TimesSquare Capital Management LLC lowered its position in SVB Financial Group (NASDAQ:SIVB) by 13.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 552,500 shares of the bank’s stock after selling 85,600 shares during the quarter. SVB Financial Group makes up approximately 1.0% of TimesSquare Capital Management LLC’s portfolio, making the stock its 22nd biggest position. TimesSquare Capital Management LLC’s holdings in SVB Financial Group were worth $124,086,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of SIVB. Amundi Pioneer Asset Management Inc. boosted its stake in SVB Financial Group by 357.8% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 419,131 shares of the bank’s stock worth $93,199,000 after buying an additional 327,587 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in SVB Financial Group by 182.4% in the first quarter. OppenheimerFunds Inc. now owns 453,143 shares of the bank’s stock worth $100,760,000 after buying an additional 292,696 shares in the last quarter. Alecta Pensionsforsakring Omsesidigt purchased a new stake in SVB Financial Group in the second quarter worth approximately $22,453,000. Strs Ohio boosted its stake in SVB Financial Group by 57.3% in the first quarter. Strs Ohio now owns 274,661 shares of the bank’s stock worth $61,073,000 after buying an additional 100,000 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in SVB Financial Group by 42.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 291,721 shares of the bank’s stock worth $64,867,000 after buying an additional 86,689 shares in the last quarter. 90.51% of the stock is owned by institutional investors and hedge funds.
SIVB stock traded up $7.63 during midday trading on Friday, hitting $193.56. The company had a trading volume of 6,810 shares, compared to its average volume of 601,767. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.12. SVB Financial Group has a 52 week low of $177.70 and a 52 week high of $332.90. The stock’s 50 day moving average price is $216.48 and its 200 day moving average price is $229.89. The stock has a market cap of $9.58 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 1.25 and a beta of 2.07.
SVB Financial Group (NASDAQ:SIVB) last announced its earnings results on Thursday, July 25th. The bank reported $6.08 EPS for the quarter, beating analysts’ consensus estimates of $4.98 by $1.10. The company 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 21.44% and a net margin of 35.83%. During the same quarter in the prior year, the company earned $4.42 earnings per share. Analysts predict that SVB Financial Group will post 21.26 earnings per share for the current year.
SIVB has been the subject of several research reports. Barclays set a $300.00 target price on SVB Financial Group and gave the stock a “buy” rating in a research note on Friday, July 26th. Raymond James lowered SVB Financial Group from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 8th. Royal Bank of Canada set a $280.00 target price on SVB Financial Group and gave the stock a “buy” rating in a research note on Friday, July 26th. Maxim Group reiterated a “buy” rating and issued a $300.00 price objective (down previously from $325.00) on shares of SVB Financial Group in a research report on Monday, July 29th. Finally, BidaskClub downgraded SVB Financial Group from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. SVB Financial Group presently has an average rating of “Hold” and a consensus price target of $273.56.
In related news, insider Marc C. Cadieux sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $229.94, for a total transaction of $459,880.00. Following the completion of the transaction, the insider now owns 14,147 shares in the company, valued at $3,252,961.18. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael Descheneaux sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $201.19, for a total value of $603,570.00. Following the transaction, the insider now owns 21,438 shares of the company’s stock, valued at approximately $4,313,111.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,547 shares of company stock valued at $1,189,038. 0.73% of the stock is owned by corporate 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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