Merrill Lynch Initiates Coverage on SVB Financial Group (SIVB)
Equities researchers at Merrill Lynch began coverage on shares of SVB Financial Group (NASDAQ:SIVB) in a research report issued on Wednesday, Stock Ratings Network.com reports. The firm set a “buy” rating on the stock.
Shares of SVB Financial Group (NASDAQ:SIVB) traded up 1.27% on Wednesday, hitting $88.29. 382,233 shares of the company’s stock traded hands. SVB Financial Group has a one year low of $52.40 and a one year high of $91.46. The stock has a 50-day moving average of $85.27 and a 200-day moving average of $79.88. The company has a market cap of $4.022 billion and a price-to-earnings ratio of 21.70.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings results on Thursday, July 25th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.12. During the same quarter last year, the company posted $0.94 earnings per share. Analysts expect that SVB Financial Group will post $4.02 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on SIVB. Analysts at Zacks downgraded shares of SVB Financial Group from an “outperform” rating to a “neutral” rating in a research note to investors on Wednesday. They now have a $92.00 price target on the stock. Separately, analysts at Bank of America Corp. initiated coverage on shares of SVB Financial Group in a research note to investors on Wednesday. They set a “buy” rating and a $110.00 price target on the stock. Finally, analysts at SunTrust raised their price target on shares of SVB Financial Group from $100.00 to $101.00 in a research note to investors on Thursday, October 3rd. They now have a “buy” rating on the stock. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $88.00.
SVB Financial Group (NASDAQ:SIVB) is a diversified financial services company, as well as a bank holding company and financial holding company.
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