Jefferies Increases Private Bancorp's PT Following 1Q Growth (PVTB)

In a recent report from Jefferies, Private Bancorp's PVTB first quarter results show acceptable pre-tax and provision growth but higher credit costs may pose an issue in the future. Jefferies explains, “Given a still challenged Chicago marketplace, which is still generating non-accrual loans and proving few opportunities for asset dispositions, we do not expect pace of credit resolution to pick up near-term.” Jefferies has moved Private Bancorp's price target from $15 to $16 and maintains its Hold rating. Private Bancorp is currently trading at $15.15.