SVB Financial Group (SIVB) Upgraded by Zacks Investment Research to “Buy”
SVB Financial Group (NASDAQ:SIVB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $247.00 target price on the bank’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.78% from the company’s previous close.
According to Zacks, “Shares of SVB Financial have significantly outperformed the industry over the past six months. The performance was supported by impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in all the trailing four quarters. The company’s third quarter 2017 results benefited from higher revenues, while increase expenses and credit costs were the headwinds. The company remains well positioned to capitalize on future opportunities driven by sturdy capital position and consistent growth in loans and deposits. Also, its focus on improving non-interest income is expected to support top-line growth. While mounting expenses and deteriorating asset quality remain major concerns, the bank remains well positioned to benefit from an improved rate scenario and global expansion efforts.”
A number of other research firms also recently weighed in on SIVB. Barclays PLC lifted their price target on shares of SVB Financial Group from $193.00 to $217.00 and gave the company an “equal weight” rating in a research report on Monday. Maxim Group restated a “buy” rating and set a $250.00 price objective (up from $220.00) on shares of SVB Financial Group in a research report on Monday. Morgan Stanley restated an “overweight” rating and set a $213.00 price objective (up from $210.00) on shares of SVB Financial Group in a research report on Wednesday, October 4th. ValuEngine downgraded shares of SVB Financial Group from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Finally, Jefferies Group LLC restated a “buy” rating and set a $216.00 price objective on shares of SVB Financial Group in a research report on Friday, August 11th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $211.83.
Shares of SVB Financial Group (NASDAQ:SIVB) traded down 0.14% during midday trading on Tuesday, hitting $220.64. The stock had a trading volume of 211,423 shares. The stock has a 50 day moving average price of $184.48 and a 200-day moving average price of $179.17. The stock has a market capitalization of $11.63 billion, a price-to-earnings ratio of 26.82 and a beta of 1.63. SVB Financial Group has a 52 week low of $116.59 and a 52 week high of $223.82.
SVB Financial Group (NASDAQ:SIVB) last issued its quarterly earnings data on Thursday, October 26th. The bank reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.50. SVB Financial Group had a return on equity of 11.88% and a net margin of 25.07%. The company had revenue of $533.40 million during the quarter, compared to analysts’ expectations of $490.56 million. During the same quarter in the previous year, the company posted $2.12 earnings per share. The business’s revenue was up 23.0% on a year-over-year basis. Equities research analysts anticipate that SVB Financial Group will post $8.99 earnings per share for the current year.
WARNING: This report was posted by American Banking News and is the property of of American Banking News. If you are viewing this report on another website, it was stolen and republished in violation of international copyright and trademark legislation. The correct version of this report can be accessed at https://www.americanbankingnews.com/2017/10/31/svb-financial-group-sivb-upgraded-by-zacks-investment-research-to-buy.html.
In other SVB Financial Group news, Director Eric Benhamou sold 2,000 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $172.01, for a total transaction of $344,020.00. Following the sale, the director now owns 6,672 shares of the company’s stock, valued at $1,147,650.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Descheneaux sold 3,500 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $182.07, for a total transaction of $637,245.00. Following the sale, the insider now directly owns 14,064 shares in the company, valued at approximately $2,560,632.48. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in SIVB. BDO Wealth Advisors LLC bought a new position in shares of SVB Financial Group during the 2nd quarter worth about $109,000. Exane Derivatives purchased a new stake in SVB Financial Group in the 2nd quarter valued at about $119,000. Peddock Capital Advisors LLC purchased a new stake in SVB Financial Group in the 2nd quarter valued at about $130,000. Whittier Trust Co. of Nevada Inc. increased its stake in SVB Financial Group by 79.6% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 774 shares of the bank’s stock valued at $136,000 after buying an additional 343 shares during the last quarter. Finally, Global X Management Co. LLC increased its stake in SVB Financial Group by 58.6% in the 2nd quarter. Global X Management Co. LLC now owns 782 shares of the bank’s stock valued at $137,000 after buying an additional 289 shares during the last quarter. 92.08% of the stock is currently owned by institutional investors.
SVB Financial Group Company Profile
SVB Financial Group is a financial services company, as well as a bank holding and a financial holding company. The Company’s segments include Global Commercial Bank, SVB Private Bank and SVB Capital. The Global Commercial Bank segment consists of the operations of its Commercial Bank, and of SVB Wine, SVB Analytics and its Debt Fund Investments.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for SVB Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SVB Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.