PrivateBancorp shares spiked 23 percent after it announced a buyout agreement with the Canadian Imperial Bank of Commerce.
Some of the names on the move ahead of the open.
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on Thursday sold $125 million of subordinated debentures, said IFR, a Thomson Reuters service. Morgan Stanley and Wells Fargo were the joint bookrunning managers for the sale.
*Announces pricing of subordinated debentures offering.
*Announces $125 million subordinated debt offering. *To use proceeds, existing cash resources, to redeem all $243.8 million of. preferred stock issued to treasury under tarp.
*Sandler O'Neill raises PrivateBancorp to buy For a summary of rating and price target changes on U.S. companies:. Reuters Station users, click. 1568. Reuters Station users, click. 4899.
*Raymond James raises PrivateBancorp Inc target price to $18 from. Reuters Station users, click. 1568. Reuters Station users, click. 4899.
*Jeffries raises PrivateBancorp Inc price target to $18 from $16;. Reuters Station users, click. 1568. Reuters Station users, click. 4899.
*Suntrust Robinson raises PrivateBancorp Inc to buy from neutral;. Reuters Station users, click. 1568. Reuters Station users, click. 4899.
*Announces pricing of common stock offering. *Says public offering priced at $15.75 per share. *Says expects to redeem all $243.8 million of preferred stock it issued to the.
Oct 10- PrivateBancorp Inc plans to raise about $200 million to repay the bailout funds it received from the U.S. PrivateBancorp will raise $75 million in an underwritten public offering of its common stock and the rest in debt, the company said. PrivateBancorp shares were down about 2 percent in extended trade.
NEW YORK, Oct 10- PrivateBancorp Inc:. *Shares off 5 percent after the bell on stock offering, tarp repayment plan. ( (New York Treasury Desk; Tel: 223 6300)).
*Announces $75 million common stock offering; tarp repayment plans. *Sees to commence separate public offering of $125 million aggregate principal. *To use proceeds to redeem all $243.8 million of stock that co issued to the.
Expectations of higher interest rates could be good for stocks in the coming months, though not for banking shares, according to a new analysis.
PrivateBancorp is trying to rebound from a gut-wrenching selloff, but traders have other ideas.
JPMorgan's equities team has said financial stocks will help lead the market higher this year. Today, they held a call on the financial group and say they are still overweight, and they expect it to be one of the better performing sectors.