Assenagon Asset Management S.A. Lowers Stake in SVB Financial Group (NASDAQ:SIVB)

Assenagon Asset Management S.A. reduced its stake in shares of SVB Financial Group (NASDAQ:SIVB) by 59.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,044 shares of the bank’s stock after selling 14,722 shares during the quarter. Assenagon Asset Management S.A.’s holdings in SVB Financial Group were worth $4,958,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. SOA Wealth Advisors LLC. bought a new stake in shares of SVB Financial Group in the fourth quarter valued at about $26,000. Denali Advisors LLC bought a new stake in shares of SVB Financial Group in the fourth quarter valued at about $27,000. Veriti Management LLC bought a new stake in shares of SVB Financial Group in the fourth quarter valued at about $29,000. IronBridge Private Wealth LLC bought a new stake in shares of SVB Financial Group in the fourth quarter valued at about $29,000. Finally, International Assets Investment Management LLC bought a new stake in shares of SVB Financial Group in the fourth quarter valued at about $35,000. 88.38% of the stock is owned by hedge funds and other institutional investors.

Shares of SIVB stock opened at $564.63 on Tuesday. The business’s 50 day moving average is $520.56 and its two-hundred day moving average is $435.47. SVB Financial Group has a twelve month low of $152.76 and a twelve month high of $586.78. The company has a market capitalization of $29.35 billion, a P/E ratio of 27.54, a price-to-earnings-growth ratio of 3.23 and a beta of 2.14. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.11.

SVB Financial Group (NASDAQ:SIVB) last announced its earnings results on Thursday, April 22nd. The bank reported $10.03 earnings per share for the quarter, beating the consensus estimate of $6.94 by $3.09. SVB Financial Group had a return on equity of 15.40% and a net margin of 28.60%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the business posted $2.55 EPS. The company’s revenue was up 69.9% on a year-over-year basis. As a group, equities analysts predict that SVB Financial Group will post 19.21 earnings per share for the current fiscal year.

A number of equities analysts have commented on SIVB shares. Piper Sandler started coverage on shares of SVB Financial Group in a report on Thursday, February 25th. They issued an “overweight” rating and a $600.00 target price for the company. Barclays boosted their target price on shares of SVB Financial Group from $550.00 to $575.00 and gave the stock an “equal weight” rating in a report on Friday, April 23rd. Zacks Investment Research lowered SVB Financial Group from a “strong-buy” rating to a “hold” rating and set a $547.00 price target on the stock. in a research note on Tuesday, March 23rd. DA Davidson upped their price objective on SVB Financial Group from $365.00 to $400.00 in a research report on Tuesday, January 5th. Finally, Royal Bank of Canada upped their target price on SVB Financial Group from $560.00 to $590.00 and gave the stock an “outperform” rating in a research note on Thursday, April 29th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $498.50.

In related news, CEO Gregory W. Becker sold 4,570 shares of SVB Financial Group stock in a transaction that occurred on Friday, February 5th. The stock was sold at an average price of $488.97, for a total value of $2,234,592.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Roger F. Dunbar sold 4,702 shares of SVB Financial Group stock in a transaction that occurred on Monday, March 1st. The shares were sold at an average price of $533.36, for a total value of $2,507,858.72. Following the completion of the sale, the director now owns 19,527 shares in the company, valued at $10,414,920.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,389 shares of company stock worth $8,321,267. Company insiders own 0.78% of the company’s stock.

About SVB Financial Group

SVB Financial Group, a diversified financial services company, provides various banking and financial products and services. The company operates through four segments: Global Commercial Bank, SVB Private Bank, SVB Capital, and SVB Leerink. The 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 solutions comprising term loans, equipment and asset-based loans, revolving lines of credit, and credit card programs, as well as mezzanine lending, acquisition finance, and corporate working capital facilities; and payment and cash management products and services, including wire transfer and automated clearing house payment, bill pay, debit and credit cards, account analysis, and disbursement, as well as online and mobile banking services.

See Also: Preferred Stock

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Institutional Ownership by Quarter for SVB Financial Group (NASDAQ:SIVB)

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