Cubist Systematic Strategies LLC boosted its position in SVB Financial Group (NASDAQ:SIVB) by 57.0% in the third quarter, HoldingsChannel reports. The firm owned 4,947 shares of the bank’s stock after buying an additional 1,797 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in SVB Financial Group were worth $1,190,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of SIVB. Contravisory Investment Management Inc. bought a new stake in SVB Financial Group in the 3rd quarter worth about $26,000. NuWave Investment Management LLC bought a new stake in SVB Financial Group in the 3rd quarter worth about $27,000. Massmutual Trust Co. FSB ADV grew its position in SVB Financial Group by 195.0% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 118 shares of the bank’s stock worth $28,000 after purchasing an additional 78 shares in the last quarter. NEXT Financial Group Inc bought a new stake in SVB Financial Group in the 3rd quarter worth about $36,000. Finally, Ninety One SA PTY Ltd bought a new stake in SVB Financial Group in the 3rd quarter worth about $36,000. 90.04% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently weighed in on SIVB. Raymond James increased their target price on shares of SVB Financial Group from $297.00 to $325.00 and gave the company an “outperform” rating in a research report on Friday, October 23rd. BidaskClub raised shares of SVB Financial Group from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 21st. Maxim Group increased their target price on shares of SVB Financial Group from $350.00 to $440.00 and gave the company a “buy” rating in a research report on Monday. Stephens began coverage on shares of SVB Financial Group in a research report on Friday, November 6th. They set an “equal weight” rating for the company. Finally, JPMorgan Chase & Co. increased their target price on shares of SVB Financial Group from $340.00 to $440.00 in a research report on Tuesday, December 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. SVB Financial Group currently has an average rating of “Buy” and a consensus target price of $274.06.
In other news, CMO Michelle Draper sold 213 shares of the stock in a transaction on Tuesday, December 1st. The shares were sold at an average price of $355.12, for a total value of $75,640.56. Following the transaction, the chief marketing officer now owns 4,012 shares of the company’s stock, valued at approximately $1,424,741.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John China sold 1,264 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $243.06, for a total transaction of $307,227.84. Following the completion of the transaction, the insider now directly owns 22,377 shares in the company, valued at approximately $5,438,953.62. The disclosure for this sale can be found here. Insiders sold a total of 608,828 shares of company stock worth $18,608,777 over the last quarter. Corporate insiders own 0.78% of the company’s stock.
NASDAQ SIVB opened at $377.52 on Thursday. SVB Financial Group has a 1 year low of $127.39 and a 1 year high of $379.77. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a market capitalization of $19.55 billion, a PE ratio of 21.97, a P/E/G ratio of 2.14 and a beta of 2.20. The company’s 50 day simple moving average is $347.36 and its two-hundred day simple moving average is $267.54.
SVB Financial Group (NASDAQ:SIVB) last posted its earnings results on Thursday, October 22nd. The bank reported $8.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $5.45 by $3.02. SVB Financial Group had a net margin of 25.26% and a return on equity of 13.61%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $899.62 million. During the same period in the prior year, the company posted $5.15 EPS. On average, research analysts anticipate that SVB Financial Group will post 15.81 EPS for the current year.
About SVB Financial Group
SVB Financial Group, a diversified financial services company, provides various banking and financial products and services. The company operates through four segments: Global Commercial Bank, SVB Private Bank, SVB Capital, and SVB Leerink. 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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