BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $10.24 Million Holdings in SVB Financial Group (SIVB)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its position in shares of SVB Financial Group (NASDAQ:SIVB) by 18.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 32,932 shares of the bank’s stock after selling 7,516 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.06% of SVB Financial Group worth $10,236,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in SIVB. Nelson Roberts Investment Advisors LLC lifted its position in shares of SVB Financial Group by 0.7% in the 3rd quarter. Nelson Roberts Investment Advisors LLC now owns 24,518 shares of the bank’s stock worth $7,621,000 after purchasing an additional 171 shares during the period. CIBC Asset Management Inc lifted its position in shares of SVB Financial Group by 4.0% in the 2nd quarter. CIBC Asset Management Inc now owns 4,829 shares of the bank’s stock worth $1,394,000 after purchasing an additional 187 shares during the period. Aureus Asset Management LLC lifted its position in shares of SVB Financial Group by 0.3% in the 2nd quarter. Aureus Asset Management LLC now owns 73,244 shares of the bank’s stock worth $21,150,000 after purchasing an additional 190 shares during the period. Morse Asset Management Inc lifted its position in shares of SVB Financial Group by 4.1% in the 2nd quarter. Morse Asset Management Inc now owns 5,284 shares of the bank’s stock worth $1,526,000 after purchasing an additional 209 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of SVB Financial Group by 25.4% in the 3rd quarter. Steward Partners Investment Advisory LLC now owns 1,063 shares of the bank’s stock worth $330,000 after purchasing an additional 215 shares during the period. 88.41% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on the stock. ValuEngine cut shares of SVB Financial Group from a “sell” rating to a “strong sell” rating in a research report on Thursday. Royal Bank of Canada set a $320.00 target price on shares of SVB Financial Group and gave the stock a “buy” rating in a research report on Thursday. Jefferies Financial Group dropped their target price on shares of SVB Financial Group from $288.00 to $278.00 and set a “buy” rating for the company in a research report on Thursday. Wells Fargo & Co set a $300.00 target price on shares of SVB Financial Group and gave the stock an “outperform” rating in a research report on Thursday. Finally, Barclays raised shares of SVB Financial Group from an “equal weight” rating to an “overweight” rating and set a $236.25 target price for the company in a research report on Wednesday, November 28th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $333.18.
SVB Financial Group (NASDAQ:SIVB) last issued its quarterly earnings results on Thursday, October 25th. The bank reported $5.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.44 by $0.66. The company had revenue of $703.29 million during the quarter, compared to analyst estimates of $664.51 million. SVB Financial Group had a net margin of 32.44% and a return on equity of 18.39%. Equities research analysts expect that SVB Financial Group will post 17.95 earnings per share for the current fiscal year.
SVB Financial Group announced that its board has authorized a share repurchase plan on Tuesday, November 13th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the bank to purchase up to 3.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
In related news, insider Michael Descheneaux sold 1,750 shares of the stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $239.73, for a total value of $419,527.50. Following the completion of the transaction, the insider now directly owns 18,289 shares in the company, valued at approximately $4,384,421.97. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John F. Robinson sold 500 shares of the firm’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $324.07, for a total transaction of $162,035.00. Following the sale, the director now owns 5,017 shares of the company’s stock, valued at $1,625,859.19. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,870 shares of company stock valued at $729,718. 0.74% of the stock is owned by company insiders.
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About SVB Financial Group
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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