Cubist Systematic Strategies LLC Takes Position in SVB Financial Group (SIVB)
Cubist Systematic Strategies LLC bought a new position in SVB Financial Group (NASDAQ:SIVB) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 7,977 shares of the bank’s stock, valued at approximately $1,402,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Raymond James Trust N.A. lifted its stake in SVB Financial Group by 0.3% in the 2nd quarter. Raymond James Trust N.A. now owns 1,474 shares of the bank’s stock worth $259,000 after purchasing an additional 4 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in SVB Financial Group by 0.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,661 shares of the bank’s stock worth $1,347,000 after purchasing an additional 20 shares in the last quarter. Pacer Advisors Inc. lifted its stake in SVB Financial Group by 9.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,031 shares of the bank’s stock worth $181,000 after purchasing an additional 87 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in SVB Financial Group by 11.7% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 860 shares of the bank’s stock worth $160,000 after purchasing an additional 90 shares in the last quarter. Finally, Utah Retirement Systems lifted its stake in SVB Financial Group by 1.1% in the 2nd quarter. Utah Retirement Systems now owns 9,600 shares of the bank’s stock worth $1,687,000 after purchasing an additional 100 shares in the last quarter. 92.12% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have weighed in on SIVB. Jefferies Group LLC reissued a “buy” rating and issued a $216.00 target price on shares of SVB Financial Group in a research note on Friday, August 11th. Keefe, Bruyette & Woods restated a “buy” rating and set a $195.00 price target on shares of SVB Financial Group in a report on Friday, July 14th. Maxim Group raised their price target on shares of SVB Financial Group from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, July 31st. Zacks Investment Research downgraded shares of SVB Financial Group from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Finally, Morgan Stanley restated an “overweight” rating and set a $213.00 price target (up previously from $210.00) on shares of SVB Financial Group in a report on Wednesday, October 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $203.00.
In related news, insider Michael Descheneaux sold 3,500 shares of the firm’s stock in a transaction 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 sale, 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 document filed with the SEC, which is available through the SEC website. Also, insider Philip C. Cox sold 3,024 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $182.80, for a total transaction of $552,787.20. Following the sale, 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. Over the last ninety days, insiders have sold 8,524 shares of company stock valued at $1,534,052. Company insiders own 0.73% of the company’s stock.
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SVB Financial Group (NASDAQ:SIVB) traded down 0.06% during trading on Thursday, hitting $187.95. 26,766 shares of the company’s stock traded hands. SVB Financial Group has a 12-month low of $112.00 and a 12-month high of $198.83. The stock has a market cap of $9.90 billion, a P/E ratio of 22.84 and a beta of 1.63. The firm’s 50-day moving average price is $176.06 and its 200 day moving average price is $178.26.
SVB Financial Group (NASDAQ:SIVB) last released its quarterly earnings results 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 analyst estimates of $451.96 million. SVB Financial Group had a net margin of 24.36% and a return on equity of 11.27%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business earned $1.78 EPS. Analysts anticipate that SVB Financial Group will post $9.00 earnings per share 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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