Mutual of America Capital Management LLC trimmed its position in SVB Financial Group (NASDAQ:SIVB) by 20.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,890 shares of the bank’s stock after selling 13,151 shares during the quarter. Mutual of America Capital Management LLC owned 0.10% of SVB Financial Group worth $16,129,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Hawaiian Bank acquired a new position in SVB Financial Group in the 3rd quarter valued at $2,039,000. British Airways Pensions Investment Management Ltd grew its holdings in shares of SVB Financial Group by 0.8% during the 2nd quarter. British Airways Pensions Investment Management Ltd now owns 33,122 shares of the bank’s stock worth $9,564,000 after purchasing an additional 271 shares in the last quarter. Oregon Public Employees Retirement Fund acquired a new stake in shares of SVB Financial Group during the 2nd quarter worth $2,800,000. KAMES CAPITAL plc grew its holdings in shares of SVB Financial Group by 1.0% during the 3rd quarter. KAMES CAPITAL plc now owns 234,147 shares of the bank’s stock worth $72,768,000 after purchasing an additional 2,259 shares in the last quarter. Finally, Sumitomo Life Insurance Co. acquired a new stake in shares of SVB Financial Group during the 3rd quarter worth $1,481,000. 88.41% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently issued reports on SIVB. Jefferies Financial Group increased their target price on SVB Financial Group to $378.00 and gave the stock a “buy” rating in a report on Monday, August 27th. Barclays dropped their price objective on SVB Financial Group from $357.00 to $330.00 and set an “equal weight” rating for the company in a research report on Friday, October 26th. Bank of America dropped their price objective on SVB Financial Group from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Friday, October 26th. Zacks Investment Research restated a “hold” rating on shares of SVB Financial Group in a research report on Thursday, November 15th. Finally, Royal Bank of Canada set a $330.00 price objective on SVB Financial Group and gave the stock a “buy” rating in a research report on Friday, October 26th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $341.79.
SVB Financial Group (NASDAQ:SIVB) last posted its earnings results on Thursday, October 25th. The bank reported $5.10 EPS for the quarter, beating the consensus estimate of $4.44 by $0.66. The firm had revenue of $703.29 million during the quarter, compared to the consensus estimate of $664.51 million. SVB Financial Group had a return on equity of 18.39% and a net margin of 32.44%. On average, research analysts anticipate that SVB Financial Group will post 17.95 EPS for the current year.
SVB Financial Group announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 13th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the bank to buy up to 3.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, insider Philip C. Cox sold 620 shares of the stock in a transaction dated Wednesday, November 28th. The stock was sold at an average price of $238.96, for a total value of $148,155.20. Following the completion of the sale, the insider now owns 6,511 shares of the company’s stock, valued at $1,555,868.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John F. Robinson sold 500 shares of the stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $324.07, for a total value of $162,035.00. Following the completion of the sale, the director now directly owns 5,017 shares of the company’s stock, valued at approximately $1,625,859.19. The disclosure for this sale can be found here. In the last three months, insiders sold 2,870 shares of company stock valued at $729,718. Insiders own 0.74% of the company’s stock.
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SVB Financial Group Company Profile
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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