Thornburg Investment Management Inc. decreased its position in shares of SVB Financial Group (NASDAQ:SIVB) by 6.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,107 shares of the bank’s stock after selling 3,133 shares during the period. Thornburg Investment Management Inc.’s holdings in SVB Financial Group were worth $13,710,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Bank of New York Mellon Corp increased its position in shares of SVB Financial Group by 56.5% in the second quarter. Bank of New York Mellon Corp now owns 1,306,038 shares of the bank’s stock worth $377,130,000 after purchasing an additional 471,329 shares during the period. Millennium Management LLC increased its position in shares of SVB Financial Group by 93.1% in the second quarter. Millennium Management LLC now owns 770,940 shares of the bank’s stock worth $222,617,000 after purchasing an additional 371,684 shares during the period. Bank of America Corp DE increased its position in shares of SVB Financial Group by 27.0% in the second quarter. Bank of America Corp DE now owns 610,266 shares of the bank’s stock worth $176,219,000 after purchasing an additional 129,849 shares during the period. Bank of Montreal Can bought a new position in shares of SVB Financial Group in the second quarter worth $96,584,000. Finally, Public Employees Retirement Association of Colorado increased its position in shares of SVB Financial Group by 21.2% in the second quarter. Public Employees Retirement Association of Colorado now owns 305,818 shares of the bank’s stock worth $88,308,000 after purchasing an additional 53,596 shares during the period. Hedge funds and other institutional investors own 88.18% of the company’s stock.
In other news, insider Michael Descheneaux sold 1,750 shares of SVB Financial Group stock in a transaction dated Thursday, November 1st. The stock was 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 $4,384,421.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John F. Robinson sold 500 shares of SVB Financial Group stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $324.07, for a total value 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. Company insiders own 0.74% of the company’s stock.
A number of research analysts recently commented on SIVB shares. BidaskClub cut SVB Financial Group from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. Jefferies Financial Group restated a “buy” rating and issued a $360.00 price target on shares of SVB Financial Group in a research report on Friday, July 27th. DA Davidson upgraded SVB Financial Group from a “neutral” rating to a “buy” rating and set a $345.00 price target on the stock in a research report on Friday, October 26th. ValuEngine cut SVB Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, October 29th. Finally, Zacks Investment Research upgraded SVB Financial Group from a “hold” rating to a “buy” rating and set a $346.00 price target on the stock in a research report on Monday, July 23rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $349.22.
NASDAQ:SIVB traded up $0.18 during trading hours on Wednesday, hitting $246.73. The company’s stock had a trading volume of 99,041 shares, compared to its average volume of 925,842. The firm has a market capitalization of $12.99 billion, a PE ratio of 24.90, a price-to-earnings-growth ratio of 1.36 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 has a twelve month low of $204.32 and a twelve month high of $333.74.
SVB Financial Group (NASDAQ:SIVB) last released its quarterly earnings data on Thursday, October 25th. The bank reported $5.10 earnings per share for the quarter, beating the consensus estimate of $4.44 by $0.66. The business had revenue of $703.29 million for the quarter, compared to analyst estimates of $664.51 million. SVB Financial Group had a return on equity of 18.39% and a net margin of 32.44%. On average, analysts anticipate that SVB Financial Group will post 17.93 EPS for the current fiscal year.
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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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