State Board of Administration of Florida Retirement System increased its stake in shares of SVB Financial Group (NASDAQ:SIVB) by 1.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 67,960 shares of the bank’s stock after buying an additional 732 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in SVB Financial Group were worth $15,112,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of SIVB. Norges Bank acquired a new stake in SVB Financial Group during the fourth quarter worth approximately $89,402,000. Deutsche Bank AG grew its position in SVB Financial Group by 74.9% during the fourth quarter. Deutsche Bank AG now owns 526,495 shares of the bank’s stock worth $99,983,000 after buying an additional 225,422 shares in the last quarter. Sarasin & Partners LLP acquired a new stake in shares of SVB Financial Group in the 4th quarter valued at $40,464,000. CI Investments Inc. acquired a new stake in shares of SVB Financial Group in the 4th quarter valued at $39,902,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of SVB Financial Group in the 4th quarter valued at $30,385,000. 90.52% of the stock is currently owned by institutional investors and hedge funds.
SIVB has been the topic of a number of research analyst reports. Raymond James raised their target price on SVB Financial Group from $280.00 to $285.00 and gave the company a “strong-buy” rating in a report on Friday, April 26th. ValuEngine downgraded SVB Financial Group from a “hold” rating to a “sell” rating in a report on Wednesday, March 6th. Royal Bank of Canada reduced their target price on SVB Financial Group to $300.00 and set an “outperform” rating on the stock in a report on Friday, January 25th. They noted that the move was a valuation call. Bank of America set a $280.00 target price on SVB Financial Group and gave the company a “buy” rating in a report on Tuesday, March 5th. Finally, SunTrust Banks raised their target price on SVB Financial Group to $280.00 and gave the company a “buy” rating in a report on Monday, January 28th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $309.60.
SVB Financial Group (NASDAQ:SIVB) last released its quarterly earnings data on Thursday, April 25th. The bank reported $5.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.73 by $0.71. SVB Financial Group had a return on equity of 20.83% and a net margin of 36.09%. The company had revenue of $793.26 million for the quarter, compared to the consensus estimate of $744.49 million. During the same quarter last year, the business posted $3.63 EPS. On average, analysts forecast that SVB Financial Group will post 20.37 earnings per share for the current fiscal year.
In related news, insider John China sold 11,200 shares of the firm’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $249.12, for a total transaction of $2,790,144.00. Following the completion of the transaction, the insider now directly owns 22,172 shares of the company’s stock, valued at approximately $5,523,488.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christopher Edmonds-Waters sold 204 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $256.01, for a total value 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 disclosure for this sale can be found here. In the last three months, insiders have sold 20,383 shares of company stock worth $5,003,767. 0.73% of the stock is currently owned by company insiders.
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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