Wells Fargo & Company Boosts Silvergate Capital (NYSE:SI) Price Target to $115.00

Silvergate Capital (NYSE:SIGet Rating) had its price objective increased by Wells Fargo & Company from $100.00 to $115.00 in a report issued on Wednesday morning, The Fly reports. They currently have an overweight rating on the stock.

A number of other brokerages have also commented on SI. JPMorgan Chase & Co. dropped their target price on Silvergate Capital from $200.00 to $90.00 and set an overweight rating on the stock in a research report on Friday, July 1st. TheStreet lowered Silvergate Capital from a c rating to a d+ rating in a research report on Thursday, June 30th. Canaccord Genuity Group upped their target price on Silvergate Capital from $164.00 to $200.00 and gave the company a buy rating in a research report on Wednesday, April 20th. Wedbush reiterated an outperform rating and issued a $150.00 target price on shares of Silvergate Capital in a research report on Tuesday. Finally, Craig Hallum upped their target price on Silvergate Capital from $150.00 to $160.00 in a research report on Wednesday, April 20th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Silvergate Capital currently has a consensus rating of Moderate Buy and an average target price of $158.50.

Silvergate Capital Price Performance

Shares of SI stock opened at $86.50 on Wednesday. Silvergate Capital has a fifty-two week low of $50.65 and a fifty-two week high of $239.26. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 25.00, a PEG ratio of 0.61 and a beta of 2.76. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.16 and a current ratio of 0.23. The stock’s 50-day simple moving average is $68.46 and its 200-day simple moving average is $103.25.

Silvergate Capital (NYSE:SIGet Rating) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.31. Silvergate Capital had a return on equity of 7.87% and a net margin of 45.70%. During the same quarter last year, the business earned $0.80 EPS. As a group, equities analysts forecast that Silvergate Capital will post 4.36 earnings per share for the current fiscal year.

Insider Transactions at Silvergate Capital

In other news, CEO Alan J. Lane sold 16,314 shares of the company’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $92.46, for a total transaction of $1,508,392.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.71% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC grew its holdings in Silvergate Capital by 208.6% in the 4th quarter. Kestra Advisory Services LLC now owns 8,055 shares of the company’s stock valued at $1,194,000 after buying an additional 5,445 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Silvergate Capital by 217.8% in the 4th quarter. Russell Investments Group Ltd. now owns 20,527 shares of the company’s stock valued at $3,039,000 after buying an additional 14,068 shares in the last quarter. Strs Ohio purchased a new stake in Silvergate Capital in the 4th quarter valued at $237,000. Rothschild Investment Corp IL purchased a new position in shares of Silvergate Capital during the 4th quarter worth $928,000. Finally, National Bank of Canada FI purchased a new position in shares of Silvergate Capital during the 4th quarter worth $58,000. 71.79% of the stock is owned by institutional investors and hedge funds.

About Silvergate Capital

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Silvergate Capital Corporation operates as a bank holding company for Silvergate Bank that provides banking products and services to business and individual clients in the United States. The company accepts deposit products, including interest and noninterest bearing demand accounts, money market and savings accounts, and certificates of deposit accounts.

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