Waddell & Reed Financial Inc. boosted its holdings in shares of SVB Financial Group (NASDAQ:SIVB) by 4.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 360,279 shares of the bank’s stock after purchasing an additional 16,711 shares during the period. Waddell & Reed Financial Inc. owned approximately 0.70% of SVB Financial Group worth $80,915,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC lifted its stake in SVB Financial Group by 3,733.3% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 115 shares of the bank’s stock valued at $25,000 after purchasing an additional 112 shares during the last quarter. Pearl River Capital LLC acquired a new stake in SVB Financial Group during the second quarter valued at approximately $30,000. NEXT Financial Group Inc acquired a new stake in SVB Financial Group during the second quarter valued at approximately $33,000. CSat Investment Advisory L.P. lifted its stake in SVB Financial Group by 171.1% during the second quarter. CSat Investment Advisory L.P. now owns 263 shares of the bank’s stock valued at $59,000 after purchasing an additional 166 shares during the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new stake in SVB Financial Group during the second quarter valued at approximately $70,000. 91.21% of the stock is owned by institutional investors and hedge funds.
SIVB has been the subject of several recent research reports. BidaskClub raised shares of SVB Financial Group from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. Raymond James lowered shares of SVB Financial Group from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 8th. 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 note on Tuesday, July 30th. Keefe, Bruyette & Woods lowered shares of SVB Financial Group from an “outperform” rating to a “market perform” rating and cut their target price for the company from $300.00 to $255.00 in a research note on Sunday, July 7th. Finally, Royal Bank of Canada set a $280.00 target price on shares of SVB Financial Group and gave the company a “buy” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $269.15.
SVB Financial Group (NASDAQ:SIVB) last released its quarterly earnings results on Thursday, July 25th. The bank reported $6.08 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $863.15 million for the quarter, compared to analyst estimates of $787.38 million. During the same quarter in the previous year, the business earned $4.42 earnings per share. Research analysts expect that SVB Financial Group will post 21.23 earnings per share for the current fiscal year.
In other SVB Financial Group news, COO Philip C. Cox sold 197 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $227.45, for a total value of $44,807.65. Following the transaction, the chief operating officer now owns 8,185 shares in the company, valued at approximately $1,861,678.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Philip C. Cox sold 350 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $230.80, for a total transaction of $80,780.00. Following the completion of the transaction, the chief operating officer now owns 7,909 shares in the company, valued at approximately $1,825,397.20. The disclosure for this sale can be found here. Insiders have sold 6,395 shares of company stock worth $1,379,838 in the last 90 days. 0.73% of the stock is owned by company insiders.
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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