SVB Financial Group (NASDAQ:SIVB) was upgraded by equities researchers at ValuEngine from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
SIVB has been the topic of several other research reports. BidaskClub lowered SVB Financial Group from a “sell” rating to a “strong sell” rating in a research report on Friday, October 26th. Morgan Stanley cut their price target on SVB Financial Group from $320.00 to $310.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 8th. Zacks Investment Research reaffirmed a “hold” rating on shares of SVB Financial Group in a research report on Thursday, November 15th. Royal Bank of Canada set a $320.00 price target on SVB Financial Group and gave the stock a “buy” rating in a research report on Thursday, December 6th. Finally, Wells Fargo & Co cut their price target on SVB Financial Group from $345.00 to $300.00 and set an “outperform” rating on the stock in a research report on Thursday, December 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $316.85.
Shares of NASDAQ SIVB opened at $230.99 on Friday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.14. SVB Financial Group has a fifty-two week low of $177.70 and a fifty-two week high of $333.74. The stock has a market cap of $11.97 billion, a PE ratio of 23.31, a price-to-earnings-growth ratio of 1.10 and a beta of 1.87.
SVB Financial Group (NASDAQ:SIVB) last issued its earnings results on Thursday, October 25th. The bank reported $5.10 earnings per share for the quarter, topping the consensus estimate of $4.44 by $0.66. SVB Financial Group had a return on equity of 18.39% and a net margin of 32.44%. The business had revenue of $703.29 million for the quarter, compared to analyst estimates of $664.51 million. Equities analysts forecast that SVB Financial Group will post 17.88 EPS for the current year.
SVB Financial Group announced that its board has authorized a share buyback plan on Tuesday, November 13th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
In related news, insider Philip C. Cox sold 620 shares of SVB Financial Group stock in a transaction that occurred on Wednesday, November 28th. The stock was sold at an average price of $238.96, for a total value of $148,155.20. Following the sale, the insider now directly owns 6,511 shares in the company, valued at $1,555,868.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael Descheneaux sold 1,750 shares of SVB Financial Group stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $239.73, for a total value of $419,527.50. Following the completion of the sale, the insider now owns 18,289 shares in the company, valued at $4,384,421.97. The disclosure for this sale can be found here. 0.74% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of SIVB. Bank of New York Mellon Corp boosted its stake in shares of SVB Financial Group by 56.5% in the second quarter. Bank of New York Mellon Corp now owns 1,306,038 shares of the bank’s stock valued at $377,130,000 after buying an additional 471,329 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in shares of SVB Financial Group by 11,278.8% in the third quarter. Allianz Asset Management GmbH now owns 215,287 shares of the bank’s stock valued at $66,918,000 after buying an additional 213,395 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of SVB Financial Group by 698.3% in the third quarter. Canada Pension Plan Investment Board now owns 142,900 shares of the bank’s stock valued at $44,418,000 after buying an additional 125,000 shares in the last quarter. Vanguard Group Inc boosted its stake in shares of SVB Financial Group by 2.2% in the third quarter. Vanguard Group Inc now owns 5,596,383 shares of the bank’s stock valued at $1,739,523,000 after buying an additional 121,374 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in SVB Financial Group by 2.2% during the third quarter. Vanguard Group Inc. now owns 5,596,383 shares of the bank’s stock worth $1,739,523,000 after purchasing an additional 121,374 shares in the last quarter. Hedge funds and other institutional investors own 88.13% of the company’s stock.
About SVB Financial Group
SVB Financial Group, a diversified financial services company, provides various banking and financial products and services. Its 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 card account analysis, and disbursement, as well as online and mobile banking services.
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