Icon Advisers Inc. Co. Increases Position in SVB Financial Group (SIVB)
Icon Advisers Inc. Co. lifted its holdings in SVB Financial Group (NASDAQ:SIVB) by 56.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,880 shares of the bank’s stock after purchasing an additional 15,500 shares during the period. Icon Advisers Inc. Co. owned approximately 0.08% of SVB Financial Group worth $7,538,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. TIAA CREF Investment Management LLC grew its holdings in shares of SVB Financial Group by 19.1% in the second quarter. TIAA CREF Investment Management LLC now owns 188,759 shares of the bank’s stock valued at $33,182,000 after purchasing an additional 30,231 shares in the last quarter. Seven Eight Capital LP acquired a new position in shares of SVB Financial Group in the second quarter valued at approximately $969,000. Peloton Wealth Strategists acquired a new position in shares of SVB Financial Group in the second quarter valued at approximately $303,000. Raymond James Trust N.A. grew its holdings in shares of SVB Financial Group by 0.3% in the second quarter. Raymond James Trust N.A. now owns 1,474 shares of the bank’s stock valued at $259,000 after purchasing an additional 4 shares in the last quarter. Finally, Riverhead Capital Management LLC grew its holdings in shares of SVB Financial Group by 267.7% in the second quarter. Riverhead Capital Management LLC now owns 10,296 shares of the bank’s stock valued at $1,810,000 after purchasing an additional 7,496 shares in the last quarter. Hedge funds and other institutional investors own 92.17% of the company’s stock.
In other SVB Financial Group news, insider Philip C. Cox sold 3,024 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $182.80, for a total value of $552,787.20. Following the completion of the sale, the insider now owns 2,872 shares of the company’s stock, valued at $525,001.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric Benhamou sold 2,000 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $172.01, for a total transaction of $344,020.00. Following the completion of the sale, the director now directly owns 6,672 shares of the company’s stock, valued at approximately $1,147,650.72. The disclosure for this sale can be found here. Insiders sold 8,524 shares of company stock valued at $1,534,052 in the last ninety days. 0.73% of the stock is owned by corporate insiders.
SIVB has been the subject of a number of research reports. Zacks Investment Research cut shares of SVB Financial Group from a “buy” rating to a “hold” rating in a report on Friday, July 7th. Wedbush restated a “neutral” rating and issued a $192.00 price objective on shares of SVB Financial Group in a report on Tuesday, June 27th. BidaskClub cut shares of SVB Financial Group from a “strong-buy” rating to a “buy” rating in a report on Friday, June 23rd. Barclays PLC restated an “equal weight” rating and issued a $191.00 price objective (up previously from $188.00) on shares of SVB Financial Group in a report on Wednesday, July 12th. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $212.00 price objective on shares of SVB Financial Group in a report on Friday, July 14th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $202.75.
SVB Financial Group (NASDAQ:SIVB) traded up 0.131% on Wednesday, reaching $171.465. 65,099 shares of the company’s stock traded hands. The firm has a market capitalization of $9.04 billion, a P/E ratio of 20.839 and a beta of 1.61. The stock has a 50-day moving average of $173.36 and a 200 day moving average of $179.61. SVB Financial Group has a 52 week low of $103.12 and a 52 week high of $198.83.
SVB Financial Group (NASDAQ:SIVB) last issued its quarterly earnings data on Thursday, July 27th. The bank reported $2.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 the consensus estimate of $451.96 million. During the same quarter last year, the company earned $1.78 earnings per share. SVB Financial Group’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts expect that SVB Financial Group will post $8.99 EPS for the current fiscal year.
SVB Financial Group Company Profile
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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