Maltese Capital Management LLC trimmed its position in SVB Financial Group (NASDAQ:SIVB) by 82.3% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 8,200 shares of the bank’s stock after selling 38,200 shares during the quarter. Maltese Capital Management LLC’s holdings in SVB Financial Group were worth $2,368,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Aviva PLC boosted its holdings in SVB Financial Group by 5.2% in the 2nd quarter. Aviva PLC now owns 91,715 shares of the bank’s stock worth $26,484,000 after buying an additional 4,508 shares during the last quarter. Highland Private Wealth Management acquired a new stake in SVB Financial Group in the 2nd quarter worth about $357,000. Wells Fargo & Company MN boosted its holdings in SVB Financial Group by 46.5% in the 1st quarter. Wells Fargo & Company MN now owns 125,985 shares of the bank’s stock worth $30,237,000 after buying an additional 39,976 shares during the last quarter. Legal & General Group Plc boosted its holdings in SVB Financial Group by 125.1% in the 1st quarter. Legal & General Group Plc now owns 234,652 shares of the bank’s stock worth $56,319,000 after buying an additional 130,431 shares during the last quarter. Finally, Kiwi Wealth Investments Limited Partnership acquired a new stake in SVB Financial Group in the 1st quarter worth about $10,905,000. Institutional investors own 89.43% of the company’s stock.
In related news, Director Kate Mitchell sold 737 shares of the company’s stock in a transaction that occurred on Wednesday, May 30th. The stock was sold at an average price of $314.78, for a total value of $231,992.86. Following the transaction, the director now directly owns 7,949 shares in the company, valued at $2,502,186.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John F. Robinson sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, July 10th. The shares were sold at an average price of $304.25, for a total value of $152,125.00. Following the completion of the transaction, the director now owns 5,517 shares in the company, valued at $1,678,547.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,109 shares of company stock worth $6,664,724. Insiders own 0.74% of the company’s stock.
SIVB has been the topic of several research analyst reports. JMP Securities lifted their price objective on SVB Financial Group from $345.00 to $385.00 and gave the stock a “market outperform” rating in a report on Friday, July 27th. Morgan Stanley lifted their price objective on SVB Financial Group from $280.00 to $335.00 and gave the stock an “overweight” rating in a report on Monday, April 30th. BidaskClub cut SVB Financial Group from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 30th. SunTrust Banks lifted their price objective on SVB Financial Group to $335.00 and gave the stock a “buy” rating in a report on Monday, April 30th. Finally, ValuEngine upgraded SVB Financial Group from a “hold” rating to a “buy” rating in a report on Friday, April 27th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. SVB Financial Group currently has a consensus rating of “Buy” and an average price target of $352.94.
Shares of SVB Financial Group stock opened at $324.31 on Tuesday. The company has a market cap of $17.07 billion, a PE ratio of 23.36, a P/E/G ratio of 1.70 and a beta of 1.49. SVB Financial Group has a 1-year low of $159.44 and a 1-year high of $333.74. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.60 and a current ratio of 0.60.
SVB Financial Group (NASDAQ:SIVB) last issued its earnings results on Thursday, July 26th. The bank reported $4.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.86 by $0.56. The business had revenue of $659.10 million for the quarter, compared to analysts’ expectations of $612.75 million. SVB Financial Group had a return on equity of 16.47% and a net margin of 29.56%. The business’s revenue for the quarter was up 39.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.32 EPS. analysts expect that SVB Financial Group will post 17.19 earnings per share for the current fiscal year.
SVB Financial Group Company 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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