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Watch for Continued Gains in Shares of PrivateBancorp (PVTB)

By Amy Schwartz

Shares of PrivateBancorp (NASDAQ:PVTB) traded at a new 52-week high today of $61.04. So far today approximately 78,000 shares have been exchanged, as compared to an average 30-day volume of 598,000 shares.

In the past 52 weeks, shares of PrivateBancorp have traded between a low of $31.18 and a high of $61.04 and are now at $61.01, which is 96% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

Based on a current price of $61.01, PrivateBancorp is currently 10.6% above its average consensus analyst price target of $54.55. The stock should discover initial support at its 200-day moving average (MA) of $39.39 and subsequent support at its 50-day MA of $38.95.

PrivateBancorp, Inc., is a diversified financial services company. The Company through its subsidiaries, delivers business and personal financial service to middle-market commercial and commercial real estate companies, as well as business owners, executives, entrepreneurs and wealthy families.

SmarTrend recommended that subscribers consider buying shares of PrivateBancorp on June 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $44.02. Since that recommendation, shares of PrivateBancorp have risen 38.2%. We continue to monitor PVTB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows privatebancorp

Ticker(s): PVTB