Prio Wealth Limited Partnership grew its stake in SVB Financial Group (NASDAQ:SIVB) by 1.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,707 shares of the bank’s stock after purchasing an additional 950 shares during the period. Prio Wealth Limited Partnership’s holdings in SVB Financial Group were worth $14,188,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Legal & General Group Plc lifted its holdings in shares of SVB Financial Group by 1.0% during the 3rd quarter. Legal & General Group Plc now owns 222,871 shares of the bank’s stock worth $69,275,000 after acquiring an additional 2,209 shares during the period. Bank of New York Mellon Corp lifted its holdings in SVB Financial Group by 16.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,525,038 shares of the bank’s stock valued at $474,028,000 after purchasing an additional 219,000 shares during the last quarter. First Hawaiian Bank bought a new position in SVB Financial Group during the 3rd quarter valued at about $2,039,000. Douglas Lane & Associates LLC lifted its holdings in SVB Financial Group by 370.5% during the 4th quarter. Douglas Lane & Associates LLC now owns 56,804 shares of the bank’s stock valued at $10,788,000 after purchasing an additional 44,732 shares during the last quarter. Finally, Strs Ohio lifted its holdings in SVB Financial Group by 21.7% during the 4th quarter. Strs Ohio now owns 174,661 shares of the bank’s stock valued at $33,171,000 after purchasing an additional 31,176 shares during the last quarter. Institutional investors own 90.79% of the company’s stock.
In other news, insider Michelle Draper sold 1,748 shares of SVB Financial Group stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $238.44, for a total transaction of $416,793.12. Following the completion of the sale, the insider now owns 7,573 shares in the company, valued at approximately $1,805,706.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Philip C. Cox sold 620 shares of SVB Financial Group stock in a transaction that occurred on Wednesday, November 28th. The stock was sold at an average price of $238.96, for a total transaction of $148,155.20. Following the sale, the insider now owns 6,511 shares of the company’s stock, valued at approximately $1,555,868.56. The disclosure for this sale can be found here. 0.74% of the stock is owned by insiders.
SVB Financial Group (NASDAQ:SIVB) last issued its quarterly earnings results on Thursday, January 24th. The bank reported $4.96 EPS for the quarter, topping the consensus estimate of $4.69 by $0.27. SVB Financial Group had a net margin of 35.87% and a return on equity of 19.90%. The company had revenue of $673.69 million during the quarter, compared to analysts’ expectations of $697.89 million. During the same quarter in the previous year, the company earned $2.19 EPS. SVB Financial Group’s revenue was up 30.0% on a year-over-year basis. Equities research analysts anticipate that SVB Financial Group will post 20.39 earnings per share for the current year.
SVB Financial Group announced that its Board of Directors has approved a stock repurchase program on Tuesday, November 13th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the bank to buy up to 3.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of brokerages have weighed in on SIVB. Piper Jaffray Companies set a $291.00 target price on shares of SVB Financial Group and gave the stock a “buy” rating in a research note on Friday, January 25th. BidaskClub downgraded shares of SVB Financial Group from a “sell” rating to a “strong sell” rating in a research note on Friday, October 26th. ValuEngine raised shares of SVB Financial Group from a “sell” rating to a “hold” rating in a research note on Saturday, January 19th. Morgan Stanley dropped their target price on shares of SVB Financial Group from $320.00 to $310.00 and set an “overweight” rating for the company in a research note on Tuesday, January 8th. Finally, Zacks Investment Research reaffirmed a “hold” rating on shares of SVB Financial Group in a research note on Thursday, November 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $317.24.
About SVB Financial Group
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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