RMB Capital Management LLC Has $18.06 Million Stock Holdings in SVB Financial Group (NASDAQ:SIVB)
RMB Capital Management LLC increased its holdings in shares of SVB Financial Group (NASDAQ:SIVB) by 305.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 80,404 shares of the bank’s stock after purchasing an additional 60,568 shares during the period. RMB Capital Management LLC owned approximately 0.15% of SVB Financial Group worth $18,058,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of SIVB. HighTower Advisors LLC raised its holdings in SVB Financial Group by 18.4% in the 2nd quarter. HighTower Advisors LLC now owns 11,110 shares of the bank’s stock valued at $2,457,000 after acquiring an additional 1,725 shares in the last quarter. Profund Advisors LLC raised its holdings in SVB Financial Group by 21.9% in the 2nd quarter. Profund Advisors LLC now owns 1,799 shares of the bank’s stock valued at $404,000 after acquiring an additional 323 shares in the last quarter. APG Asset Management N.V. raised its holdings in SVB Financial Group by 22.1% in the 2nd quarter. APG Asset Management N.V. now owns 443,600 shares of the bank’s stock valued at $87,485,000 after acquiring an additional 80,200 shares in the last quarter. Parametric Portfolio Associates LLC raised its holdings in SVB Financial Group by 1.1% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 119,364 shares of the bank’s stock valued at $26,808,000 after acquiring an additional 1,275 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its holdings in SVB Financial Group by 1.0% in the 2nd quarter. Westfield Capital Management Co. LP now owns 128,971 shares of the bank’s stock valued at $28,966,000 after acquiring an additional 1,298 shares in the last quarter. 92.12% of the stock is owned by institutional investors and hedge funds.
In other SVB Financial Group news, insider Marc C. Cadieux sold 2,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $229.94, for a total value of $459,880.00. Following the transaction, the insider now directly owns 14,147 shares in the company, valued at approximately $3,252,961.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Philip C. Cox sold 350 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $230.80, for a total value of $80,780.00. Following the completion of the transaction, the chief operating officer now owns 7,909 shares in the company, valued at $1,825,397.20. The disclosure for this sale can be found here. Insiders sold a total of 5,547 shares of company stock worth $1,189,038 over the last quarter. Corporate insiders own 0.73% of the company’s stock.
SVB Financial Group (NASDAQ:SIVB) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $6.08 EPS for the quarter, beating the Zacks’ consensus estimate of $4.98 by $1.10. The firm had revenue of $863.15 million for the quarter, compared to analyst estimates of $787.38 million. SVB Financial Group had a return on equity of 21.44% and a net margin of 35.83%. During the same period last year, the company earned $4.42 EPS. As a group, analysts expect that SVB Financial Group will post 21.25 EPS for the current fiscal year.
SIVB has been the subject of several recent research reports. Morgan Stanley cut their price target on SVB Financial Group from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Monday, July 1st. Royal Bank of Canada set a $280.00 price target on SVB Financial Group and gave the company a “buy” rating in a report on Friday, July 26th. JPMorgan Chase & Co. cut their price target on SVB Financial Group from $285.00 to $250.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Maxim Group reaffirmed a “buy” rating and issued a $300.00 price target (down previously from $325.00) on shares of SVB Financial Group in a report on Monday, July 29th. Finally, Sanford C. Bernstein cut SVB Financial Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 28th. One equities research 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’s stock. The company has a consensus rating of “Buy” and a consensus target price of $272.09.
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.
Further Reading: Overbought
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