SVB Financial Group (SIVB) Given a $320.00 Price Target at Royal Bank of Canada
SVB Financial Group (NASDAQ:SIVB) has been given a $320.00 price target by Royal Bank of Canada in a research note issued to investors on Thursday. The firm currently has a “buy” rating on the bank’s stock. Royal Bank of Canada’s target price points to a potential upside of 55.49% from the company’s current price.
A number of other research firms have also issued reports on SIVB. Jefferies Financial Group boosted their target price on shares of SVB Financial Group to $378.00 and gave the company a “buy” rating in a research note on Monday, August 27th. Zacks Investment Research lowered shares of SVB Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. ValuEngine lowered shares of SVB Financial Group from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Barclays boosted their target price on shares of SVB Financial Group from $340.00 to $357.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 3rd. Finally, BidaskClub lowered shares of SVB Financial Group from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $333.18.
SVB Financial Group stock opened at $205.80 on Thursday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.14. The stock has a market cap of $11.67 billion, a price-to-earnings ratio of 20.77, a PEG ratio of 1.22 and a beta of 1.69. SVB Financial Group has a 52-week low of $203.49 and a 52-week high of $333.74.
SVB Financial Group announced that its Board of Directors has authorized a share repurchase program on Tuesday, November 13th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
In other news, Director John F. Robinson sold 500 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $324.07, for a total value of $162,035.00. Following the completion of the sale, the director now directly owns 5,017 shares of the company’s stock, valued at approximately $1,625,859.19. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Descheneaux sold 1,750 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $239.73, for a total transaction of $419,527.50. Following the completion of the sale, the insider now directly owns 18,289 shares of the company’s stock, valued at $4,384,421.97. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,870 shares of company stock valued at $729,718. Company insiders own 0.74% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Price Capital Management Inc. acquired a new stake in SVB Financial Group during the third quarter valued at approximately $124,000. Stratos Wealth Partners LTD. acquired a new stake in SVB Financial Group during the third quarter valued at approximately $146,000. Signaturefd LLC lifted its stake in SVB Financial Group by 341.2% during the second quarter. Signaturefd LLC now owns 503 shares of the bank’s stock valued at $145,000 after purchasing an additional 389 shares during the last quarter. Twin Tree Management LP acquired a new stake in SVB Financial Group during the third quarter valued at approximately $167,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its stake in SVB Financial Group by 84.7% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 569 shares of the bank’s stock valued at $177,000 after purchasing an additional 261 shares during the last quarter. 88.41% of the stock is owned by institutional investors and hedge funds.
About SVB Financial Group
SVB Financial Group, a diversified financial services company, provides various banking and financial products and services. Its Global Commercial Bank segment offers deposit products, such as business and analysis checking, money market, multi-currency, in-country bank, and sweep accounts, as well as merchant, remote capture, lockbox, electronic deposit capture, and fraud control services; credit products and services comprising term loans, equipment loans, asset-based loans, revolving lines of credit, accounts-receivable-based lines of credit, capital call lines of credit, and credit cards; and payment and cash management products and services, including wire transfer and automated clearing house payment, bill pay, debit card account analysis, and disbursement, as well as online and mobile banking services.
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