SVB Financial Group (NASDAQ:SIVB) shot up 2% during trading on Monday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $247.00 price target on the stock. SVB Financial Group traded as high as $223.82 and last traded at $220.95. 457,925 shares changed hands during trading, an increase of 12% from the average session volume of 407,380 shares. The stock had previously closed at $216.69.
According to Zacks, “Shares of SVB Financial have significantly outperformed the industry over the past six months. The performance was supported by impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in all the trailing four quarters. The company’s third quarter 2017 results benefited from higher revenues, while increase expenses and credit costs were the headwinds. The company remains well positioned to capitalize on future opportunities driven by sturdy capital position and consistent growth in loans and deposits. Also, its focus on improving non-interest income is expected to support top-line growth. While mounting expenses and deteriorating asset quality remain major concerns, the bank remains well positioned to benefit from an improved rate scenario and global expansion efforts.”
A number of other brokerages have also commented on SIVB. Maxim Group restated a “buy” rating and set a $250.00 price objective (up from $220.00) on shares of SVB Financial Group in a report on Monday. Barclays PLC set a $217.00 price objective on shares of SVB Financial Group and gave the stock a “hold” rating in a report on Monday. ValuEngine lowered shares of SVB Financial Group from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Morgan Stanley restated an “overweight” rating and set a $213.00 price objective (up from $210.00) on shares of SVB Financial Group in a report on Wednesday, October 4th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $195.00 price objective on shares of SVB Financial Group in a report on Friday, July 14th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $211.83.
In other SVB Financial Group news, Director Eric Benhamou sold 2,000 shares of SVB Financial Group stock in a transaction on Friday, September 1st. The shares were sold at an average price of $172.01, for a total value of $344,020.00. Following the sale, the director now directly owns 6,672 shares in the company, valued at approximately $1,147,650.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.73% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its stake in SVB Financial Group by 16.5% in the 2nd quarter. BlackRock Inc. now owns 5,287,595 shares of the bank’s stock valued at $929,507,000 after buying an additional 748,591 shares during the last quarter. Vanguard Group Inc. increased its stake in SVB Financial Group by 4.1% in the 2nd quarter. Vanguard Group Inc. now owns 4,376,567 shares of the bank’s stock valued at $769,356,000 after buying an additional 170,941 shares during the last quarter. State Street Corp increased its stake in SVB Financial Group by 13.5% in the 2nd quarter. State Street Corp now owns 2,433,130 shares of the bank’s stock valued at $427,721,000 after buying an additional 288,697 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of SVB Financial Group by 41.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,134,833 shares of the bank’s stock worth $375,282,000 after purchasing an additional 629,917 shares during the last quarter. Finally, Capital Research Global Investors increased its stake in shares of SVB Financial Group by 2.2% during the 2nd quarter. Capital Research Global Investors now owns 2,106,730 shares of the bank’s stock worth $370,342,000 after purchasing an additional 45,620 shares during the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.
The stock has a market cap of $11.55 billion, a P/E ratio of 26.65 and a beta of 1.63. The firm has a 50-day moving average of $185.89 and a 200-day moving average of $179.46.
SVB Financial Group (NASDAQ:SIVB) last released its quarterly earnings data on Thursday, October 26th. The bank reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.50. The firm had revenue of $533.40 million for the quarter, compared to analyst estimates of $490.56 million. SVB Financial Group had a net margin of 25.07% and a return on equity of 11.88%. The business’s quarterly revenue was up 23.0% compared to the same quarter last year. During the same period last year, the firm earned $2.12 earnings per share. Equities research analysts predict that SVB Financial Group will post $9.59 earnings per share for the current fiscal year.
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SVB Financial Group Company Profile
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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