Employees Retirement System of Texas raised its stake in shares of SVB Financial Group (NASDAQ:SIVB) by 22.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,000 shares of the bank’s stock after acquiring an additional 7,000 shares during the quarter. Employees Retirement System of Texas owned approximately 0.07% of SVB Financial Group worth $10,973,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Security National Trust Co. bought a new stake in SVB Financial Group during the 2nd quarter valued at $116,000. Advisors Preferred LLC bought a new stake in SVB Financial Group during the 2nd quarter valued at $167,000. Piedmont Investment Advisors LLC bought a new stake in SVB Financial Group during the 2nd quarter valued at $175,000. Smithfield Trust Co. boosted its position in SVB Financial Group by 2,857.1% during the 1st quarter. Smithfield Trust Co. now owns 621 shares of the bank’s stock valued at $149,000 after acquiring an additional 600 shares in the last quarter. Finally, Point72 Asia Hong Kong Ltd boosted its position in SVB Financial Group by 716.9% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 629 shares of the bank’s stock valued at $151,000 after acquiring an additional 552 shares in the last quarter. 89.62% of the stock is currently owned by institutional investors and hedge funds.
SIVB has been the topic of several recent research reports. Zacks Investment Research raised SVB Financial Group from a “hold” rating to a “strong-buy” rating and set a $345.00 target price on the stock in a research report on Wednesday, May 2nd. BidaskClub cut SVB Financial Group from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 30th. JPMorgan Chase & Co. raised their price objective on SVB Financial Group from $345.00 to $375.00 and gave the stock an “overweight” rating in a research report on Monday, June 11th. They noted that the move was a valuation call. Wells Fargo & Co raised their price objective on SVB Financial Group from $325.00 to $335.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 26th. Finally, Stephens reissued a “buy” rating and issued a $350.00 price objective on shares of SVB Financial Group in a research report on Friday, July 13th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. SVB Financial Group presently has an average rating of “Buy” and a consensus target price of $354.06.
SVB Financial Group stock opened at $323.46 on Thursday. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $17.63 billion, a PE ratio of 32.64, a price-to-earnings-growth ratio of 1.75 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.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings data on Thursday, July 26th. The bank reported $4.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.86 by $0.56. The firm had revenue of $659.10 million during 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 quarterly revenue was up 39.9% on a year-over-year basis. During the same quarter last year, the firm earned $2.32 EPS. equities research analysts expect that SVB Financial Group will post 17.19 EPS for the current fiscal year.
In related news, insider Gregory W. Becker sold 7,000 shares of the firm’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $325.40, for a total value of $2,277,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John F. Robinson sold 500 shares of the firm’s stock in a transaction on Tuesday, July 10th. The stock was 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 of the company’s stock, valued at approximately $1,678,547.25. The disclosure for this sale can be found here. Insiders sold a total of 20,372 shares of company stock valued at $6,432,731 in the last 90 days. 0.74% of the stock is currently owned by company insiders.
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.
Read More: Momentum Indicator: Relative Strength Index
Want to see what other hedge funds are holding SIVB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SVB Financial Group (NASDAQ:SIVB).
Receive News & Ratings for SVB Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SVB Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.