Palisade Capital Management LLC NJ cut its stake in SVB Financial Group (NASDAQ:SIVB) by 7.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 145,200 shares of the bank’s stock after selling 12,396 shares during the period. SVB Financial Group makes up 1.0% of Palisade Capital Management LLC NJ’s investment portfolio, making the stock its 13th largest position. Palisade Capital Management LLC NJ owned 0.28% of SVB Financial Group worth $25,525,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of the stock. BlackRock Inc. increased its stake in shares of SVB Financial Group by 16,192.8% in the first quarter. BlackRock Inc. now owns 4,539,004 shares of the bank’s stock worth $844,664,000 after buying an additional 4,511,145 shares during the last quarter. Harbour Capital Advisors LLC increased its stake in shares of SVB Financial Group by 17,141.0% in the second quarter. Harbour Capital Advisors LLC now owns 1,389,972 shares of the bank’s stock worth $7,907,000 after buying an additional 1,381,910 shares during the last quarter. Credit Agricole S A raised its position in shares of SVB Financial Group by 924.5% in the first quarter. Credit Agricole S A now owns 1,128,284 shares of the bank’s stock valued at $44,547,000 after buying an additional 1,018,151 shares during the period. Columbus Circle Investors purchased a new position in shares of SVB Financial Group during the first quarter valued at $51,840,000. Finally, Vanguard Group Inc. raised its position in shares of SVB Financial Group by 7.0% in the first quarter. Vanguard Group Inc. now owns 4,205,626 shares of the bank’s stock valued at $782,624,000 after buying an additional 275,274 shares during the period. 95.52% of the stock is owned by institutional investors.
SVB Financial Group (NASDAQ SIVB) traded down 3.29% on Thursday, hitting $168.40. The stock had a trading volume of 211,139 shares. SVB Financial Group has a 52-week low of $103.12 and a 52-week high of $198.83. The firm has a market cap of $8.87 billion, a price-to-earnings ratio of 20.47 and a beta of 1.59. The company’s 50 day moving average price is $179.38 and its 200 day moving average price is $181.14.
SVB Financial Group (NASDAQ:SIVB) last announced its quarterly earnings results on Thursday, July 27th. The bank reported $2.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.05 by $0.27. SVB Financial Group had a net margin of 24.36% and a return on equity of 11.27%. The business had revenue of $471.70 million during the quarter, compared to the consensus estimate of $451.96 million. During the same quarter last year, the firm posted $1.78 EPS. The business’s revenue was up 10.2% compared to the same quarter last year. Analysts expect that SVB Financial Group will post $8.99 EPS for the current year.
Several equities analysts have weighed in on the company. Jefferies Group LLC reissued a “buy” rating and set a $216.00 price objective on shares of SVB Financial Group in a report on Friday, August 11th. Maxim Group raised their price target on SVB Financial Group from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, July 31st. BidaskClub lowered SVB Financial Group from a “buy” rating to a “hold” rating in a report on Sunday, July 30th. Stephens reaffirmed a “buy” rating and issued a $205.00 price target on shares of SVB Financial Group in a report on Friday, July 28th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $212.00 price objective on shares of SVB Financial Group in a research note on Friday, July 14th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $202.75.
In other SVB Financial Group news, insider Philip C. Cox sold 3,024 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $182.80, for a total transaction of $552,787.20. Following the completion of the transaction, the insider now directly owns 2,872 shares in the company, valued at approximately $525,001.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Descheneaux sold 3,500 shares of SVB Financial Group stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $182.07, for a total transaction of $637,245.00. Following the sale, the insider now owns 14,064 shares of the company’s stock, valued at $2,560,632.48. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.
About SVB Financial Group
SVB Financial Group is a financial services company, as well as a bank holding and a financial holding company. The Company’s segments include Global Commercial Bank, SVB Private Bank and SVB Capital. The Global Commercial Bank segment consists of the operations of its Commercial Bank, and of SVB Wine, SVB Analytics and its Debt Fund Investments.
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