Citigroup Inc. Buys 569 Shares of SVB Financial Group (SIVB)
Citigroup Inc. grew its stake in shares of SVB Financial Group (NASDAQ:SIVB) by 39.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,006 shares of the bank’s stock after buying an additional 569 shares during the quarter. Citigroup Inc.’s holdings in SVB Financial Group were worth $352,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the company. Pinebridge Investments L.P. grew its stake in shares of SVB Financial Group by 4.9% during the second quarter. Pinebridge Investments L.P. now owns 28,259 shares of the bank’s stock valued at $4,968,000 after buying an additional 1,327 shares during the last quarter. UBS Asset Management Americas Inc. grew its stake in shares of SVB Financial Group by 280.1% during the second quarter. UBS Asset Management Americas Inc. now owns 122,624 shares of the bank’s stock valued at $21,556,000 after buying an additional 90,360 shares during the last quarter. Quantitative Investment Management LLC bought a new position in shares of SVB Financial Group during the second quarter valued at about $4,429,000. Stevens Capital Management LP bought a new position in shares of SVB Financial Group during the second quarter valued at about $1,644,000. Finally, BT Investment Management Ltd bought a new position in shares of SVB Financial Group during the second quarter valued at about $734,000. 92.04% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Michael Descheneaux sold 3,500 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $182.07, for a total value of $637,245.00. Following the sale, the insider now directly owns 14,064 shares of the company’s stock, valued at approximately $2,560,632.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Philip C. Cox sold 3,024 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $182.80, for a total transaction of $552,787.20. Following the completion of the sale, the insider now directly owns 2,872 shares in the company, valued at $525,001.60. The disclosure for this sale can be found here. Insiders sold a total of 8,524 shares of company stock worth $1,534,052 over the last three months. 0.73% of the stock is currently owned by corporate insiders.
SIVB has been the topic of a number of recent research reports. Wedbush reaffirmed a “neutral” rating and set a $192.00 price objective on shares of SVB Financial Group in a research note on Tuesday, June 27th. BidaskClub cut SVB Financial Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 23rd. Zacks Investment Research cut SVB Financial Group from a “buy” rating to a “hold” rating in a research note on Friday, July 7th. Barclays PLC reaffirmed an “equal weight” rating and set a $191.00 price objective (up from $188.00) on shares of SVB Financial Group in a research note on Wednesday, July 12th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $212.00 price objective on shares of SVB Financial Group in a research note on Friday, July 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $203.00.
Shares of SVB Financial Group (SIVB) opened at 185.20 on Tuesday. SVB Financial Group has a 1-year low of $114.22 and a 1-year high of $198.83. The company has a 50 day moving average price of $177.25 and a 200 day moving average price of $178.32. The company has a market capitalization of $9.76 billion, a PE ratio of 22.51 and a beta of 1.63.
SVB Financial Group (NASDAQ:SIVB) last posted its quarterly earnings data on Thursday, July 27th. The bank reported $2.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.05 by $0.27. SVB Financial Group had a net margin of 24.36% and a return on equity of 11.27%. The company had revenue of $471.70 million for the quarter, compared to analyst estimates of $451.96 million. During the same period in the prior year, the company posted $1.78 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities analysts predict that SVB Financial Group will post $8.99 EPS for the current fiscal year.
SVB Financial Group Profile
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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