State Treasurer State of Michigan decreased its holdings in SVB Financial Group (NASDAQ:SIVB) by 17.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,500 shares of the bank’s stock after selling 2,700 shares during the period. State Treasurer State of Michigan’s holdings in SVB Financial Group were worth $2,807,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SIVB. Dimensional Fund Advisors LP raised its holdings in SVB Financial Group by 1.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 321,703 shares of the bank’s stock worth $61,101,000 after buying an additional 5,656 shares during the period. Geode Capital Management LLC raised its holdings in SVB Financial Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 713,667 shares of the bank’s stock worth $135,307,000 after buying an additional 33,689 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in SVB Financial Group during the 4th quarter worth approximately $264,000. Nordea Investment Management AB raised its holdings in shares of SVB Financial Group by 11.3% in the fourth quarter. Nordea Investment Management AB now owns 3,196 shares of the bank’s stock valued at $606,000 after purchasing an additional 324 shares during the last quarter. Finally, We Are One Seven LLC raised its holdings in shares of SVB Financial Group by 11.0% in the first quarter. We Are One Seven LLC now owns 1,210 shares of the bank’s stock valued at $269,000 after purchasing an additional 120 shares during the last quarter. 90.87% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:SIVB traded down $6.40 during midday trading on Friday, hitting $199.23. The stock had a trading volume of 555,870 shares, compared to its average volume of 575,613. SVB Financial Group has a 12 month low of $177.70 and a 12 month high of $332.90. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.12. The business has a 50-day moving average of $218.96. The firm has a market capitalization of $10.83 billion, a P/E ratio of 10.93, a P/E/G ratio of 1.29 and a beta of 2.07.
In other SVB Financial Group news, COO Philip C. Cox sold 197 shares of SVB Financial Group stock in a transaction on Monday, July 1st. The shares were sold at an average price of $227.45, for a total transaction of $44,807.65. Following the completion of the transaction, the chief operating officer now directly owns 8,185 shares of the company’s stock, valued at $1,861,678.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael Descheneaux sold 6,000 shares of SVB Financial Group stock in a transaction on Monday, May 13th. The stock was sold at an average price of $239.55, for a total transaction of $1,437,300.00. Following the transaction, the insider now directly owns 23,811 shares of the company’s stock, valued at $5,703,925.05. The disclosure for this sale can be found here. Insiders sold 11,547 shares of company stock valued at $2,626,338 over the last three months. 0.73% of the stock is owned by company insiders.
A number of analysts have recently issued reports on the stock. JMP Securities lowered their price objective on shares of SVB Financial Group to $275.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. BidaskClub downgraded shares of SVB Financial Group from a “hold” rating to a “sell” rating in a report on Friday. Stephens reiterated a “buy” rating on shares of SVB Financial Group in a report on Friday, July 26th. Barclays set a $300.00 price objective on shares of SVB Financial Group and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Royal Bank of Canada set a $280.00 price objective on shares of SVB Financial Group and gave the company a “buy” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $273.56.
About SVB Financial Group
SVB Financial Group, a diversified financial services company, provides various banking and financial products and services. The company operates through three segments: Global Commercial Bank, SVB Private Bank, and SVB Capital. 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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