Sumitomo Mitsui Asset Management Company LTD bought a new position in shares of SVB Financial Group (NASDAQ:SIVB) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,926 shares of the bank’s stock, valued at approximately $690,000.
Other hedge funds have also added to or reduced their stakes in the company. Credit Agricole S A raised its position in SVB Financial Group by 924.5% in the first quarter. Credit Agricole S A now owns 1,128,284 shares of the bank’s stock valued at $44,547,000 after buying an additional 1,018,151 shares during the period. Columbus Circle Investors bought a new position in SVB Financial Group during the first quarter valued at $51,840,000. Karp Capital Management Corp bought a new position in SVB Financial Group during the first quarter valued at $2,853,000. American International Group Inc. raised its position in SVB Financial Group by 4.1% in the first quarter. American International Group Inc. now owns 104,418 shares of the bank’s stock valued at $19,431,000 after buying an additional 4,133 shares during the period. Finally, First Manhattan Co. raised its position in SVB Financial Group by 23.7% in the first quarter. First Manhattan Co. now owns 3,000 shares of the bank’s stock valued at $331,000 after buying an additional 575 shares during the period. Institutional investors own 95.52% of the company’s stock.
SVB Financial Group (SIVB) traded up 0.17% during mid-day trading on Friday, reaching $166.59. 429,131 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $178.79 and a 200-day moving average of $180.98. SVB Financial Group has a 12 month low of $103.12 and a 12 month high of $198.83. The firm has a market cap of $8.78 billion, a price-to-earnings ratio of 20.25 and a beta of 1.59.
SVB Financial Group (NASDAQ:SIVB) last released its quarterly earnings results on Thursday, July 27th. The bank reported $2.32 EPS for the quarter, topping the Zacks’ consensus estimate of $2.05 by $0.27. SVB Financial Group had a net margin of 24.36% and a return on equity of 11.27%. The business had revenue of $471.70 million during the quarter, compared to analysts’ expectations of $451.96 million. During the same quarter in the previous year, the company earned $1.78 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. Analysts anticipate that SVB Financial Group will post $8.99 earnings per share for the current year.
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SIVB has been the topic of several recent research reports. Stephens restated a “buy” rating on shares of SVB Financial Group in a report on Thursday, April 27th. Barclays PLC reaffirmed a “hold” rating and issued a $188.00 price target on shares of SVB Financial Group in a research report on Monday, May 1st. Zacks Investment Research downgraded SVB Financial Group from a “buy” rating to a “hold” rating in a research report on Monday, May 1st. Morgan Stanley lifted their target price on SVB Financial Group from $208.00 to $210.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 6th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $216.00 target price on shares of SVB Financial Group in a research report on Sunday, June 11th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. SVB Financial Group presently has an average rating of “Buy” and a consensus price target of $202.75.
In related news, insider Michael Descheneaux sold 3,500 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $182.07, for a total transaction of $637,245.00. Following the completion of the sale, the insider now directly owns 14,064 shares in the company, valued at approximately $2,560,632.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Philip C. Cox sold 3,024 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $182.80, for a total transaction of $552,787.20. Following the sale, the insider now owns 2,872 shares of the company’s stock, valued at $525,001.60. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by corporate insiders.
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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