Silvergate Capital (NYSE:SI) Downgraded to Equal Weight at Barclays

Silvergate Capital (NYSE:SI) was downgraded by equities researchers at Barclays from an “overweight” rating to an “equal weight” rating in a research note issued on Thursday, The Fly reports. They currently have a $76.00 target price on the stock, up from their prior target price of $26.00. Barclays‘s price target would suggest a potential upside of 9.64% from the stock’s previous close. The analysts noted that the move was a valuation call.

Several other analysts also recently weighed in on SI. Craig Hallum lifted their price target on shares of Silvergate Capital from $50.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, January 7th. Compass Point lifted their price target on shares of Silvergate Capital from $26.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, December 14th. ValuEngine raised shares of Silvergate Capital from a “sell” rating to a “hold” rating in a research note on Tuesday, January 5th. Canaccord Genuity reaffirmed a “buy” rating and set a $40.00 price target on shares of Silvergate Capital in a research note on Monday, November 30th. Finally, Keefe, Bruyette & Woods raised shares of Silvergate Capital from a “market perform” rating to an “outperform” rating and set a $54.00 price objective on the stock in a report on Wednesday, December 16th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Silvergate Capital has an average rating of “Buy” and a consensus price target of $52.67.

Shares of NYSE SI opened at $69.32 on Thursday. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.78 and a quick ratio of 0.59. The company has a market cap of $1.30 billion and a P/E ratio of 64.79. Silvergate Capital has a 1 year low of $7.60 and a 1 year high of $81.43. The firm has a 50-day simple moving average of $54.35 and a two-hundred day simple moving average of $26.50.

Silvergate Capital (NYSE:SI) last announced its quarterly earnings data on Saturday, October 31st. The company reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.14. Silvergate Capital had a net margin of 21.02% and a return on equity of 6.64%. The business had revenue of $22.89 million during the quarter, compared to the consensus estimate of $20.50 million.

In other news, Director Paul D. Colucci sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 18th. The shares were sold at an average price of $30.08, for a total transaction of $300,800.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Scott A. Reed sold 426,488 shares of the business’s stock in a transaction on Monday, December 14th. The shares were sold at an average price of $40.00, for a total transaction of $17,059,520.00. Following the sale, the director now directly owns 2,500 shares in the company, valued at $100,000. The disclosure for this sale can be found here. Insiders sold 505,148 shares of company stock worth $20,133,188 over the last ninety days.

Institutional investors and hedge funds have recently made changes to their positions in the company. California Public Employees Retirement System raised its holdings in shares of Silvergate Capital by 107.8% in the 2nd quarter. California Public Employees Retirement System now owns 33,897 shares of the company’s stock valued at $475,000 after purchasing an additional 17,581 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Silvergate Capital by 225.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 50,018 shares of the company’s stock valued at $700,000 after buying an additional 34,659 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Silvergate Capital by 125.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 29,620 shares of the company’s stock valued at $414,000 after buying an additional 16,506 shares in the last quarter. American International Group Inc. grew its holdings in Silvergate Capital by 398.6% in the 2nd quarter. American International Group Inc. now owns 9,428 shares of the company’s stock valued at $132,000 after buying an additional 7,537 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Silvergate Capital by 701.8% during the 2nd quarter. Bank of America Corp DE now owns 6,318 shares of the company’s stock valued at $88,000 after acquiring an additional 5,530 shares during the period. 47.47% of the stock is currently owned by hedge funds and other institutional investors.

About Silvergate Capital

Silvergate Capital Corporation operates as a bank holding company for Silvergate Bank that provides banking products and services to business and individual clients in the United States and internationally. The company accepts deposit products, including interest and noninterest bearing demand accounts, money market and savings accounts, and certificates of deposit accounts.

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