Huntington National Bank lowered its holdings in SVB Financial Group (NASDAQ:SIVB) by 4.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,940 shares of the bank’s stock after selling 301 shares during the quarter. Huntington National Bank’s holdings in SVB Financial Group were worth $1,496,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of SIVB. Capital Research Global Investors increased its holdings in SVB Financial Group by 268.9% in the first quarter. Capital Research Global Investors now owns 1,551,128 shares of the bank’s stock valued at $234,344,000 after purchasing an additional 1,130,650 shares during the last quarter. Norges Bank bought a new stake in SVB Financial Group in the fourth quarter valued at about $129,600,000. Alecta Pensionsforsakring Omsesidigt increased its holdings in SVB Financial Group by 77.0% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 885,000 shares of the bank’s stock valued at $133,449,000 after purchasing an additional 385,000 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in SVB Financial Group by 22.1% in the first quarter. JPMorgan Chase & Co. now owns 1,932,634 shares of the bank’s stock valued at $291,983,000 after purchasing an additional 349,409 shares during the last quarter. Finally, Frontier Capital Management Co. LLC bought a new stake in SVB Financial Group in the second quarter valued at about $68,172,000. 90.74% of the stock is currently owned by institutional investors.
In related news, CMO Michelle Draper sold 213 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $213.41, for a total transaction of $45,456.33. Following the completion of the transaction, the chief marketing officer now directly owns 4,411 shares of the company’s stock, valued at $941,351.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John China sold 1,264 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $200.00, for a total value of $252,800.00. Following the transaction, the insider now directly owns 22,279 shares of the company’s stock, valued at $4,455,800. The disclosure for this sale can be found here. Insiders have sold 22,476 shares of company stock valued at $4,811,007 over the last ninety days. 0.78% of the stock is owned by insiders.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $4.42 earnings per share for the quarter, topping the consensus estimate of $2.96 by $1.46. The company had revenue of $881.78 million during the quarter, compared to analysts’ expectations of $757.21 million. SVB Financial Group had a return on equity of 13.61% and a net margin of 25.26%. During the same period in the prior year, the firm earned $6.08 earnings per share. As a group, research analysts forecast that SVB Financial Group will post 14.1 EPS for the current fiscal year.
SIVB has been the subject of a number of recent analyst reports. Wolfe Research initiated coverage on SVB Financial Group in a report on Friday. They issued an “outperform” rating for the company. BidaskClub upgraded SVB Financial Group from a “sell” rating to a “hold” rating in a report on Friday, May 29th. JMP Securities decreased their target price on SVB Financial Group from $275.00 to $200.00 and set a “market outperform” rating for the company in a research note on Tuesday, May 5th. Oppenheimer began coverage on SVB Financial Group in a research note on Monday, June 8th. They issued an “outperform” rating and a $329.00 target price for the company. Finally, Bank of America boosted their target price on SVB Financial Group from $185.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $232.63.
About SVB Financial Group
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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