Trexquant Investment LP Invests $526,000 in SVB Financial Group (NASDAQ:SIVB)
Trexquant Investment LP acquired a new stake in shares of SVB Financial Group (NASDAQ:SIVB) during the second quarter, Holdings Channel reports. The fund acquired 2,991 shares of the bank’s stock, valued at approximately $526,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Credit Agricole S A boosted its position in 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 position in SVB Financial Group during the first quarter valued at $51,840,000. Karp Capital Management Corp bought a new position in SVB Financial Group during the first quarter valued at $2,853,000. American International Group Inc. boosted its position in SVB Financial Group by 4.1% in the first quarter. American International Group Inc. now owns 104,418 shares of the bank’s stock valued at $19,431,000 after buying an additional 4,133 shares during the last quarter. Finally, First Manhattan Co. boosted its position in SVB Financial Group by 23.7% in the first quarter. First Manhattan Co. now owns 3,000 shares of the bank’s stock valued at $331,000 after buying an additional 575 shares during the last quarter. 95.12% of the stock is owned by hedge funds and other institutional investors.
Shares of SVB Financial Group (NASDAQ SIVB) opened at 172.03 on Friday. The company’s 50-day moving average is $179.24 and its 200 day moving average is $181.13. SVB Financial Group has a 12 month low of $103.05 and a 12 month high of $198.83. The company has a market capitalization of $9.06 billion, a price-to-earnings ratio of 20.91 and a beta of 1.59.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings results on Thursday, July 27th. The bank reported $2.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.27. SVB Financial Group had a net margin of 24.36% and a return on equity of 11.27%. The company had revenue of $471.70 million during the quarter, compared to analyst estimates of $451.96 million. During the same period last year, the firm posted $1.78 EPS. SVB Financial Group’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities research analysts anticipate that SVB Financial Group will post $8.98 earnings per share for the current year.
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Several research analysts have recently weighed in on SIVB shares. Zacks Investment Research cut shares of SVB Financial Group from a “buy” rating to a “hold” rating in a report on Monday, May 1st. BidaskClub cut shares of SVB Financial Group from a “strong-buy” rating to a “buy” rating in a report on Friday, June 23rd. Stephens reissued a “buy” rating and set a $205.00 price objective on shares of SVB Financial Group in a report on Friday, July 28th. Jefferies Group LLC reissued a “buy” rating and set a $216.00 price objective on shares of SVB Financial Group in a report on Sunday, June 11th. Finally, Barclays PLC reissued an “equal weight” rating and set a $191.00 price objective (up from $188.00) on shares of SVB Financial Group in a report on Wednesday, July 12th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. SVB Financial Group currently has a consensus rating of “Buy” and an average target price of $202.75.
In other SVB Financial Group news, insider Michael Descheneaux sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $182.07, for a total transaction of $637,245.00. Following the completion of the transaction, the insider now directly owns 14,064 shares of the company’s stock, valued at approximately $2,560,632.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Philip C. Cox sold 3,024 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $182.80, for a total transaction of $552,787.20. Following the transaction, the insider now directly owns 2,872 shares of the company’s stock, valued at $525,001.60. The disclosure for this sale can be found here. Insiders have sold a total of 22,314 shares of company stock valued at $4,085,570 over the last three months. 0.73% of the stock is currently owned by insiders.
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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