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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of commercial banker PrivateBancorp (Nasdaq: PVTB ) rallied as much as 15% in early trading before closing up 11% for the day as third-quarter earnings handily beat estimates.
So what: Profits came in at $0.14 a share, $0.07 better than the average estimate as tracked by S&P Capital IQ. The bank’s loan-loss provision also fell roughly $8 million when compared with last year’s Q3. Bad deals are apparently being retired as new money gets put to work.
Now what: Wall Street has to be pleased. Analysts rank PrivateBancorp as one of the six fast-growing regional banks by revenue growth. IberiaBank (Nasdaq: IBKC ) leads the list, producing 32% annual sales gains over the past five years. PrivateBancorp has grown sales 24% annually over the same period. Which bank would you buy? Neither? Both? Please weigh in using the comments box below.
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