Pictet Asset Management Ltd. grew its holdings in SVB Financial Group (NASDAQ:SIVB) by 177.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 82,542 shares of the bank’s stock after buying an additional 52,780 shares during the quarter. Pictet Asset Management Ltd. owned approximately 0.16% of SVB Financial Group worth $25,656,000 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. Allianz Asset Management GmbH lifted its position in shares of SVB Financial Group by 93.0% in the 1st quarter. Allianz Asset Management GmbH now owns 2,113 shares of the bank’s stock worth $507,000 after buying an additional 1,018 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in shares of SVB Financial Group in the 2nd quarter worth about $182,000. Janney Montgomery Scott LLC bought a new position in shares of SVB Financial Group in the 2nd quarter worth about $761,000. Piedmont Investment Advisors LLC bought a new position in shares of SVB Financial Group in the 2nd quarter worth about $175,000. Finally, Aperio Group LLC lifted its position in shares of SVB Financial Group by 9.1% in the 2nd quarter. Aperio Group LLC now owns 20,130 shares of the bank’s stock worth $5,813,000 after buying an additional 1,686 shares during the last quarter. Institutional investors and hedge funds own 88.41% of the company’s stock.
A number of research firms recently weighed in on SIVB. Zacks Investment Research reaffirmed a “hold” rating on shares of SVB Financial Group in a report on Thursday, November 15th. Barclays raised shares of SVB Financial Group from an “equal weight” rating to an “overweight” rating and set a $236.25 price objective on the stock in a report on Wednesday, November 28th. ValuEngine cut shares of SVB Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 29th. SunTrust Banks dropped their price objective on shares of SVB Financial Group from $350.00 to $270.00 and set an “average” rating on the stock in a report on Monday, October 29th. They noted that the move was a valuation call. Finally, DA Davidson raised shares of SVB Financial Group from a “neutral” rating to a “buy” rating and set a $345.00 price objective on the stock in a report on Friday, October 26th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $341.79.
SVB Financial Group (NASDAQ:SIVB) last released its earnings results on Thursday, October 25th. The bank reported $5.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.44 by $0.66. The firm had revenue of $703.29 million for the quarter, compared to analysts’ expectations of $664.51 million. SVB Financial Group had a net margin of 32.44% and a return on equity of 18.39%. As a group, research analysts forecast that SVB Financial Group will post 17.95 earnings per share for the current year.
SVB Financial Group declared that its board has approved a stock buyback plan on Tuesday, November 13th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other SVB Financial Group news, insider Philip C. Cox sold 620 shares of the firm’s stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $238.96, for a total transaction of $148,155.20. Following the transaction, the insider now owns 6,511 shares of the company’s stock, valued at approximately $1,555,868.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John F. Robinson sold 500 shares of the firm’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $324.07, for a total transaction of $162,035.00. Following the transaction, the director now directly owns 5,017 shares in the company, valued at approximately $1,625,859.19. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,870 shares of company stock worth $729,718. 0.74% of the stock is owned by corporate insiders.
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SVB Financial Group 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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