SVB Financial Group Downgraded to “Neutral” at Zacks (SIVB)
SVB Financial Group (NASDAQ:SIVB) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a note issued to investors on Wednesday, Analyst Ratings.Net reports. They currently have a $92.00 target price on the stock. Zacks‘ target price would indicate a potential upside of 5.53% from the stock’s previous close.
Zacks‘ analyst wrote, “We are downgrading our long-term recommendation on SVB Financial to Neutral based on continued increase in operating expenses. However, its second-quarter 2013 results substantially surpassed the Zacks Consensus Estimate. Results were driven by growth in revenues, partially offset by higher operating expenses. Asset quality was a mixed bag, while profitability ratios declined. However, an improvement in capital ratios as well as loans and deposits were among the positives. This, along with a declining long-term debt, will likely aid the company’s bottom-line growth. However, a still low interest rate environment, sluggish economic recovery and stringent regulations are expected to slightly dampen profitability in the near term.”
Other equities research analysts have also recently issued reports about the stock. 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. Separately, 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. Finally, analysts at Keefe, Bruyette & Woods raised their price target on shares of SVB Financial Group from $92.00 to $100.00 in a research note to investors on Wednesday, August 14th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $88.00.
Shares of SVB Financial Group (NASDAQ:SIVB) traded up 1.57% during mid-day trading on Wednesday, hitting $88.55. 131,525 shares of the company’s stock traded hands. SVB Financial Group has a 52-week low of $52.40 and a 52-week high of $91.46. The stock’s 50-day moving average is $85.27 and its 200-day moving average is $79.88. The company has a market cap of $4.034 billion and a P/E 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 for the quarter, beating the analysts’ consensus estimate of $0.94 by $0.12. During the same quarter in the prior year, the company posted $0.94 earnings per share. Analysts expect that SVB Financial Group will post $4.04 EPS for the current fiscal year.
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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