State of New Jersey Common Pension Fund D lifted its position in shares of SVB Financial Group (NASDAQ:SIVB) by 3.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 320,000 shares of the bank’s stock after buying an additional 11,000 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.61% of SVB Financial Group worth $71,155,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of SIVB. Vanguard Group Inc boosted its position in shares of SVB Financial Group by 2.2% in the third quarter. Vanguard Group Inc now owns 5,596,383 shares of the bank’s stock worth $1,739,523,000 after acquiring an additional 121,374 shares during the last quarter. BlackRock Inc. boosted its position in shares of SVB Financial Group by 2.5% in the fourth quarter. BlackRock Inc. now owns 3,840,775 shares of the bank’s stock worth $729,440,000 after acquiring an additional 93,131 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of SVB Financial Group by 5.7% in the fourth quarter. Fisher Asset Management LLC now owns 1,063,554 shares of the bank’s stock worth $201,990,000 after acquiring an additional 57,752 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of SVB Financial Group by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 713,667 shares of the bank’s stock worth $135,307,000 after acquiring an additional 33,689 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of SVB Financial Group by 2.8% in the fourth quarter. Northern Trust Corp now owns 542,678 shares of the bank’s stock worth $103,065,000 after acquiring an additional 14,982 shares during the last quarter. Institutional investors and hedge funds own 91.05% of the company’s stock.
In other news, insider Christopher Edmonds-Waters sold 204 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $256.01, for a total transaction of $52,226.04. Following the transaction, the insider now directly owns 3,494 shares of the company’s stock, valued at $894,498.94. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John S. Clendening bought 900 shares of SVB Financial Group stock in a transaction dated Friday, May 24th. The shares were purchased at an average cost of $221.12 per share, for a total transaction of $199,008.00. Following the completion of the transaction, the director now owns 1,729 shares of the company’s stock, valued at approximately $382,316.48. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 20,383 shares of company stock worth $5,003,767. Corporate insiders own 0.73% of the company’s stock.
SIVB stock traded down $1.76 during midday trading on Wednesday, reaching $217.89. 454,267 shares of the company’s stock traded hands, compared to its average volume of 493,229. The stock has a market cap of $11.37 billion, a price-to-earnings ratio of 11.95, a price-to-earnings-growth ratio of 1.47 and a beta of 2.03. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.13. SVB Financial Group has a fifty-two week low of $177.70 and a fifty-two week high of $333.74.
SVB Financial Group (NASDAQ:SIVB) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $5.44 earnings per share for the quarter, beating analysts’ consensus estimates of $4.73 by $0.71. The firm had revenue of $793.26 million for the quarter, compared to analysts’ expectations of $744.49 million. SVB Financial Group had a net margin of 36.09% and a return on equity of 20.83%. During the same period in the previous year, the company posted $3.63 earnings per share. On average, equities analysts forecast that SVB Financial Group will post 20.37 EPS for the current fiscal year.
SIVB has been the topic of several research analyst reports. BidaskClub raised shares of SVB Financial Group from a “strong sell” rating to a “sell” rating in a research report on Tuesday, January 29th. Maxim Group decreased their target price on shares of SVB Financial Group to $325.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Bank of America set a $280.00 target price on shares of SVB Financial Group and gave the stock a “buy” rating in a research report on Tuesday, March 5th. ValuEngine cut shares of SVB Financial Group from a “hold” rating to a “sell” rating in a research report on Wednesday, March 6th. Finally, FIG Partners cut shares of SVB Financial Group from an “outperform” rating to a “market perform” rating in a research report on Friday, April 26th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $309.60.
SVB Financial Group Profile
SVB Financial Group, a diversified financial services company, provides various banking and financial products and services. The company operates through three segments: Global Commercial Bank, SVB Private Bank, and SVB Capital. The 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 and credit cards, account analysis, and disbursement, as well as online and mobile banking services.
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