Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in SVB Financial Group (NASDAQ:SIVB) by 44.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 99,671 shares of the bank’s stock after purchasing an additional 30,443 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.19% of SVB Financial Group worth $22,385,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in SIVB. NEXT Financial Group Inc acquired a new stake in shares of SVB Financial Group in the 2nd quarter valued at $33,000. Quad Cities Investment Group LLC acquired a new stake in shares of SVB Financial Group in the 1st quarter valued at $44,000. Parallel Advisors LLC lifted its stake in shares of SVB Financial Group by 27.3% in the 1st quarter. Parallel Advisors LLC now owns 312 shares of the bank’s stock valued at $69,000 after purchasing an additional 67 shares during the last quarter. North Star Investment Management Corp. acquired a new stake in shares of SVB Financial Group in the 1st quarter valued at $78,000. Finally, Quantamental Technologies LLC acquired a new stake in shares of SVB Financial Group in the 1st quarter valued at $78,000. 90.87% of the stock is owned by institutional investors and hedge funds.
In other news, insider Michael Descheneaux sold 6,000 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $239.55, for a total transaction of $1,437,300.00. Following the transaction, the insider now owns 23,811 shares in the company, valued at approximately $5,703,925.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John S. Clendening acquired 900 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were bought at an average price of $221.12 per share, for a total transaction of $199,008.00. Following the acquisition, the director now owns 1,729 shares in the company, valued at approximately $382,316.48. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 11,547 shares of company stock worth $2,626,338. Insiders own 0.73% of the company’s stock.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $6.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.98 by $1.10. SVB Financial Group had a net margin of 35.83% and a return on equity of 21.44%. The company had revenue of $863.15 million for the quarter, compared to the consensus estimate of $787.38 million. During the same quarter in the previous year, the firm posted $4.42 EPS. Equities analysts anticipate that SVB Financial Group will post 21.26 EPS for the current fiscal year.
A number of research analysts have weighed in on SIVB shares. JPMorgan Chase & Co. cut their target price on shares of SVB Financial Group from $285.00 to $250.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. Wedbush boosted their target price on shares of SVB Financial Group from $225.00 to $235.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. JMP Securities cut their target price on shares of SVB Financial Group to $275.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. ValuEngine lowered shares of SVB Financial Group from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Bank of America set a $275.00 target price on shares of SVB Financial Group and gave the stock a “buy” rating in a research report on Friday, April 26th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company. SVB Financial Group currently has a consensus rating of “Hold” and a consensus price target of $273.56.
SVB Financial Group Profile
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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