US Bancorp DE increased its position in shares of SVB Financial Group (NASDAQ:SIVB) by 12.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,077 shares of the bank’s stock after purchasing an additional 228 shares during the period. US Bancorp DE’s holdings in SVB Financial Group were worth $645,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Nelson Roberts Investment Advisors LLC raised its position in shares of SVB Financial Group by 0.7% during the 3rd quarter. Nelson Roberts Investment Advisors LLC now owns 24,518 shares of the bank’s stock valued at $7,621,000 after purchasing an additional 171 shares during the period. CIBC Asset Management Inc grew its stake in SVB Financial Group by 4.0% during the second quarter. CIBC Asset Management Inc now owns 4,829 shares of the bank’s stock valued at $1,394,000 after acquiring an additional 187 shares in the last quarter. Aureus Asset Management LLC grew its stake in SVB Financial Group by 0.3% during the second quarter. Aureus Asset Management LLC now owns 73,244 shares of the bank’s stock valued at $21,150,000 after acquiring an additional 190 shares in the last quarter. Morse Asset Management Inc grew its stake in SVB Financial Group by 4.1% during the second quarter. Morse Asset Management Inc now owns 5,284 shares of the bank’s stock valued at $1,526,000 after acquiring an additional 209 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its stake in SVB Financial Group by 25.4% during the third quarter. Steward Partners Investment Advisory LLC now owns 1,063 shares of the bank’s stock valued at $330,000 after acquiring an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.
Several equities analysts recently weighed in on the stock. Jefferies Financial Group raised their target price on shares of SVB Financial Group to $378.00 and gave the company a “buy” rating in a research note on Monday, August 27th. Maxim Group raised their target price on shares of SVB Financial Group to $365.00 and gave the company a “buy” rating in a research note on Monday, July 30th. Barclays reaffirmed a “hold” rating on shares of SVB Financial Group in a research note on Sunday, July 29th. Bank of America cut their target price on shares of SVB Financial Group from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Friday, October 26th. Finally, Zacks Investment Research reaffirmed a “hold” rating on shares of SVB Financial Group in a research note on Thursday, November 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $347.00.
SVB Financial Group (NASDAQ:SIVB) last issued its quarterly earnings data on Thursday, October 25th. The bank reported $5.10 EPS for the quarter, topping analysts’ consensus estimates of $4.44 by $0.66. SVB Financial Group had a net margin of 32.44% and a return on equity of 18.39%. The business had revenue of $703.29 million during the quarter, compared to analysts’ expectations of $664.51 million. As a group, research analysts expect that SVB Financial Group will post 17.95 EPS for the current fiscal year.
SVB Financial Group announced that its board has initiated a stock buyback program on Tuesday, November 13th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the bank to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
In other news, insider Michael Descheneaux sold 1,750 shares of the firm’s 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 completion of the sale, the insider now owns 18,289 shares in the company, valued at approximately $4,384,421.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John F. Robinson sold 500 shares of the firm’s 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 owns 5,017 shares of the company’s stock, valued at approximately $1,625,859.19. The disclosure for this sale can be found here. Company insiders own 0.74% of the company’s stock.
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SVB Financial Group 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.
Further Reading: Short Selling
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