Harvest Fund Management Co. Ltd boosted its position in SVB Financial Group (NASDAQ:SIVB) by 670.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 678 shares of the bank’s stock after purchasing an additional 590 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in SVB Financial Group were worth $211,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of SIVB. Bank of New York Mellon Corp raised its stake in SVB Financial Group by 56.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,306,038 shares of the bank’s stock valued at $377,130,000 after purchasing an additional 471,329 shares during the last quarter. Millennium Management LLC raised its stake in SVB Financial Group by 93.1% in the 2nd quarter. Millennium Management LLC now owns 770,940 shares of the bank’s stock valued at $222,617,000 after purchasing an additional 371,684 shares during the last quarter. Bank of Montreal Can acquired a new position in SVB Financial Group in the 2nd quarter valued at $96,584,000. KBC Group NV raised its stake in SVB Financial Group by 2,976.4% in the 2nd quarter. KBC Group NV now owns 150,096 shares of the bank’s stock valued at $43,342,000 after purchasing an additional 145,217 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in SVB Financial Group by 27.0% in the 2nd quarter. Bank of America Corp DE now owns 610,266 shares of the bank’s stock valued at $176,219,000 after purchasing an additional 129,849 shares during the last quarter. 88.51% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on the company. Royal Bank of Canada reissued a “buy” rating and issued a $355.00 price objective on shares of SVB Financial Group in a research note on Friday, July 27th. BidaskClub downgraded SVB Financial Group from a “sell” rating to a “strong sell” rating in a research note on Friday, October 26th. SunTrust Banks increased their price objective on SVB Financial Group to $350.00 and gave the company a “buy” rating in a research note on Monday, July 30th. Zacks Investment Research raised SVB Financial Group from a “hold” rating to a “buy” rating and set a $357.00 price objective for the company in a research note on Tuesday, October 9th. Finally, Wedbush increased their price objective on SVB Financial Group from $325.00 to $350.00 and gave the company a “neutral” rating in a research note on Friday, July 27th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $349.22.
Shares of SIVB opened at $240.67 on Friday. SVB Financial Group has a 52-week low of $204.32 and a 52-week high of $333.74. The firm has a market capitalization of $12.15 billion, a price-to-earnings ratio of 24.29, a P/E/G ratio of 1.27 and a beta of 1.48. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.63 and a quick ratio of 0.60.
SVB Financial Group (NASDAQ:SIVB) last issued its earnings results on Thursday, October 25th. The bank reported $5.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.44 by $0.66. SVB Financial Group had a return on equity of 18.39% and a net margin of 32.44%. The business had revenue of $703.29 million during the quarter, compared to the consensus estimate of $664.51 million. On average, sell-side analysts forecast that SVB Financial Group will post 17.93 EPS for the current fiscal year.
In other news, Director John F. Robinson sold 500 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 5,017 shares in the company, valued at approximately $1,625,859.19. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Gregory W. Becker sold 7,000 shares of the stock in a transaction on Monday, August 6th. The stock was sold at an average price of $325.40, for a total value of $2,277,800.00. The disclosure for this sale can be found here. 0.74% of the stock is owned by company insiders.
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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