SVB Financial Group (SIVB) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of SVB Financial Group (NASDAQ:SIVB) from a buy rating to a hold rating in a report published on Monday morning.
According to Zacks, “Shares of SVB Financial have significantly outperformed the industry over the past six months. The performance was supported by impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in all the trailing four quarters. The company’s third quarter 2017 results benefited from higher revenues, while increase expenses and credit costs were the headwinds. The company remains well positioned to capitalize on future opportunities driven by sturdy capital position and consistent growth in loans and deposits. Also, its focus on improving non-interest income is expected to support top-line growth. While mounting expenses and deteriorating asset quality remain major concerns, the bank remains well positioned to benefit from an improved rate scenario and global expansion efforts.”
A number of other brokerages have also commented on SIVB. ValuEngine raised SVB Financial Group from a hold rating to a buy rating in a research note on Thursday, August 17th. BidaskClub lowered SVB Financial Group from a buy rating to a hold rating in a research note on Sunday, July 30th. Wells Fargo & Company reissued an outperform rating and set a $240.00 price target (up from $215.00) on shares of SVB Financial Group in a research note on Thursday, November 9th. Maxim Group reissued a buy rating and set a $250.00 price target (up from $220.00) on shares of SVB Financial Group in a research note on Monday, October 30th. Finally, Barclays PLC set a $217.00 price target on SVB Financial Group and gave the company a hold rating in a research note on Monday, October 30th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $214.00.
Shares of SVB Financial Group (SIVB) traded up $3.38 during mid-day trading on Monday, hitting $212.26. The stock had a trading volume of 524,500 shares, compared to its average volume of 495,104. SVB Financial Group has a 12-month low of $144.31 and a 12-month high of $223.82. The firm has a market capitalization of $11,016.48, a price-to-earnings ratio of 23.44, a price-to-earnings-growth ratio of 2.00 and a beta of 1.64. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.18.
SVB Financial Group (NASDAQ:SIVB) last announced its quarterly earnings results on Thursday, October 26th. The bank reported $2.79 EPS for the quarter, beating the Zacks’ consensus estimate of $2.29 by $0.50. SVB Financial Group had a return on equity of 11.88% and a net margin of 25.07%. The firm had revenue of $533.40 million for the quarter, compared to analyst estimates of $490.56 million. During the same period last year, the firm posted $2.12 earnings per share. The business’s revenue for the quarter was up 23.0% on a year-over-year basis. analysts forecast that SVB Financial Group will post 9.5 EPS for the current year.
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In other news, Director Eric Benhamou sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was 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 owns 6,672 shares in the company, valued at $1,147,650.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Kamran F. Husain sold 2,890 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $220.20, for a total value of $636,378.00. Following the sale, the insider now owns 890 shares of the company’s stock, valued at approximately $195,978. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,150 shares of company stock worth $1,476,106. Insiders own 0.73% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SIVB. Nomura Asset Management Co. Ltd. increased its holdings in shares of SVB Financial Group by 11.7% during the first quarter. Nomura Asset Management Co. Ltd. now owns 860 shares of the bank’s stock valued at $160,000 after acquiring an additional 90 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of SVB Financial Group during the second quarter valued at approximately $176,000. Xact Kapitalforvaltning AB bought a new stake in shares of SVB Financial Group during the second quarter valued at approximately $715,000. Capstone Asset Management Co. increased its holdings in shares of SVB Financial Group by 8.1% during the second quarter. Capstone Asset Management Co. now owns 5,160 shares of the bank’s stock valued at $907,000 after acquiring an additional 386 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. increased its holdings in shares of SVB Financial Group by 1.7% during the second quarter. NN Investment Partners Holdings N.V. now owns 8,530 shares of the bank’s stock valued at $1,499,000 after acquiring an additional 145 shares in the last quarter. Hedge funds and other institutional investors own 94.52% of the company’s stock.
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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