Zacks Investment Research lowered shares of SVB Financial Group (NASDAQ:SIVB) from a buy rating to a hold rating in a research note published on Monday, November 13th.
According to Zacks, “Shares of SVB Financial have significantly outperformed the industry over the past six months. The performance was supported by impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in all the trailing four quarters. The company’s third quarter 2017 results benefited from higher revenues, while increase expenses and credit costs were the headwinds. The company remains well positioned to capitalize on future opportunities driven by sturdy capital position and consistent growth in loans and deposits. Also, its focus on improving non-interest income is expected to support top-line growth. While mounting expenses and deteriorating asset quality remain major concerns, the bank remains well positioned to benefit from an improved rate scenario and global expansion efforts.”
SIVB has been the subject of several other reports. Jefferies Group reaffirmed a buy rating and set a $216.00 price objective on shares of SVB Financial Group in a research report on Friday, August 11th. Maxim Group upped their price objective on SVB Financial Group from $200.00 to $220.00 and gave the stock a buy rating in a research report on Monday, July 31st. Morgan Stanley reiterated an overweight rating and set a $213.00 target price (up previously from $210.00) on shares of SVB Financial Group in a report on Wednesday, October 4th. Stephens reiterated a buy rating and set a $205.00 target price on shares of SVB Financial Group in a report on Friday, July 28th. Finally, Barclays set a $217.00 target price on SVB Financial Group and gave the stock a hold rating in a report on Monday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $216.21.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings data on Thursday, October 26th. The bank reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.50. The company had revenue of $533.40 million during the quarter, compared to analysts’ expectations of $490.56 million. SVB Financial Group had a return on equity of 11.88% and a net margin of 25.07%. SVB Financial Group’s revenue for the quarter was up 23.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.12 earnings per share. research analysts anticipate that SVB Financial Group will post 9.5 EPS for the current fiscal year.
In other SVB Financial Group news, insider Christopher Edmonds-Waters sold 3,630 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $209.86, for a total value of $761,791.80. Following the sale, the insider now owns 5,918 shares in the company, valued at $1,241,951.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kamran F. Husain sold 2,890 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $220.20, for a total value of $636,378.00. Following the completion of the sale, the insider now owns 890 shares in the company, valued at approximately $195,978. The disclosure for this sale can be found here. Insiders sold 8,780 shares of company stock worth $1,893,878 in the last 90 days. Corporate insiders own 0.73% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in SIVB. BDO Wealth Advisors LLC bought a new position in shares of SVB Financial Group during the second quarter worth approximately $109,000. Exane Derivatives bought a new position in shares of SVB Financial Group during the second quarter worth approximately $119,000. Peddock Capital Advisors LLC bought a new position in shares of SVB Financial Group during the second quarter worth approximately $130,000. Whittier Trust Co. of Nevada Inc. increased its stake in shares of SVB Financial Group by 79.6% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 774 shares of the bank’s stock worth $136,000 after purchasing an additional 343 shares during the period. Finally, Global X Management Co. LLC increased its stake in shares of SVB Financial Group by 58.6% during the second quarter. Global X Management Co. LLC now owns 782 shares of the bank’s stock worth $137,000 after purchasing an additional 289 shares during the period. Institutional investors own 97.79% of the company’s stock.
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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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