Alliancebernstein L.P. increased its holdings in shares of Silvergate Capital Co. (NYSE:SI) by 9.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,000 shares of the company’s stock after purchasing an additional 1,700 shares during the quarter. Alliancebernstein L.P. owned 0.09% of Silvergate Capital worth $2,843,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Noesis Capital Mangement Corp acquired a new stake in shares of Silvergate Capital during the 1st quarter worth about $299,000. Commonwealth Equity Services LLC grew its position in Silvergate Capital by 325.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 12,190 shares of the company’s stock valued at $1,733,000 after acquiring an additional 9,324 shares in the last quarter. Harbor Advisors LLC acquired a new position in Silvergate Capital in the 1st quarter valued at about $768,000. Victory Capital Management Inc. acquired a new position in Silvergate Capital in the 1st quarter valued at about $266,000. Finally, The Manufacturers Life Insurance Company grew its position in Silvergate Capital by 14.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 10,484 shares of the company’s stock valued at $1,491,000 after acquiring an additional 1,355 shares in the last quarter. 72.84% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on SI shares. Canaccord Genuity lifted their price objective on Silvergate Capital from $90.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, March 30th. Barclays lifted their price objective on Silvergate Capital from $85.00 to $165.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 13th. Wedbush lifted their price objective on Silvergate Capital from $150.00 to $175.00 and gave the company an “outperform” rating in a research note on Tuesday, March 2nd. Finally, Zacks Investment Research cut Silvergate Capital from a “hold” rating to a “sell” rating in a research note on Saturday, April 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $132.29.
Silvergate Capital (NYSE:SI) last issued its quarterly earnings data on Monday, April 19th. The company reported $0.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.04. Silvergate Capital had a return on equity of 8.81% and a net margin of 32.67%. The company had revenue of $31.11 million during the quarter, compared to analysts’ expectations of $29.93 million. Equities analysts predict that Silvergate Capital Co. will post 2.05 EPS for the current year.
In other news, Director Scott A. Reed sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 27th. The stock was sold at an average price of $115.47, for a total value of $1,154,700.00. Following the transaction, the director now owns 12,765 shares of the company’s stock, valued at $1,473,974.55. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Karen F. Brassfield sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 1st. The shares were sold at an average price of $117.30, for a total value of $469,200.00. In the last quarter, insiders sold 100,250 shares of company stock valued at $10,684,388. 8.50% of the stock is owned by company insiders.
Silvergate Capital Company Profile
Silvergate Capital Corporation operates as a bank holding company for Silvergate Bank that provides banking products and services to business and individual clients in the United States and internationally. The company accepts deposit products, including interest and noninterest bearing demand accounts, money market and savings accounts, and certificates of deposit accounts.
Further Reading: Understanding Price to Earnings Ratio (PE)
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