BlackRock Inc. Has $812.01 Million Stock Position in SVB Financial Group (NASDAQ:SIVB)
BlackRock Inc. lowered its holdings in shares of SVB Financial Group (NASDAQ:SIVB) by 3.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,615,524 shares of the bank’s stock after selling 114,172 shares during the period. BlackRock Inc. owned approximately 0.07% of SVB Financial Group worth $812,012,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC grew its stake in SVB Financial Group by 3,733.3% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 115 shares of the bank’s stock worth $25,000 after purchasing an additional 112 shares during the period. Griffin Asset Management Inc. acquired a new stake in SVB Financial Group during the second quarter worth approximately $28,000. Pearl River Capital LLC acquired a new stake in SVB Financial Group during the second quarter worth approximately $30,000. NEXT Financial Group Inc acquired a new stake in SVB Financial Group during the second quarter worth approximately $33,000. Finally, CSat Investment Advisory L.P. grew its stake in SVB Financial Group by 171.1% during the second quarter. CSat Investment Advisory L.P. now owns 263 shares of the bank’s stock worth $59,000 after purchasing an additional 166 shares during the period. 91.48% of the stock is owned by institutional investors and hedge funds.
In other news, insider Michael Descheneaux sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $236.12, for a total value of $590,300.00. Following the transaction, the insider now owns 21,938 shares in the company, valued at $5,180,000.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Marc C. Cadieux sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $224.17, for a total value of $224,170.00. Following the completion of the transaction, the insider now owns 13,147 shares in the company, valued at approximately $2,947,162.99. The disclosure for this sale can be found here. Insiders sold 4,348 shares of company stock worth $1,005,270 in the last 90 days. Corporate insiders own 0.73% of the company’s stock.
SVB Financial Group (NASDAQ:SIVB) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $5.15 EPS for the quarter, beating the Zacks’ consensus estimate of $4.99 by $0.16. SVB Financial Group had a return on equity of 20.38% and a net margin of 33.95%. The firm had revenue of $814.65 million during the quarter, compared to analysts’ expectations of $805.27 million. During the same quarter last year, the firm posted $5.10 earnings per share. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. Research analysts forecast that SVB Financial Group will post 21.29 EPS for the current year.
SIVB has been the subject of several recent analyst reports. JMP Securities decreased their target price on SVB Financial Group to $275.00 and set an “outperform” rating for the company in a research note on Tuesday, July 30th. SunTrust Banks set a $250.00 target price on SVB Financial Group and gave the stock a “buy” rating in a research note on Wednesday, September 18th. ValuEngine raised SVB Financial Group from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Morgan Stanley raised their target price on SVB Financial Group from $265.00 to $270.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Finally, Royal Bank of Canada set a $265.00 price objective on SVB Financial Group and gave the company a “buy” rating in a research note on Friday, October 25th. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. SVB Financial Group presently has a consensus rating of “Buy” and a consensus target price of $260.38.
About SVB Financial Group
SVB Financial Group, a diversified financial services company, provides various banking and financial products and services. The company operates through three segments: Global Commercial Bank, SVB Private Bank, and SVB Capital. The 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 and credit cards, account analysis, and disbursement, as well as online and mobile banking services.
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