SVB Financial Group (NASDAQ:SIVB) was downgraded by research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a report issued on Thursday.
SIVB has been the subject of a number of other reports. BidaskClub downgraded SVB Financial Group from a “sell” rating to a “strong sell” rating in a research report on Friday, October 26th. Zacks Investment Research reiterated a “hold” rating on shares of SVB Financial Group in a research report on Thursday, November 15th. Royal Bank of Canada set a $320.00 target price on SVB Financial Group and gave the company a “buy” rating in a research report on Thursday. Wells Fargo & Co set a $300.00 target price on SVB Financial Group and gave the company an “outperform” rating in a research report on Thursday. Finally, Jefferies Financial Group lowered their target price on SVB Financial Group from $288.00 to $278.00 and set a “buy” rating for the company in a research report on Thursday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. SVB Financial Group has an average rating of “Buy” and an average price target of $333.18.
Shares of NASDAQ SIVB traded down $21.28 during midday trading on Thursday, reaching $219.15. 2,510,784 shares of the stock traded hands, compared to its average volume of 586,016. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market capitalization of $12.80 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.34 and a beta of 1.69. SVB Financial Group has a one year low of $207.51 and a one year high of $333.74.
SVB Financial Group announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 13th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, insider Philip C. Cox sold 620 shares of the firm’s stock in a transaction on Wednesday, November 28th. The stock was sold at an average price of $238.96, for a total value of $148,155.20. Following the completion of the sale, the insider now directly owns 6,511 shares in the company, valued at $1,555,868.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John F. Robinson sold 500 shares of the firm’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $324.07, for a total value of $162,035.00. Following the completion of the sale, the director now owns 5,017 shares of the company’s stock, valued at $1,625,859.19. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,870 shares of company stock valued at $729,718. 0.74% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Clearbridge Investments LLC lifted its position in SVB Financial Group by 7.4% in the third quarter. Clearbridge Investments LLC now owns 384,384 shares of the bank’s stock worth $119,478,000 after buying an additional 26,548 shares during the last quarter. Vanguard Group Inc. lifted its position in SVB Financial Group by 2.2% in the third quarter. Vanguard Group Inc. now owns 5,596,383 shares of the bank’s stock worth $1,739,523,000 after buying an additional 121,374 shares during the last quarter. Morgan Stanley lifted its position in shares of SVB Financial Group by 19.2% during the third quarter. Morgan Stanley now owns 329,136 shares of the bank’s stock worth $102,305,000 after purchasing an additional 53,000 shares during the last quarter. Legal & General Group Plc lifted its position in shares of SVB Financial Group by 1.0% during the third quarter. Legal & General Group Plc now owns 222,871 shares of the bank’s stock worth $69,275,000 after purchasing an additional 2,209 shares during the last quarter. Finally, Kepos Capital LP bought a new stake in shares of SVB Financial Group during the third quarter worth $5,803,000. Institutional investors own 88.41% of the company’s stock.
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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