Pier 88 Investment Partners LLC decreased its stake in SVB Financial Group (NASDAQ:SIVB) by 8.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new stake in SVB Financial Group during the first quarter worth about $117,000. Exane Derivatives acquired a new stake in SVB Financial Group during the second quarter worth about $119,000. Nomura Asset Management Co. Ltd. increased its stake in SVB Financial Group by 11.7% in the first quarter. Nomura Asset Management Co. Ltd. now owns 860 shares of the bank’s stock worth $160,000 after buying an additional 90 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in SVB Financial Group during the first quarter worth about $171,000. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in SVB Financial Group during the second quarter worth about $176,000. Institutional investors and hedge funds own 95.12% of the company’s stock.
SVB Financial Group (SIVB) opened at 172.03 on Friday. SVB Financial Group has a 1-year low of $103.05 and a 1-year high of $198.83. The stock has a 50 day moving average of $179.24 and a 200 day moving average of $181.13. The stock has a market cap of $9.06 billion, a P/E ratio of 20.91 and a beta of 1.59.
SVB Financial Group (NASDAQ:SIVB) last issued its earnings results on Thursday, July 27th. The bank reported $2.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.05 by $0.27. The company had revenue of $471.70 million during the quarter, compared to analysts’ expectations of $451.96 million. SVB Financial Group had a return on equity of 12.90% and a net margin of 28.12%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.78 EPS. Equities analysts anticipate that SVB Financial Group will post $8.98 EPS for the current fiscal year.
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Several equities analysts recently commented on SIVB shares. Jefferies Group LLC restated a “buy” rating and issued a $216.00 price target on shares of SVB Financial Group in a research report on Friday. Keefe, Bruyette & Woods restated a “buy” rating and issued a $195.00 price target on shares of SVB Financial Group in a research report on Friday, July 14th. Morgan Stanley upped their price target on shares of SVB Financial Group from $208.00 to $210.00 and gave the company an “overweight” rating in a research report on Tuesday, June 6th. Maxim Group increased their price objective on shares of SVB Financial Group from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Monday, July 31st. Finally, Stephens reiterated a “buy” rating and set a $205.00 price objective on shares of SVB Financial Group in a research report on Friday, July 28th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $202.75.
In other news, insider Bruce Wallace sold 8,790 shares of the company’s stock in a transaction 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 transaction, the insider now owns 14,248 shares of the company’s stock, valued at approximately $2,601,399.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Michael Descheneaux sold 7,000 shares of the company’s stock in a transaction 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 transaction, the chief financial officer now directly owns 18,419 shares in the company, valued at approximately $3,396,095.22. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,314 shares of company stock valued at $4,085,570. 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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