's proprietary peer ranking system. Peers are selected based on factors such as similarity of analyst coverage, industry, size, and region. The subject company is
ranked against a universe of companies ( the "S&P Capital IQ Universe") which has been compiled by S&P Capital IQ and consists of a list of companies with similar characteristics, but may not include all the companies
within the same industry and/or that engage in the same line of business. The subject company and some of the companies in the Peer Group may be ranked by two different ranking systems. For the purpose of S&P Capital
IQ overall ranking/recommendation, the subject company is ranked against all the companies in the S&P Capital IQ Universe and not necessarily against the companies listed in the Peer Group
PrivateBancorp, Inc.
Recommendation[as of May 06, 2016]: HOLD
S&P Capital IQ Risk Evaluation: MODERATE Price: 39.89 (May 09, 2016 close) Trading Currency: USD Country: United States
Business Summary
Corporate Information
PrivateBancorp, Inc. operates as the holding company for The PrivateBank and Trust Company that provides
customized business and personal financial services to middle market companies, business owners,
executives, entrepreneurs, and families in the United States. It offers commercial and personal banking
products and services, including checking, savings, and money market deposit accounts; interest-bearing
and non-interest bearing demand deposits; health savings accounts; and certificates of deposits. The
company also provides commercial, real estate, and personal lending products and services comprising
home equity loans and lines of credit, auto loans, secured and unsecured loans, and overdraft protection
loans; commercial real estate loans, such as one-to-four family non-owner occupied housing units,
multi-family real estate, office buildings, warehouses, retail space, mixed use buildings, and vacant land; and
construction loans. In addition, it offers private banking, asset investment management, personal trust and
estate administration, custodial and escrow, retirement plans, and brokerage services. As of December 31,
2015, the company had 35 offices in 12 states. PrivateBancorp, Inc. was founded in 1989 and is
headquartered in Chicago, Illinois.
Office
120 South LaSalle Street
Chicago , Illinois 60603
United States
Key Developments
May-23-2016 Company Conference
Presentations
Apr-21-2016 Earnings Release Date PrivateBancorp, Inc. to Report Q1, 2016 Results on Apr 21, 2016
Telephone
312-564-2000
Web Site
www.theprivatebank.com
Key Officers
Chairman
J.M.Guyette B.Sc
Chief Executive Officer, President, Executive Director,
Member of Business Risk Committee, Chief Executive
Officer of Privatebank and President of Privatebank
L.D.Richman
Co-Founder, Chairman Emeritus and Member of
Business Risk Committee
R.B.Mandell
Chief Financial Officer, Executive Vice President,
Chief Financial Officer of Privatebank and Executive
Managing Director of Privatebank
K.M.Killips
Executive Vice President and President of Illinois
Commercial Banking - Privatebank
B.S.Lubin
Executive Vice President, President of National
Commercial Banking & Regional Markets Privatebank and Executive Managing Director of
Privatebank
B.R.Hague
Apr-21-2016 Announcements of
Earnings
PrivateBancorp, Inc. Reports Unaudited Consolidated Earnings Results for the First
Quarter of 2016; Reports Net Charge-Offs for the First Quarter 2016
PrivateBancorp, Inc.(NasdaqGS:PVTB) added to S&P Midcap 400 Sector Indices Financials Sector Index
State of Incorporation
Delaware
Founded
1989
PrivateBancorp, Inc. Presents at Keefe, Bruyette & Woods Winter Financial Services
Symposium, Feb-11-2016
Employees
1,229
Board Members
D.M.Aigotti, N.R.Bobins BS, MBA, M.L.Collins,
J.M.Guyette B.Sc, R.B.Mandell, C.E.M.McKissack,
J.B.Nicholson, R.S.Price, E.W.Rabin Jr., L.D.Richman,
W.R.Rybak, A.Silva
Jan-21-2016 Earnings Release Date PrivateBancorp, Inc. to Report Q4, 2015 Results on Jan 21, 2016
Jan-21-2016 Announcements of
Earnings
Glossary
S&P Capital IQ Quantitative Model Overall
Recommendation and drivers of the
recommendation
S&P Capital IQ's global quantitative stock reports
provide a 5-tier recommendation assigning a Strong
Buy, Buy, Hold, Sell, or Strong Sell recommendation
based on a series of quantitative inputs from four
separate regional models:
Glossary
Peer Group
A subset of an universe that groups companies by
specific criteria, such as industry/across industry, lines
of business, geography (local, regional, national, and
international), size of business (e. g. in terms of
revenue), performance criteria, etc.
Universe
A set of companies that shares a common feature
such as the same market capitalization, industry or
index.
Relevant benchmarks:
Beta
Beta is a measurement of the sensitivity of a
company's stock price to the overall fluctuation of a
given benchmark index. The beta values used in this
report are levered, unadjusted and derived from a least
squares regression analysis using stock and
benchmark index returns based on a monthly
frequency. Beta is calculated using 60 monthly returns
(each as of month end) but if the company's trading
history is too short to provide such a sample, fewer
than 60 but not fewer than 24 monthly returns are
used to run the regression. Beta in this report uses five
different benchmark indices to better estimate a
stock's volatility against a respective market: the S&P
500 for all US stocks, the S&P/TSX index for all
Canadian stocks, the S&P Europe 350 for all European
stocks, the S&P/ASX 200 index for all Australian
stocks, and the S&P Global 1200 for all other
international stocks.
Free Cash Flow (FCF)
Operating Cash Flow minus Capital Expenditures over
the past 12 months
Funds from Operations (FFO)
Funds from Operations (FFO) represents a REIT's net
income, excluding gains or losses from sales of
property, plus real estate depreciation.
Not Meaningful (NM)
Value is available but it is not meaningful. Examples are
certain negative ratios such as P/E, as well as certain
ratios that are over +/- 100%
Not Available (NA)
Value is not available for this data item
Return on Capital
EBIT / (Total Equity + Total Debt + Deferred Tax Liability
Non Current + Deferred Tax Liability Current) Notes:
(1) If the denominator is less than or equal to zero then
the ratio will be shown as NM
(2) If the return is less than (300%) then the value will
be shown as NM
Return on Equity
Earnings From Continuing Operations / ((Total
Equity(t) + Total Equity (t-1)) / 2) Notes:
(1) If both periods of data (t and t-1) are not available
then the ratio will be shown as NM
(2) If the denominator is less than or equal to zero then
the ratio will be shown as NM
Region
Country
Index
US
US
Canada
Canada
Europe
All
All except
Asia ex Japan
Australia
EBIT
EBITDA
EPS
EV
Enterprise Value
FCF
FFO
LTD
NM
P/E
Price/Earnings
Disclosures
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