Westpac Banking Corp increased its holdings in shares of SVB Financial Group (NASDAQ:SIVB) by 80.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,060 shares of the bank’s stock after purchasing an additional 1,805 shares during the quarter. Westpac Banking Corp’s holdings in SVB Financial Group were worth $714,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. BDO Wealth Advisors LLC acquired a new stake in shares of SVB Financial Group during the 2nd quarter worth about $109,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new stake in shares of SVB Financial Group during the 1st quarter worth about $117,000. Exane Derivatives acquired a new stake in shares of SVB Financial Group during the 2nd quarter worth about $119,000. Peddock Capital Advisors LLC acquired a new stake in shares of SVB Financial Group during the 2nd quarter worth about $130,000. Finally, Whittier Trust Co. of Nevada Inc. increased its position in shares of SVB Financial Group by 79.6% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 774 shares of the bank’s stock worth $136,000 after purchasing an additional 343 shares during the last quarter. 92.17% of the stock is owned by hedge funds and other institutional investors.
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A number of brokerages recently issued reports on SIVB. BidaskClub raised SVB Financial Group from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, June 14th. Barclays PLC reissued an “equal weight” rating and set a $191.00 price objective (up from $188.00) on shares of SVB Financial Group in a research report on Wednesday, July 12th. Piper Jaffray Companies reissued a “buy” rating and set a $212.00 price objective on shares of SVB Financial Group in a research report on Friday, July 14th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $195.00 price objective on shares of SVB Financial Group in a research report on Friday, July 14th. Finally, Jefferies Group LLC restated a “buy” rating and set a $216.00 target price on shares of SVB Financial Group in a report on Sunday, June 11th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. SVB Financial Group has an average rating of “Buy” and a consensus target price of $202.75.
In other news, Director Eric Benhamou sold 2,000 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $172.01, for a total value of $344,020.00. Following the completion of the sale, the director now owns 6,672 shares in the company, valued at $1,147,650.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Philip C. Cox sold 3,024 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $182.80, for a total value of $552,787.20. Following the completion of the transaction, the insider now directly owns 2,872 shares of the company’s stock, valued at approximately $525,001.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,524 shares of company stock valued at $1,534,052. Insiders own 0.73% of the company’s stock.
SVB Financial Group (NASDAQ:SIVB) opened at 171.24 on Wednesday. The stock has a market cap of $9.02 billion, a PE ratio of 20.81 and a beta of 1.61. SVB Financial Group has a 52 week low of $103.12 and a 52 week high of $198.83. The stock has a 50 day moving average price of $173.36 and a 200 day moving average price of $179.60.
SVB Financial Group (NASDAQ:SIVB) last posted its earnings results on Thursday, July 27th. The bank reported $2.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.27. SVB Financial Group had a return on equity of 11.27% and a net margin of 24.36%. The business had revenue of $471.70 million during the quarter, compared to analyst estimates of $451.96 million. During the same quarter last year, the firm earned $1.78 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities analysts predict that SVB Financial Group will post $8.99 earnings per share for the current year.
About SVB Financial Group
SVB Financial Group is a financial services company, as well as a bank holding and a financial holding company. The Company’s segments include Global Commercial Bank, SVB Private Bank and SVB Capital. The Global Commercial Bank segment consists of the operations of its Commercial Bank, and of SVB Wine, SVB Analytics and its Debt Fund Investments.
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