Summit Wealth & Retirement Planning Inc. trimmed its position in shares of SVB Financial Group (NASDAQ:SIVB) by 2.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,937 shares of the bank’s stock after selling 78 shares during the period. Summit Wealth & Retirement Planning Inc.’s holdings in SVB Financial Group were worth $1,139,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of SIVB. Capital Management Associates NY purchased a new stake in shares of SVB Financial Group in the fourth quarter worth about $1,241,000. Lord Abbett & CO. LLC boosted its holdings in SVB Financial Group by 147.6% in the 4th quarter. Lord Abbett & CO. LLC now owns 472,236 shares of the bank’s stock worth $183,148,000 after acquiring an additional 281,480 shares during the period. Hanlon Investment Management Inc. purchased a new position in SVB Financial Group in the 4th quarter worth approximately $610,000. ProShare Advisors LLC grew its position in SVB Financial Group by 7.6% in the fourth quarter. ProShare Advisors LLC now owns 9,670 shares of the bank’s stock valued at $3,750,000 after acquiring an additional 684 shares in the last quarter. Finally, Profund Advisors LLC raised its stake in shares of SVB Financial Group by 74.9% during the fourth quarter. Profund Advisors LLC now owns 2,156 shares of the bank’s stock valued at $836,000 after purchasing an additional 923 shares during the period. 88.38% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Richard Devon Daniels bought 500 shares of the stock in a transaction that occurred on Tuesday, February 16th. The shares were acquired at an average cost of $523.30 per share, for a total transaction of $261,650.00. Following the purchase, the director now owns 500 shares of the company’s stock, valued at approximately $261,650. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel J. Beck sold 1,489 shares of SVB Financial Group stock in a transaction on Monday, February 1st. The stock was sold at an average price of $444.66, for a total transaction of $662,098.74. Following the completion of the transaction, the chief financial officer now owns 4,539 shares in the company, valued at approximately $2,018,311.74. The disclosure for this sale can be found here. In the last quarter, insiders have sold 40,700 shares of company stock valued at $19,179,592. 0.78% of the stock is currently owned by corporate insiders.
SVB Financial Group (NASDAQ:SIVB) last issued its quarterly earnings results on Wednesday, January 20th. The bank reported $7.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.75 by $3.65. SVB Financial Group had a net margin of 28.60% and a return on equity of 15.40%. On average, sell-side analysts forecast that SVB Financial Group will post 19.21 earnings per share for the current year.
A number of research firms recently weighed in on SIVB. Stephens initiated coverage on shares of SVB Financial Group in a report on Friday, November 6th. They set an “equal weight” rating for the company. Barclays downgraded SVB Financial Group from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $305.00 to $440.00 in a research note on Monday, January 4th. They noted that the move was a valuation call. Truist boosted their price target on SVB Financial Group from $280.00 to $360.00 in a research note on Monday, October 26th. JPMorgan Chase & Co. raised their price objective on SVB Financial Group from $440.00 to $550.00 and gave the company an “overweight” rating in a research note on Friday, January 22nd. Finally, DA Davidson lifted their price objective on SVB Financial Group from $365.00 to $400.00 in a report on Tuesday, January 5th. Seven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $416.60.
SVB Financial Group Company Profile
SVB Financial Group, a diversified financial services company, provides various banking and financial products and services. The company operates through four segments: Global Commercial Bank, SVB Private Bank, SVB Capital, and SVB Leerink. The 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 and credit cards, account analysis, and disbursement, as well as online and mobile banking services.
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