Cambridge Investment Research Advisors Inc. bought a new stake in SVB Financial Group (NASDAQ:SIVB) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 1,295 shares of the bank’s stock, valued at approximately $374,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SIVB. Bank of New York Mellon Corp increased its holdings in SVB Financial Group by 56.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,306,038 shares of the bank’s stock valued at $377,130,000 after purchasing an additional 471,329 shares during the period. Bank of Montreal Can purchased a new position in SVB Financial Group during the 2nd quarter valued at about $96,584,000. Millennium Management LLC increased its holdings in SVB Financial Group by 175.1% during the 1st quarter. Millennium Management LLC now owns 399,256 shares of the bank’s stock valued at $95,825,000 after purchasing an additional 254,116 shares during the period. Guggenheim Capital LLC increased its holdings in SVB Financial Group by 566.7% during the 1st quarter. Guggenheim Capital LLC now owns 220,949 shares of the bank’s stock valued at $53,029,000 after purchasing an additional 187,808 shares during the period. Finally, Atlantic Trust Group LLC purchased a new position in SVB Financial Group during the 1st quarter valued at about $38,938,000. 88.82% of the stock is owned by institutional investors.
In other SVB Financial Group news, insider Gregory W. Becker sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $325.40, for a total transaction of $2,277,800.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Gregory W. Becker sold 12,872 shares of the company’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $310.97, for a total value of $4,002,805.84. Following the transaction, the insider now owns 18,039 shares in the company, valued at approximately $5,609,587.83. The disclosure for this sale can be found here. Insiders have sold a total of 20,872 shares of company stock worth $6,594,766 in the last quarter. Company insiders own 0.74% of the company’s stock.
SVB Financial Group (NASDAQ:SIVB) last posted its earnings results on Thursday, July 26th. The bank reported $4.42 earnings per share for the quarter, topping analysts’ consensus estimates of $3.86 by $0.56. SVB Financial Group had a return on equity of 16.47% and a net margin of 29.56%. The firm had revenue of $659.10 million for the quarter, compared to the consensus estimate of $612.75 million. During the same quarter in the prior year, the business earned $2.32 EPS. The business’s revenue for the quarter was up 39.9% on a year-over-year basis. analysts expect that SVB Financial Group will post 17.29 EPS for the current year.
A number of brokerages recently issued reports on SIVB. Jefferies Financial Group boosted their price target on SVB Financial Group to $378.00 and gave the company a “buy” rating in a report on Monday, August 27th. Keefe, Bruyette & Woods restated a “buy” rating and set a $370.00 price target on shares of SVB Financial Group in a report on Friday, July 27th. JPMorgan Chase & Co. boosted their price target on SVB Financial Group from $345.00 to $375.00 and gave the company an “overweight” rating in a report on Monday, June 11th. They noted that the move was a valuation call. Wedbush boosted their price target on SVB Financial Group from $325.00 to $350.00 and gave the company a “neutral” rating in a report on Friday, July 27th. Finally, Sandler O’Neill restated a “buy” rating on shares of SVB Financial Group in a report on Friday, July 27th. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $354.06.
SVB Financial Group Profile
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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