Spindletop Capital LLC reduced its position in SVB Financial Group (NASDAQ:SIVB) by 18.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 65,000 shares of the bank’s stock after selling 15,000 shares during the quarter. SVB Financial Group comprises about 15.1% of Spindletop Capital LLC’s investment portfolio, making the stock its 3rd biggest position. Spindletop Capital LLC’s holdings in SVB Financial Group were worth $20,204,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of SIVB. Nelson Roberts Investment Advisors LLC raised its position in SVB Financial Group by 0.7% in the third 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 raised its position in SVB Financial Group by 4.0% in the second quarter. CIBC Asset Management Inc now owns 4,829 shares of the bank’s stock valued at $1,394,000 after purchasing an additional 187 shares during the period. Aureus Asset Management LLC raised its position in SVB Financial Group by 0.3% in the second quarter. Aureus Asset Management LLC now owns 73,244 shares of the bank’s stock valued at $21,150,000 after purchasing an additional 190 shares during the period. Morse Asset Management Inc raised its position in SVB Financial Group by 4.1% in the second quarter. Morse Asset Management Inc now owns 5,284 shares of the bank’s stock valued at $1,526,000 after purchasing an additional 209 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its position in SVB Financial Group by 25.4% in the third quarter. Steward Partners Investment Advisory LLC now owns 1,063 shares of the bank’s stock valued at $330,000 after purchasing an additional 215 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on SIVB. BidaskClub lowered SVB Financial Group from a “sell” rating to a “strong sell” rating in a research report on Friday, October 26th. Zacks Investment Research reissued a “hold” rating on shares of SVB Financial Group in a research report on Thursday, November 15th. SunTrust Banks raised their price objective on SVB Financial Group to $350.00 and gave the company a “buy” rating in a research report on Monday, July 30th. Maxim Group raised their price objective on SVB Financial Group to $365.00 and gave the company a “buy” rating in a research report on Monday, July 30th. Finally, Barclays reissued a “hold” rating on shares of SVB Financial Group in a research report on Sunday, July 29th. Two analysts have rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. SVB Financial Group has an average rating of “Buy” and an average price target of $347.00.
In related news, insider Michael Descheneaux sold 1,750 shares of SVB Financial Group stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $239.73, for a total value of $419,527.50. Following the completion of the transaction, the insider now directly owns 18,289 shares in the company, valued at $4,384,421.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John F. Robinson sold 500 shares of SVB Financial Group stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $324.07, for a total value of $162,035.00. Following the completion of the transaction, the director now owns 5,017 shares of the company’s stock, valued at $1,625,859.19. The disclosure for this sale can be found here. 0.74% of the stock is currently owned by company insiders.
Shares of SVB Financial Group stock opened at $230.26 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a market cap of $12.07 billion, a PE ratio of 23.24, a price-to-earnings-growth ratio of 1.26 and a beta of 1.68. SVB Financial Group has a 1-year low of $212.30 and a 1-year high of $333.74.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings results on Thursday, October 25th. The bank reported $5.10 EPS for the quarter, topping the Zacks’ consensus estimate of $4.44 by $0.66. The business had revenue of $703.29 million during the quarter, compared to the consensus estimate of $664.51 million. SVB Financial Group had a return on equity of 18.39% and a net margin of 32.44%. On average, analysts predict that SVB Financial Group will post 17.95 EPS for the current fiscal year.
SVB Financial Group declared that its board has approved a share buyback program on Tuesday, November 13th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the bank to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
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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.
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