Summit Securities Group LLC cut its stake in SVB Financial Group (NASDAQ:SIVB) by 76.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,158 shares of the bank’s stock after selling 7,059 shares during the period. Summit Securities Group LLC’s holdings in SVB Financial Group were worth $379,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new position in SVB Financial Group during the first quarter valued at $117,000. Exane Derivatives bought a new position in SVB Financial Group during the second quarter valued at $119,000. Whittier Trust Co. of Nevada Inc. boosted its position in SVB Financial Group by 79.6% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 774 shares of the bank’s stock valued at $136,000 after buying an additional 343 shares during the last quarter. Global X Management Co. LLC boosted its position in SVB Financial Group by 58.6% in the second quarter. Global X Management Co. LLC now owns 782 shares of the bank’s stock valued at $137,000 after buying an additional 289 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its position in SVB Financial Group by 11.7% in the first quarter. Nomura Asset Management Co. Ltd. now owns 860 shares of the bank’s stock valued at $160,000 after buying an additional 90 shares during the last quarter. 95.12% of the stock is owned by institutional investors and hedge funds.
Shares of SVB Financial Group (NASDAQ:SIVB) opened at 172.03 on Friday. SVB Financial Group has a one year low of $103.05 and a one year high of $198.83. The stock has a market capitalization of $9.06 billion, a PE ratio of 20.91 and a beta of 1.59. The firm’s 50-day moving average is $179.24 and its 200-day moving average is $181.13.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings results on Thursday, July 27th. The bank reported $2.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.27. SVB Financial Group had a net margin of 24.36% and a return on equity of 11.27%. The company had revenue of $471.70 million during the quarter, compared to analyst estimates of $451.96 million. During the same period last year, the firm posted $1.78 EPS. SVB Financial Group’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, analysts expect that SVB Financial Group will post $8.98 earnings per share for the current fiscal year.
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SIVB has been the subject of several research reports. Piper Jaffray Companies reissued an “overweight” rating and set a $214.00 price objective (up from $202.00) on shares of SVB Financial Group in a report on Friday, April 14th. Stephens reissued a “buy” rating on shares of SVB Financial Group in a report on Thursday, April 27th. Barclays PLC reissued a “hold” rating and set a $188.00 price objective on shares of SVB Financial Group in a report on Monday, May 1st. Zacks Investment Research cut shares of SVB Financial Group from a “buy” rating to a “hold” rating in a report on Monday, May 1st. Finally, Morgan Stanley boosted their price objective on shares of SVB Financial Group from $208.00 to $210.00 and gave the company an “overweight” rating in a report on Tuesday, June 6th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $202.75.
In other news, insider Michael Descheneaux sold 3,500 shares of SVB Financial Group stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $182.07, for a total transaction of $637,245.00. Following the completion of the transaction, the insider now directly owns 14,064 shares of the company’s stock, valued at approximately $2,560,632.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Philip C. Cox sold 3,024 shares of SVB Financial Group stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $182.80, for a total transaction of $552,787.20. Following the transaction, the insider now directly owns 2,872 shares of the company’s stock, valued at $525,001.60. The disclosure for this sale can be found here. Insiders have sold a total of 22,314 shares of company stock valued at $4,085,570 over the last three months. 0.73% of the stock is currently owned by insiders.
About SVB Financial Group
SVB Financial Group is a financial services company, as well as a bank holding and a financial holding company. The Company’s segments include Global Commercial Bank, SVB Private Bank and SVB Capital. The Global Commercial Bank segment consists of the operations of its Commercial Bank, and of SVB Wine, SVB Analytics and its Debt Fund Investments.
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