SVB Financial Group (NASDAQ:SIVB) Releases Earnings Results, Beats Estimates By $1.10 EPS
SVB Financial Group (NASDAQ:SIVB) posted its quarterly earnings data on Thursday. The bank reported $6.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.98 by $1.10, Briefing.com reports. The business had revenue of $863.15 million during the quarter, compared to the consensus estimate of $787.38 million. SVB Financial Group had a return on equity of 21.88% and a net margin of 35.83%. During the same period in the prior year, the business posted $4.42 earnings per share.
Shares of NASDAQ:SIVB opened at $233.79 on Friday. SVB Financial Group has a 52 week low of $177.70 and a 52 week high of $333.74. The stock has a market cap of $11.80 billion, a PE ratio of 12.82, a P/E/G ratio of 1.47 and a beta of 2.08. The business has a fifty day simple moving average of $218.83. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.13.
In related news, COO Philip C. Cox sold 197 shares of SVB Financial Group stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $227.45, for a total transaction of $44,807.65. Following the completion of the sale, the chief operating officer now owns 8,185 shares in the company, valued at approximately $1,861,678.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John S. Clendening purchased 900 shares of SVB Financial Group stock in a transaction dated Friday, May 24th. The stock was acquired at an average price of $221.12 per share, with a total value of $199,008.00. Following the acquisition, the director now owns 1,729 shares in the company, valued at approximately $382,316.48. The disclosure for this purchase can be found here. Insiders sold a total of 7,076 shares of company stock valued at $1,703,696 over the last three months. Corporate insiders own 0.73% of the company’s stock.
A number of analysts have weighed in on the company. Wells Fargo & Co reiterated a “buy” rating and set a $85.00 price target on shares of Carvana in a report on Monday, July 1st. BidaskClub raised shares of Zai Lab from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 28th. Sanford C. Bernstein cut shares of SVB Financial Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 28th. Raymond James cut shares of First Midwest Bancorp to a “hold” rating in a research report on Monday, July 8th. Finally, Wedbush lifted their price target on shares of SVB Financial Group from $225.00 to $235.00 and gave the stock a “neutral” rating in a report on Friday. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $281.52.
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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