BlackRock Inc. cut its holdings in shares of SVB Financial Group (NASDAQ:SIVB) by 3.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,615,524 shares of the bank’s stock after selling 114,172 shares during the quarter. BlackRock Inc. owned about 7.01% of SVB Financial Group worth $812,012,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of SIVB. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of SVB Financial Group by 3,733.3% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 115 shares of the bank’s stock worth $25,000 after acquiring an additional 112 shares during the last quarter. Griffin Asset Management Inc. acquired a new position in SVB Financial Group in the 2nd quarter valued at $28,000. Pearl River Capital LLC acquired a new position in SVB Financial Group in the 2nd quarter valued at $30,000. NEXT Financial Group Inc acquired a new position in SVB Financial Group in the 2nd quarter valued at $33,000. Finally, CSat Investment Advisory L.P. grew its holdings in SVB Financial Group by 171.1% in the 2nd quarter. CSat Investment Advisory L.P. now owns 263 shares of the bank’s stock valued at $59,000 after buying an additional 166 shares in the last quarter. 91.48% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have commented on the company. Royal Bank of Canada set a $265.00 price objective on SVB Financial Group and gave the company a “buy” rating in a report on Friday, October 25th. Piper Jaffray Companies upped their price objective on SVB Financial Group from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Morgan Stanley upped their price objective on SVB Financial Group from $265.00 to $270.00 and gave the company an “overweight” rating in a report on Monday, October 28th. BidaskClub raised SVB Financial Group from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Maxim Group decreased their price objective on SVB Financial Group from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. SVB Financial Group presently has an average rating of “Buy” and a consensus target price of $260.38.
In other news, insider Michael Descheneaux sold 2,500 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $236.12, for a total transaction of $590,300.00. Following the sale, the insider now directly owns 21,938 shares of the company’s stock, valued at approximately $5,180,000.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Marc C. Cadieux sold 1,000 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $224.17, for a total value of $224,170.00. Following the sale, the insider now directly owns 13,147 shares in the company, valued at $2,947,162.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,348 shares of company stock worth $1,005,270. 0.73% of the stock is currently owned by insiders.
SIVB opened at $238.60 on Friday. The firm has a market cap of $12.35 billion, a P/E ratio of 13.09, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. SVB Financial Group has a 52-week low of $177.70 and a 52-week high of $263.16. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.71 and a current ratio of 0.66. The business’s fifty day moving average is $211.88 and its 200-day moving average is $216.82.
SVB Financial Group (NASDAQ:SIVB) last released its earnings results on Thursday, October 24th. The bank reported $5.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.99 by $0.16. The company had revenue of $814.65 million for the quarter, compared to analyst estimates of $805.27 million. SVB Financial Group had a return on equity of 20.38% and a net margin of 33.95%. SVB Financial Group’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the firm posted $5.10 EPS. On average, research analysts predict that SVB Financial Group will post 21.29 earnings per share for the current fiscal year.
About SVB Financial Group
SVB Financial Group, a diversified financial services company, provides various banking and financial products and services. The company operates through three segments: Global Commercial Bank, SVB Private Bank, and SVB Capital. The Global Commercial Bank segment offers deposit products, such as business and analysis checking, money market, multi-currency, in-country bank, and sweep accounts, as well as merchant, remote capture, lockbox, electronic deposit capture, and fraud control services; credit products and services comprising term loans, equipment loans, asset-based loans, revolving lines of credit, accounts-receivable-based lines of credit, capital call lines of credit, and credit cards; and payment and cash management products and services, including wire transfer and automated clearing house payment, bill pay, debit and credit cards, account analysis, and disbursement, as well as online and mobile banking services.
Further Reading: What are some reasons analysts would give stocks a buy rating?
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