Summit Securities Group LLC cut its stake in SVB Financial Group (NASDAQ:SIVB) by 76.6% during the second quarter, Holdings Channel reports. The fund owned 2,158 shares of the bank’s stock after selling 7,059 shares during the period. Summit Securities Group LLC’s holdings in SVB Financial Group were worth $379,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of SIVB. BlackRock Inc. raised its stake in shares of SVB Financial Group by 16,192.8% in the first quarter. BlackRock Inc. now owns 4,539,004 shares of the bank’s stock valued at $844,664,000 after buying an additional 4,511,145 shares during the last quarter. Harbour Capital Advisors LLC raised its stake in shares of SVB Financial Group by 17,141.0% in the second quarter. Harbour Capital Advisors LLC now owns 1,389,972 shares of the bank’s stock valued at $7,907,000 after buying an additional 1,381,910 shares during the last quarter. Credit Agricole S A raised its stake in shares of SVB Financial Group by 924.5% in the first quarter. Credit Agricole S A now owns 1,128,284 shares of the bank’s stock valued at $44,547,000 after buying an additional 1,018,151 shares during the last quarter. Columbus Circle Investors bought a new stake in shares of SVB Financial Group during the first quarter valued at approximately $51,840,000. Finally, Vanguard Group Inc. raised its stake in shares of SVB Financial Group by 7.0% in the first quarter. Vanguard Group Inc. now owns 4,205,626 shares of the bank’s stock valued at $782,624,000 after buying an additional 275,274 shares during the last quarter. 95.12% of the stock is owned by institutional investors.

Shares of SVB Financial Group (NASDAQ SIVB) opened at 172.03 on Friday. The firm has a market cap of $9.06 billion, a PE ratio of 20.91 and a beta of 1.59. SVB Financial Group has a 52 week low of $103.05 and a 52 week high of $198.83. The firm’s 50-day moving average is $179.24 and its 200 day moving average is $181.13.

SVB Financial Group (NASDAQ:SIVB) last announced its quarterly earnings results on Thursday, July 27th. The bank reported $2.32 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.27. SVB Financial Group had a return on equity of 11.27% and a net margin of 24.36%. The business had revenue of $471.70 million during the quarter, compared to analysts’ expectations of $451.96 million. During the same quarter last year, the business posted $1.78 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts forecast that SVB Financial Group will post $8.98 EPS for the current year.

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SIVB has been the subject of several recent analyst reports. Piper Jaffray Companies cut their price target on shares of SVB Financial Group from $99.00 to $96.00 and set a “buy” rating for the company in a report on Monday, April 17th. Barclays PLC reissued a “hold” rating and issued a $188.00 price target on shares of SVB Financial Group in a report on Monday, May 1st. Wedbush reissued a “neutral” rating and issued a $192.00 price target on shares of SVB Financial Group in a report on Tuesday, June 27th. Zacks Investment Research lowered shares of SVB Financial Group from a “buy” rating to a “hold” rating in a report on Friday, July 7th. Finally, BidaskClub lowered shares of SVB Financial Group from a “strong-buy” rating to a “buy” rating in a report on Friday, June 23rd. Four 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 target price of $202.75.

In related news, CFO Michael Descheneaux sold 7,000 shares of SVB Financial Group stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $184.38, for a total transaction of $1,290,660.00. Following the completion of the sale, the chief financial officer now owns 18,419 shares in the company, valued at approximately $3,396,095.22. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Bruce Wallace sold 8,790 shares of SVB Financial Group stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $182.58, for a total value of $1,604,878.20. Following the sale, the insider now owns 14,248 shares of the company’s stock, valued at approximately $2,601,399.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,314 shares of company stock valued at $4,085,570. Company insiders own 0.73% of the company’s stock.

About SVB Financial Group

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

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