Street Calls of the Week
LA JOLLA, Calif. - Private Bancorp of America, Inc. (OTCQX:PBAM), a $336.55 million market cap bank currently trading at $57.99, announced Thursday that its Board of Directors has approved a stock repurchase program authorizing up to $5 million for share buybacks. According to InvestingPro data, the stock trades at a P/E ratio of 8.14 and has shown robust revenue growth of 22.32% over the last twelve months.
The company plans to enter into a written stock repurchase agreement with a broker-dealer that is expected to include a trading plan following Rules 10b5-1 and 10b-18 of the Securities and Exchange Act of 1934.
According to the announcement, the repurchases may be conducted through December 31, 2025, in both privately-negotiated transactions and in the open market.
Private Bancorp of America is the holding company for CalPrivate Bank, which operates offices in multiple California locations including Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and soon in Montecito.
The bank serves high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs. It offers deposit and treasury services, loan options including portfolio and government-guaranteed lending programs, and cross-border banking.
The announcement comes as the company has received recognition in the banking industry, including being ranked by Bank Director’s RankingBanking as the 10th best bank in the country and the #1 bank in its asset class for both return on assets and return on equity.
This information is based on a press release statement from the company.
In other recent news, Private Bancorp of America has caught the attention of DA Davidson, which reiterated its Buy rating on the company’s stock with a price target of $75.00. The firm highlighted that Private Bancorp’s second-quarter results surpassed expectations, largely due to an expansion in net interest margin. This performance was notable even without considering the positive impact of interest recoveries during the quarter. Similarly, in the first quarter, the company exceeded expectations, driven by stronger-than-anticipated net interest income. These developments indicate consistent financial performance across consecutive quarters. DA Davidson’s continued positive outlook suggests confidence in the company’s financial trajectory. Investors may find these updates relevant as they assess the company’s performance.
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