SVB Financial Group (SIVB) Shares Sold by Rafferty Asset Management LLC
Rafferty Asset Management LLC cut its position in shares of SVB Financial Group (NASDAQ:SIVB) by 17.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,779 shares of the bank’s stock after selling 1,606 shares during the quarter. Rafferty Asset Management LLC’s holdings in SVB Financial Group were worth $1,367,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Credit Agricole S A lifted its stake in SVB Financial Group by 924.5% during the first quarter. Credit Agricole S A now owns 1,128,284 shares of the bank’s stock worth $44,547,000 after purchasing an additional 1,018,151 shares during the last quarter. Comerica Bank lifted its stake in SVB Financial Group by 0.9% during the second quarter. Comerica Bank now owns 42,407 shares of the bank’s stock worth $7,560,000 after purchasing an additional 365 shares during the last quarter. Principal Financial Group Inc. lifted its stake in SVB Financial Group by 6.8% during the second quarter. Principal Financial Group Inc. now owns 223,271 shares of the bank’s stock worth $39,249,000 after purchasing an additional 14,145 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in SVB Financial Group during the second quarter worth $26,296,000. Finally, Synovus Financial Corp lifted its stake in SVB Financial Group by 14.4% during the second quarter. Synovus Financial Corp now owns 7,139 shares of the bank’s stock worth $1,253,000 after purchasing an additional 897 shares during the last quarter. Hedge funds and other institutional investors own 92.10% of the company’s stock.
In other SVB Financial Group news, Director Eric Benhamou sold 2,000 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $172.01, for a total value of $344,020.00. Following the transaction, the director now owns 6,672 shares of the company’s stock, valued at $1,147,650.72. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael Descheneaux sold 3,500 shares of the business’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $182.07, for a total value of $637,245.00. Following the completion of the transaction, the insider now directly owns 14,064 shares in the company, valued at approximately $2,560,632.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,524 shares of company stock worth $1,534,052. 0.73% of the stock is owned by insiders.
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SVB Financial Group (NASDAQ SIVB) opened at 179.82 on Friday. The firm has a market capitalization of $9.48 billion, a price-to-earnings ratio of 21.85 and a beta of 1.61. SVB Financial Group has a one year low of $104.84 and a one year high of $198.83. The stock’s 50 day moving average price is $172.02 and its 200-day moving average price is $178.69.
SVB Financial Group (NASDAQ:SIVB) last announced its quarterly earnings results on Thursday, July 27th. The bank reported $2.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.05 by $0.27. The business had revenue of $471.70 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm earned $1.78 EPS. On average, equities research analysts anticipate that SVB Financial Group will post $8.99 earnings per share for the current fiscal year.
Several equities analysts recently issued reports on the company. Jefferies Group LLC restated a “buy” rating and set a $216.00 price objective on shares of SVB Financial Group in a research note on Friday, August 11th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $195.00 target price on shares of SVB Financial Group in a research note on Friday, July 14th. Morgan Stanley raised their target price on SVB Financial Group from $208.00 to $210.00 and gave the company an “overweight” rating in a research note on Tuesday, June 6th. Maxim Group raised their target price on SVB Financial Group from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, July 31st. Finally, Stephens reiterated a “buy” rating and issued a $205.00 target price on shares of SVB Financial Group in a research note on Friday, July 28th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. SVB Financial Group currently has an average rating of “Buy” and an average target price of $202.75.
SVB Financial Group 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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