SVB Financial Group (NASDAQ:SIVB) Stake Decreased by M.D. Sass Investors Services Inc.
M.D. Sass Investors Services Inc. cut its holdings in shares of SVB Financial Group (NASDAQ:SIVB) by 40.5% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 54,613 shares of the bank’s stock after selling 37,203 shares during the period. SVB Financial Group accounts for approximately 2.8% of M.D. Sass Investors Services Inc.’s portfolio, making the stock its 17th biggest holding. M.D. Sass Investors Services Inc.’s holdings in SVB Financial Group were worth $12,265,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of SIVB. Fisher Asset Management LLC increased its stake in SVB Financial Group by 0.7% during the 2nd quarter. Fisher Asset Management LLC now owns 1,017,094 shares of the bank’s stock valued at $228,429,000 after buying an additional 7,245 shares during the period. Neuberger Berman Group LLC increased its stake in shares of SVB Financial Group by 1.8% during the first quarter. Neuberger Berman Group LLC now owns 855,182 shares of the bank’s stock valued at $190,159,000 after acquiring an additional 15,374 shares during the period. Geode Capital Management LLC raised its holdings in SVB Financial Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 713,667 shares of the bank’s stock worth $135,307,000 after purchasing an additional 33,689 shares in the last quarter. TimesSquare Capital Management LLC raised its holdings in SVB Financial Group by 71.5% during the first quarter. TimesSquare Capital Management LLC now owns 638,100 shares of the bank’s stock worth $141,888,000 after purchasing an additional 266,100 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in SVB Financial Group by 3.3% during the second quarter. Northern Trust Corp now owns 570,929 shares of the bank’s stock worth $128,225,000 after purchasing an additional 18,072 shares in the last quarter. 92.12% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ:SIVB traded up $3.91 on Wednesday, reaching $222.04. 33,111 shares of the company traded hands, compared to its average volume of 422,729. SVB Financial Group has a fifty-two week low of $177.70 and a fifty-two week high of $330.50. The company’s 50 day moving average is $203.44 and its 200-day moving average is $224.13. The stock has a market capitalization of $11.13 billion, a PE ratio of 12.14, a P/E/G ratio of 1.33 and a beta of 2.14. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.71 and a quick ratio of 0.71.
SIVB has been the subject of a number of research reports. Wedbush increased their price target on SVB Financial Group from $225.00 to $235.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Raymond James cut SVB Financial Group from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 8th. Morgan Stanley dropped their price objective on SVB Financial Group from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Monday, July 1st. Stephens restated a “buy” rating on shares of SVB Financial Group in a report on Friday, July 26th. Finally, Maxim Group reaffirmed a “buy” rating and set a $300.00 target price (down previously from $325.00) on shares of SVB Financial Group in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $273.56.
In other news, COO Philip C. Cox sold 350 shares of SVB Financial Group stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $230.80, for a total value of $80,780.00. Following the transaction, the chief operating officer now directly owns 7,909 shares of the company’s stock, valued at $1,825,397.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Philip C. Cox sold 197 shares of SVB Financial Group stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $227.45, for a total transaction of $44,807.65. Following the completion of the transaction, the chief operating officer now directly owns 8,185 shares in the company, valued at $1,861,678.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,547 shares of company stock valued at $1,189,038. 0.73% of the stock is currently owned by company insiders.
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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