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PVTB

PrivateBancorp

$60.61

0.1 (0.17%)

16:48
06/12/17
06/12
16:48
06/12/17
16:48

PrivateBancorp announces intent to delist, deregister

PrivateBancorp announced that it has notified the New York Stock Exchange of its intention to delist its 7.125 percent Subordinated Debentures due 2042, which currently trade under ticker symbol "PVTD," and has notified the Nasdaq Global Select Stock Market of its intention to delist the 10% Trust Preferred Securities of PrivateBancorp Capital Trust IV, which currently trade under ticker symbol "PVTBP." Both actions are being taken in anticipation of the closing of the acquisition by Canadian Imperial Bank of Commerce of PrivateBancorp that, as previously announced, is expected to close on June 23, 2017, which will result in the successor company to PrivateBancorp being a wholly owned subsidiary of CIBC following the closing. PrivateBancorp expects to file Form 25 notifications prior to market open on June 23, 2017, with the Securities and Exchange Commission to request the removal of the Debentures and the Listed TruPS from listing on the NYSE and Nasdaq, respectively, and to deregister such securities under Section 12b of the Securities Exchange Act of 1934, as amended. In addition, as further described below, it is currently anticipated that, following the closing of the CIBC acquisition, the Debentures and the Listed TruPS will be called for redemption on their first available redemption date following the closing. PrivateBancorp expects trading in the Debentures and the Listed TruPS will be suspended on June 23, 2017, and that the delisting of the Debentures and the Listed TruPS will become effective 10 days from the filing date of each respective Form 25. Upon effectiveness of each Form 25 filing, it is expected that Form 15 filings will be made with the SEC to terminate the registration of the Debentures and the Listed TruPS under Section 12g of the Exchange Act, and to notify the SEC of the suspension of PrivateBancorp's public reporting obligations with respect to the Debentures and Listed TruPS.

PVTB PrivateBancorp
$60.61

0.1 (0.17%)

05/30/17
KBWI
05/30/17
DOWNGRADE
Target $63
KBWI
Market Perform
PrivateBancorp downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette analyst Christopher McGratty downgraded PrivateBancorp to Market Perform citing the pending takeover by CIBC. The analyst has a $63 price target for the shares.
03/31/17
BARD
03/31/17
NO CHANGE
Target $61
BARD
Neutral
CIBC raised offer should seal PrivateBancorp deal, says Baird
Baird analyst David George believes CIBC's (CM) increased bid for PrivateBancorp (PVTB) should satisfy investor objections to prior terms and makes shareholder approval likely. He increased his price target on PrivateBancorp to $61 from $55 and keeps a Neutral rating on the shares. Industry consolidation should pick up over time, but George noted he does not expect a near-term increase in larger regional bank M&A.
03/27/17
KBWI
03/27/17
UPGRADE
Target $63
KBWI
Outperform
PrivateBancorp upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Christopher McGratty upgraded PrivateBancorp to Outperform and raised his price target for the shares to $63 from $54.
06/30/16
06/30/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on the today's top five analyst downgrades with this list compiled by The Fly: 1. Diamond Resorts (DRII) downgraded to Neutral from Buy at Goldman by analyst Steven Kent after the company agreed to be acquired by Apollo Global Management (APO) for $30.25 per share. The analyst keeps his price target of $32 for the shares. MKM Partners also downgraded Diamond Resorts to Neutral from Buy. 2. Qualcomm (QCOM) downgraded to Market Perform from Outperform by Bernstein, which kept a $55 target on the stock. The firm thinks that estimates for the company's September quarter remain too high, due to unrealistic licensing expectations. Bernstein adds that the company has long-term "structural issues." 3. TESARO (TSRO) downgraded to Hold from Buy at Jefferies by analyst Eun Yang, citing yesterday's rally on the company's positive Phase 3 data for niraparib in ovarian cancer. The data were better than expected, but so was the stock move, Yang tells investors in a research note. The analyst prefers a Hold rating ahead of the full data set as well as competitor data in the second half of 2016 and 2017. She lists a potential takeout and competitor data not being as good as niraparib as risks to her downgrade. Yang raised her price target for TESARO shares to $75 from $53.4. PrivateBancorp (PVTB) downgraded to Market Perform from Outperform at Keefe Bruyette by analyst David Long following the acquisition by CIBC (CM) saying he does not expected a competing bid to come to the table. PrivateBancorp was also downgraded to Market Perform from Outperform at Keefe Bruyette. 5. Spirit AeroSystems (SPR) downgraded to Market Perform from Outperform at Wells Fargo by analyst Sam Pearlstein, saying a charge for the A350 could make multiple expansion difficult. Spirit could be close to finishing a revised A350 pricing agreement that, when completed, could trigger a reach-forward loss accrual of around $200M, Pearlstein says. The analyst lowered his price target range for the shares to $50-$55 from $55-$60.This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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