Pier 88 Investment Partners LLC lowered its stake in SVB Financial Group (NASDAQ:SIVB) by 8.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,157 shares of the bank’s stock after selling 210 shares during the period. Pier 88 Investment Partners LLC’s holdings in SVB Financial Group were worth $379,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Columbus Circle Investors purchased a new position in shares of SVB Financial Group during the first quarter worth about $51,840,000. Louisiana State Employees Retirement System boosted its stake in SVB Financial Group by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 13,200 shares of the bank’s stock worth $2,456,000 after buying an additional 300 shares during the last quarter. Parametrica Management Ltd acquired a new stake in SVB Financial Group during the first quarter worth approximately $264,000. Capstone Asset Management Co. boosted its stake in SVB Financial Group by 8.0% in the first quarter. Capstone Asset Management Co. now owns 4,774 shares of the bank’s stock worth $888,000 after buying an additional 354 shares during the last quarter. Finally, Bank of Montreal Can boosted its stake in SVB Financial Group by 185.5% in the first quarter. Bank of Montreal Can now owns 298,849 shares of the bank’s stock worth $55,612,000 after buying an additional 194,180 shares during the last quarter. 95.38% of the stock is owned by institutional investors.
Shares of SVB Financial Group (NASDAQ:SIVB) traded down 0.62% during mid-day trading on Monday, reaching $180.57. The company’s stock had a trading volume of 349,084 shares. The company has a 50-day moving average price of $176.72 and a 200 day moving average price of $179.51. SVB Financial Group has a 52-week low of $96.86 and a 52-week high of $198.83. The company has a market cap of $9.48 billion, a PE ratio of 23.46 and a beta of 1.60.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings data on Thursday, April 27th. The bank reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.05. The business had revenue of $427.65 million during the quarter, compared to analyst estimates of $429.13 million. SVB Financial Group had a return on equity of 10.77% and a net margin of 23.67%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period last year, the company earned $1.52 EPS. Equities analysts expect that SVB Financial Group will post $8.66 earnings per share for the current year.
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Several brokerages recently weighed in on SIVB. Piper Jaffray Companies reissued a “buy” rating and issued a $212.00 price objective on shares of SVB Financial Group in a report on Friday. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $195.00 target price on shares of SVB Financial Group in a report on Friday. Barclays PLC reaffirmed an “equal weight” rating and set a $191.00 target price (up previously from $188.00) on shares of SVB Financial Group in a report on Wednesday, July 12th. Zacks Investment Research lowered SVB Financial Group from a “buy” rating to a “hold” rating in a report on Friday, July 7th. Finally, Wedbush reissued a “neutral” rating and set a $192.00 price objective on shares of SVB Financial Group in a report on Tuesday, June 27th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. SVB Financial Group presently has an average rating of “Buy” and a consensus target price of $200.27.
In other news, insider Bruce Wallace sold 8,790 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $182.58, for a total value of $1,604,878.20. Following the completion of the sale, the insider now directly owns 14,248 shares of the company’s stock, valued at approximately $2,601,399.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael Descheneaux sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $184.38, for a total value of $1,290,660.00. Following the completion of the sale, the chief financial officer now directly owns 18,419 shares of the company’s stock, valued at $3,396,095.22. The disclosure for this sale can be found here. 0.73% of the stock is owned by company insiders.
About SVB Financial Group
SVB Financial Group is a financial services company, as well as a bank holding and a financial holding company. The Company’s segments include Global Commercial Bank, SVB Private Bank and SVB Capital. The Global Commercial Bank segment consists of the operations of its Commercial Bank, and of SVB Wine, SVB Analytics and its Debt Fund Investments.
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