Wright Investors Service Inc. acquired a new stake in shares of SVB Financial Group (NASDAQ:SIVB) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,562 shares of the bank’s stock, valued at approximately $576,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in SIVB. Amundi Pioneer Asset Management Inc. raised its holdings in shares of SVB Financial Group by 357.8% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 419,131 shares of the bank’s stock valued at $93,199,000 after purchasing an additional 327,587 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in shares of SVB Financial Group by 182.4% during the first quarter. OppenheimerFunds Inc. now owns 453,143 shares of the bank’s stock valued at $100,760,000 after purchasing an additional 292,696 shares during the last quarter. TimesSquare Capital Management LLC raised its holdings in shares of SVB Financial Group by 71.5% during the first quarter. TimesSquare Capital Management LLC now owns 638,100 shares of the bank’s stock valued at $141,888,000 after purchasing an additional 266,100 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt purchased a new position in shares of SVB Financial Group during the second quarter valued at approximately $22,453,000. Finally, Strs Ohio raised its holdings in shares of SVB Financial Group by 57.3% during the first quarter. Strs Ohio now owns 274,661 shares of the bank’s stock valued at $61,073,000 after purchasing an additional 100,000 shares during the last quarter. 90.51% of the stock is owned by hedge funds and other institutional investors.
Shares of SIVB traded down $1.83 during mid-day trading on Thursday, reaching $188.29. The stock had a trading volume of 7,274 shares, compared to its average volume of 592,857. The firm has a market capitalization of $9.81 billion, a price-to-earnings ratio of 10.32, a price-to-earnings-growth ratio of 1.22 and a beta of 2.07. SVB Financial Group has a 12 month low of $177.70 and a 12 month high of $332.90. The business’s fifty day moving average price is $217.08. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.70 and a current ratio of 0.71.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $6.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.98 by $1.10. The business had revenue of $863.15 million during the quarter, compared to analyst estimates of $787.38 million. SVB Financial Group had a net margin of 35.83% and a return on equity of 21.44%. During the same period in the prior year, the business posted $4.42 earnings per share. As a group, equities analysts anticipate that SVB Financial Group will post 21.26 earnings per share for the current fiscal year.
In related news, insider Michael Descheneaux sold 3,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $201.19, for a total transaction of $603,570.00. Following the completion of the transaction, the insider now owns 21,438 shares in the company, valued at $4,313,111.22. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Marc C. Cadieux sold 2,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $229.94, for a total transaction of $459,880.00. Following the transaction, the insider now owns 14,147 shares of the company’s stock, valued at approximately $3,252,961.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,547 shares of company stock valued at $1,189,038. Company insiders own 0.73% of the company’s stock.
Several research analysts have recently weighed in on SIVB shares. ValuEngine cut shares of SVB Financial Group from a “hold” rating to a “sell” rating in a report on Tuesday, August 6th. Raymond James lowered shares of SVB Financial Group from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 8th. Bank of America set a $275.00 target price on shares of SVB Financial Group and gave the company a “buy” rating in a research report on Friday, April 26th. SunTrust Banks cut their target price on shares of SVB Financial Group to $260.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Finally, Wedbush boosted their target price on shares of SVB Financial Group from $225.00 to $235.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $273.56.
SVB Financial Group Company Profile
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.
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