Lord Abbett & CO. LLC cut its position in shares of SVB Financial Group (NASDAQ:SIVB) by 46.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 192,163 shares of the bank’s stock after selling 166,577 shares during the period. Lord Abbett & CO. LLC owned 0.36% of SVB Financial Group worth $33,780,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in SIVB. Harbour Capital Advisors LLC increased its stake in shares of SVB Financial Group by 17,141.0% during the 2nd quarter. Harbour Capital Advisors LLC now owns 1,389,972 shares of the bank’s stock worth $7,907,000 after purchasing an additional 1,381,910 shares during the last quarter. Janus Henderson Group PLC acquired a new position in shares of SVB Financial Group during the 2nd quarter worth about $173,726,000. BlackRock Inc. grew its stake in SVB Financial Group by 16.5% in the 2nd quarter. BlackRock Inc. now owns 5,287,595 shares of the bank’s stock valued at $929,507,000 after buying an additional 748,591 shares during the last quarter. JPMorgan Chase & Co. grew its stake in SVB Financial Group by 41.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,134,833 shares of the bank’s stock valued at $375,282,000 after buying an additional 629,917 shares during the last quarter. Finally, State Street Corp grew its stake in SVB Financial Group by 13.5% in the 2nd quarter. State Street Corp now owns 2,433,130 shares of the bank’s stock valued at $427,721,000 after buying an additional 288,697 shares during the last quarter. Institutional investors own 92.04% of the company’s stock.
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In other news, Director Eric Benhamou sold 2,000 shares of SVB Financial Group stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $172.01, for a total value of $344,020.00. Following the completion of the transaction, the director now owns 6,672 shares in the company, valued at $1,147,650.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Philip C. Cox sold 3,024 shares of SVB Financial Group stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $182.80, for a total transaction of $552,787.20. Following the completion of the transaction, the insider now owns 2,872 shares of the company’s stock, valued at approximately $525,001.60. The disclosure for this sale can be found here. Insiders sold 8,524 shares of company stock valued at $1,534,052 in the last quarter. Corporate insiders own 0.73% of the company’s stock.
Shares of SVB Financial Group (SIVB) opened at 189.47 on Friday. The company has a market cap of $9.98 billion, a P/E ratio of 23.03 and a beta of 1.63. The firm has a 50-day moving average of $179.37 and a 200-day moving average of $178.39. SVB Financial Group has a 12-month low of $116.59 and a 12-month high of $198.83.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings data on Thursday, July 27th. The bank reported $2.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.27. The business had revenue of $471.70 million during the quarter, compared to the consensus estimate of $451.96 million. SVB Financial Group had a net margin of 24.36% and a return on equity of 11.27%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.78 earnings per share. Analysts predict that SVB Financial Group will post $8.99 EPS for the current year.
SIVB has been the topic of a number of research reports. BidaskClub lowered shares of SVB Financial Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 23rd. Zacks Investment Research upgraded shares of SVB Financial Group from a “hold” rating to a “buy” rating and set a $197.00 price target on the stock in a research note on Tuesday, July 4th. ValuEngine upgraded shares of SVB Financial Group from a “hold” rating to a “buy” rating in a research note on Thursday, August 17th. Jefferies Group LLC reiterated a “buy” rating and issued a $216.00 price target on shares of SVB Financial Group in a research note on Friday, August 11th. Finally, Maxim Group upped their price target on shares of SVB Financial Group from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $203.00.
About SVB Financial Group
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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