Granite Point Capital Management L.P. increased its stake in Silvergate Capital Co. (NYSE:SI – Get Rating) by 20.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,000 shares of the company’s stock after buying an additional 5,000 shares during the period. Silvergate Capital accounts for about 0.8% of Granite Point Capital Management L.P.’s holdings, making the stock its 17th largest holding. Granite Point Capital Management L.P. owned 0.11% of Silvergate Capital worth $4,446,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Artisan Partners Limited Partnership purchased a new stake in Silvergate Capital during the 3rd quarter valued at $44,755,000. Allspring Global Investments Holdings LLC purchased a new stake in Silvergate Capital during the 4th quarter valued at $54,059,000. Zevenbergen Capital Investments LLC boosted its stake in Silvergate Capital by 69.7% during the 3rd quarter. Zevenbergen Capital Investments LLC now owns 881,704 shares of the company’s stock valued at $101,837,000 after purchasing an additional 362,164 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Silvergate Capital by 87.2% during the 3rd quarter. Goldman Sachs Group Inc. now owns 711,466 shares of the company’s stock valued at $82,174,000 after buying an additional 331,474 shares during the period. Finally, TimesSquare Capital Management LLC bought a new position in shares of Silvergate Capital during the 4th quarter valued at $38,616,000. Institutional investors own 71.79% of the company’s stock.
Several research firms have recently weighed in on SI. Zacks Investment Research raised Silvergate Capital from a “hold” rating to a “strong-buy” rating and set a $174.00 price target on the stock in a report on Wednesday, April 6th. Canaccord Genuity Group increased their price target on Silvergate Capital from $164.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, April 20th. Bank of America began coverage on Silvergate Capital in a report on Monday, March 21st. They set a “buy” rating and a $200.00 price target on the stock. Wedbush reissued an “outperform” rating and set a $200.00 price target on shares of Silvergate Capital in a report on Wednesday, April 20th. Finally, Craig Hallum increased their price target on Silvergate Capital from $150.00 to $160.00 in a report on Wednesday, April 20th. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $199.83.
Silvergate Capital (NYSE:SI – Get Rating) last posted its quarterly earnings results on Tuesday, April 19th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.33. The business had revenue of $59.95 million for the quarter, compared to analysts’ expectations of $54.89 million. Silvergate Capital had a return on equity of 7.31% and a net margin of 45.57%. During the same period last year, the firm earned $0.55 earnings per share. Sell-side analysts anticipate that Silvergate Capital Co. will post 3.94 earnings per share for the current fiscal year.
In other news, COO Kathleen Fraher sold 750 shares of the firm’s stock in a transaction dated Thursday, April 21st. The stock was sold at an average price of $130.44, for a total transaction of $97,830.00. Following the completion of the transaction, the chief operating officer now owns 10,847 shares in the company, valued at $1,414,882.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Karen F. Brassfield sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $113.34, for a total value of $340,020.00. The disclosure for this sale can be found here. 1.71% of the stock is owned by company insiders.
Silvergate Capital Profile (Get Rating)
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. 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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