Artemis Investment Management LLP increased its position in SVB Financial Group (NASDAQ:SIVB) by 96.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 115,775 shares of the bank’s stock after buying an additional 56,902 shares during the period. Artemis Investment Management LLP owned about 0.22% of SVB Financial Group worth $35,983,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of the stock. AXA boosted its holdings in shares of SVB Financial Group by 1,032.6% during the 3rd quarter. AXA now owns 31,918 shares of the bank’s stock valued at $9,921,000 after purchasing an additional 29,100 shares during the last quarter. Keybank National Association OH boosted its holdings in shares of SVB Financial Group by 27.4% during the 3rd quarter. Keybank National Association OH now owns 4,706 shares of the bank’s stock valued at $1,463,000 after purchasing an additional 1,011 shares during the last quarter. Jennison Associates LLC bought a new position in shares of SVB Financial Group during the 3rd quarter valued at about $27,587,000. Piedmont Investment Advisors Inc. boosted its holdings in shares of SVB Financial Group by 475.4% during the 3rd quarter. Piedmont Investment Advisors Inc. now owns 3,481 shares of the bank’s stock valued at $1,082,000 after purchasing an additional 2,876 shares during the last quarter. Finally, Hartford Investment Management Co. boosted its holdings in shares of SVB Financial Group by 46.0% during the 3rd quarter. Hartford Investment Management Co. now owns 10,643 shares of the bank’s stock valued at $3,308,000 after purchasing an additional 3,355 shares during the last quarter. 88.43% of the stock is owned by institutional investors.
SVB Financial Group stock opened at $240.34 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.63 and a current ratio of 0.63. SVB Financial Group has a 1-year low of $212.30 and a 1-year high of $333.74. The stock has a market capitalization of $12.79 billion, a P/E ratio of 24.25, a PEG ratio of 1.35 and a beta of 1.68.
SVB Financial Group announced that its board has authorized a share buyback program on Tuesday, November 13th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, insider Michael Descheneaux sold 1,750 shares of the stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $239.73, for a total value of $419,527.50. Following the sale, the insider now directly owns 18,289 shares of the company’s stock, valued at approximately $4,384,421.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John F. Robinson sold 500 shares of the stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $324.07, for a total transaction of $162,035.00. Following the completion of the sale, the director now directly owns 5,017 shares in the company, valued at $1,625,859.19. The disclosure for this sale can be found here. Corporate insiders own 0.74% of the company’s stock.
Several research analysts have commented on the stock. Piper Jaffray Companies reissued a “buy” rating and set a $384.00 price objective on shares of SVB Financial Group in a report on Friday, July 27th. Wells Fargo & Co increased their price objective on shares of SVB Financial Group from $335.00 to $345.00 and gave the company an “outperform” rating in a report on Friday, July 27th. Zacks Investment Research reissued a “hold” rating on shares of SVB Financial Group in a report on Thursday, November 15th. Wedbush increased their price objective on shares of SVB Financial Group from $325.00 to $350.00 and gave the company a “neutral” rating in a report on Friday, July 27th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $355.00 price objective on shares of SVB Financial Group in a report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. SVB Financial Group has a consensus rating of “Buy” and a consensus price target of $347.00.
SVB Financial Group Company Profile
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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