Sumitomo Life Insurance Co. bought a new position in shares of SVB Financial Group (NASDAQ:SIVB) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 4,765 shares of the bank’s stock, valued at approximately $1,481,000.
Several other hedge funds have also bought and sold shares of SIVB. Commonwealth Equity Services LLC boosted its holdings in SVB Financial Group by 31.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 4,842 shares of the bank’s stock valued at $1,162,000 after purchasing an additional 1,169 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in SVB Financial Group by 93.0% in the 1st quarter. Allianz Asset Management GmbH now owns 2,113 shares of the bank’s stock valued at $507,000 after purchasing an additional 1,018 shares during the last quarter. Natixis boosted its holdings in SVB Financial Group by 190.1% in the 1st quarter. Natixis now owns 6,054 shares of the bank’s stock valued at $1,453,000 after purchasing an additional 3,967 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its holdings in SVB Financial Group by 62.3% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,600 shares of the bank’s stock valued at $384,000 after purchasing an additional 614 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new position in SVB Financial Group in the 1st quarter valued at about $585,000. 88.18% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Michael Descheneaux sold 1,750 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $239.73, for a total transaction of $419,527.50. Following the sale, the insider now directly owns 18,289 shares of the company’s stock, valued at approximately $4,384,421.97. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John F. Robinson sold 500 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $324.07, for a total transaction of $162,035.00. Following the sale, the director now directly owns 5,017 shares in the company, valued at $1,625,859.19. The disclosure for this sale can be found here. 0.74% of the stock is owned by corporate insiders.
SIVB traded down $3.17 during trading hours on Friday, hitting $247.36. 532,809 shares of the company’s stock were exchanged, compared to its average volume of 953,293. SVB Financial Group has a 12-month low of $204.79 and a 12-month high of $333.74. The company has a market cap of $13.42 billion, a P/E ratio of 24.96, a PEG ratio of 1.41 and a beta of 1.68. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 0.14.
SVB Financial Group (NASDAQ:SIVB) last announced its earnings results on Thursday, October 25th. The bank reported $5.10 earnings per share for the quarter, topping the consensus estimate of $4.44 by $0.66. SVB Financial Group had a net margin of 32.44% and a return on equity of 18.39%. The firm had revenue of $703.29 million for the quarter, compared to the consensus estimate of $664.51 million. Research analysts forecast that SVB Financial Group will post 17.93 earnings per share for the current year.
SIVB has been the topic of several recent analyst reports. BidaskClub lowered shares of SVB Financial Group from a “hold” rating to a “sell” rating in a report on Tuesday, October 16th. Jefferies Financial Group reiterated a “buy” rating and issued a $360.00 target price on shares of SVB Financial Group in a report on Friday, July 27th. DA Davidson upgraded shares of SVB Financial Group from a “neutral” rating to a “buy” rating and set a $345.00 target price on the stock in a report on Friday, October 26th. ValuEngine lowered shares of SVB Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 29th. Finally, Zacks Investment Research upgraded shares of SVB Financial Group from a “hold” rating to a “buy” rating and set a $346.00 price objective on the stock in a report on Monday, July 23rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $349.22.
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SVB Financial Group Profile
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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