State Street Corp lowered its position in SVB Financial Group (NASDAQ:SIVB) by 7.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,144,433 shares of the bank’s stock after selling 182,661 shares during the period. State Street Corp’s holdings in SVB Financial Group were worth $399,059,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of the company. Russell Investments Group Ltd. acquired a new stake in shares of SVB Financial Group during the fourth quarter worth $10,656,000. Commerzbank Aktiengesellschaft FI acquired a new stake in shares of SVB Financial Group during the fourth quarter worth $201,000. State Board of Administration of Florida Retirement System increased its stake in shares of SVB Financial Group by 1.2% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 65,959 shares of the bank’s stock valued at $11,323,000 after buying an additional 779 shares in the last quarter. Baird Financial Group Inc. increased its stake in shares of SVB Financial Group by 3.8% in the fourth quarter. Baird Financial Group Inc. now owns 7,148 shares of the bank’s stock valued at $1,227,000 after buying an additional 262 shares in the last quarter. Finally, FMR LLC increased its stake in shares of SVB Financial Group by 193.3% in the fourth quarter. FMR LLC now owns 766,129 shares of the bank’s stock valued at $131,514,000 after buying an additional 504,929 shares in the last quarter. Hedge funds and other institutional investors own 95.82% of the company’s stock.
SVB Financial Group (NASDAQ SIVB) traded down 0.50% during trading on Friday, hitting $178.88. 633,046 shares of the company’s stock traded hands. The stock has a market cap of $9.39 billion, a P/E ratio of 23.24 and a beta of 1.55. The company’s 50 day moving average is $178.70 and its 200-day moving average is $178.61. SVB Financial Group has a 12 month low of $82.90 and a 12 month high of $198.83.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings results on Thursday, April 27th. The bank reported $1.91 EPS for the quarter, beating the Zacks’ consensus estimate of $1.86 by $0.05. SVB Financial Group had a net margin of 23.67% and a return on equity of 10.77%. The firm had revenue of $427.65 million for the quarter, compared to analysts’ expectations of $429.13 million. During the same quarter in the prior year, the company posted $1.52 earnings per share. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. On average, analysts predict that SVB Financial Group will post $8.67 earnings per share for the current year.
SIVB has been the subject of several research reports. Royal Bank of Canada restated a “buy” rating and issued a $195.00 target price on shares of SVB Financial Group in a research note on Tuesday, April 4th. Jefferies Group LLC restated a “buy” rating and issued a $216.00 target price on shares of SVB Financial Group in a research note on Tuesday, April 4th. Keefe, Bruyette & Woods set a $191.00 target price on SVB Financial Group and gave the company a “buy” rating in a research note on Monday, April 3rd. Zacks Investment Research upgraded SVB Financial Group from a “hold” rating to a “buy” rating and set a $204.00 target price for the company in a research note on Wednesday, March 29th. Finally, Stephens restated a “buy” rating on shares of SVB Financial Group in a research note on Thursday, April 27th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $182.45.
In other news, insider Bruce Wallace sold 8,790 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $182.58, for a total transaction of $1,604,878.20. Following the sale, the insider now owns 14,248 shares in the company, valued at $2,601,399.84. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Michael Descheneaux sold 7,000 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $184.38, for a total transaction of $1,290,660.00. Following the sale, the chief financial officer now owns 18,419 shares in the company, valued at approximately $3,396,095.22. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.
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.
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