SVB Financial Group (SIVB) Shares Bought by Riverhead Capital Management LLC
Riverhead Capital Management LLC raised its holdings in SVB Financial Group (NASDAQ:SIVB) by 267.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,296 shares of the bank’s stock after purchasing an additional 7,496 shares during the quarter. Riverhead Capital Management LLC’s holdings in SVB Financial Group were worth $1,810,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Capital Fund Management S.A. raised its position in SVB Financial Group by 1,114.2% in the 2nd quarter. Capital Fund Management S.A. now owns 23,070 shares of the bank’s stock valued at $4,055,000 after purchasing an additional 21,170 shares during the last quarter. Alliancebernstein L.P. raised its position in SVB Financial Group by 2.4% in the 2nd quarter. Alliancebernstein L.P. now owns 685,739 shares of the bank’s stock valued at $120,546,000 after purchasing an additional 15,895 shares during the last quarter. Wells Fargo & Company MN raised its position in SVB Financial Group by 75.9% in the 2nd quarter. Wells Fargo & Company MN now owns 99,690 shares of the bank’s stock valued at $17,525,000 after purchasing an additional 43,016 shares during the last quarter. Engineers Gate Manager LP bought a new position in SVB Financial Group in the 2nd quarter valued at $614,000. Finally, Tredje AP fonden bought a new position in SVB Financial Group in the 2nd quarter valued at $144,000. Hedge funds and other institutional investors own 92.17% of the company’s stock.
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Several brokerages have issued reports on SIVB. Zacks Investment Research downgraded SVB Financial Group from a “buy” rating to a “hold” rating in a research report on Friday, July 7th. Wedbush reiterated a “neutral” rating and issued a $192.00 price objective on shares of SVB Financial Group in a research report on Tuesday, June 27th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $195.00 price objective on shares of SVB Financial Group in a research report on Friday, July 14th. Jefferies Group LLC reiterated a “buy” rating and issued a $216.00 price objective on shares of SVB Financial Group in a research report on Friday, August 11th. Finally, BidaskClub downgraded SVB Financial Group from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $202.75.
Shares of SVB Financial Group (NASDAQ SIVB) opened at 169.15 on Friday. The firm has a market capitalization of $8.91 billion, a PE ratio of 20.56 and a beta of 1.61. The stock has a 50 day moving average price of $172.55 and a 200 day moving average price of $179.35. SVB Financial Group has a 1-year low of $104.84 and a 1-year high of $198.83.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings data on Thursday, July 27th. The bank reported $2.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.05 by $0.27. The business had revenue of $471.70 million during the quarter, compared to the consensus estimate of $451.96 million. SVB Financial Group had a return on equity of 11.27% and a net margin of 24.36%. SVB Financial Group’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.78 earnings per share. Equities research analysts anticipate that SVB Financial Group will post $8.99 earnings per share for the current fiscal year.
In related news, insider Philip C. Cox sold 3,024 shares of the stock in a transaction on Tuesday, August 1st. The stock was 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 directly owns 2,872 shares in the company, valued at $525,001.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Descheneaux sold 3,500 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $182.07, for a total value of $637,245.00. Following the completion of the sale, the insider now owns 14,064 shares of the company’s stock, valued at $2,560,632.48. The disclosure for this sale can be found here. Insiders sold 8,524 shares of company stock valued at $1,534,052 over the last 90 days. 0.73% of the stock is currently owned by company insiders.
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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