Retirement Systems of Alabama Trims Holdings in SVB Financial Group (NASDAQ:SIVB)
Retirement Systems of Alabama decreased its stake in shares of SVB Financial Group (NASDAQ:SIVB) by 0.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 24,402 shares of the bank’s stock after selling 105 shares during the quarter. Retirement Systems of Alabama’s holdings in SVB Financial Group were worth $5,480,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in SIVB. Sumitomo Life Insurance Co. increased its stake in SVB Financial Group by 19.2% during the first quarter. Sumitomo Life Insurance Co. now owns 5,404 shares of the bank’s stock worth $1,202,000 after acquiring an additional 872 shares during the last quarter. Tredje AP fonden acquired a new stake in shares of SVB Financial Group in the first quarter valued at $829,000. Strs Ohio grew its stake in shares of SVB Financial Group by 57.3% in the first quarter. Strs Ohio now owns 274,661 shares of the bank’s stock valued at $61,073,000 after buying an additional 100,000 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in shares of SVB Financial Group in the fourth quarter valued at $440,000. Finally, Candriam Luxembourg S.C.A. grew its stake in shares of SVB Financial Group by 43.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 3,690 shares of the bank’s stock valued at $821,000 after buying an additional 1,112 shares in the last quarter. Hedge funds and other institutional investors own 90.81% of the company’s stock.
A number of brokerages have recently weighed in on SIVB. Bank of America set a $275.00 price objective on SVB Financial Group and gave the company a “buy” rating in a research note on Friday, April 26th. Sanford C. Bernstein cut SVB Financial Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 28th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Gilead Sciences in a research note on Tuesday, July 2nd. Royal Bank of Canada set a $179.00 price objective on 3M and gave the company a “hold” rating in a research note on Friday. Finally, FIG Partners cut SVB Financial Group from an “outperform” rating to a “market perform” rating in a research note on Friday, April 26th. Nine investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $273.47.
SVB Financial Group (NASDAQ:SIVB) last released its earnings results on Thursday, July 25th. The bank reported $6.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.98 by $1.10. SVB Financial Group had a return on equity of 21.44% and a net margin of 35.83%. The firm had revenue of $863.15 million during the quarter, compared to analysts’ expectations of $787.38 million. During the same period in the previous year, the firm posted $4.42 EPS. Research analysts forecast that SVB Financial Group will post 20.37 earnings per share for the current fiscal year.
In other SVB Financial Group news, insider Christopher Edmonds-Waters sold 204 shares of SVB Financial Group stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $256.01, for a total transaction of $52,226.04. Following the completion of the sale, the insider now directly owns 3,494 shares of the company’s stock, valued at approximately $894,498.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John S. Clendening purchased 900 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were acquired at an average cost of $221.12 per share, with a total value of $199,008.00. Following the completion of the acquisition, the director now directly owns 1,729 shares in the company, valued at $382,316.48. The disclosure for this purchase can be found here. Insiders have sold a total of 7,076 shares of company stock valued at $1,703,696 over the last three months. 0.73% of the stock is currently owned by 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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