SVB Financial Group (SIVB) Given New $278.00 Price Target at Jefferies Financial Group
SVB Financial Group (NASDAQ:SIVB) had its price objective dropped by equities researchers at Jefferies Financial Group from $288.00 to $278.00 in a research note issued to investors on Thursday. The brokerage currently has a “buy” rating on the bank’s stock. Jefferies Financial Group’s target price points to a potential upside of 35.08% from the company’s current price.
Several other research firms also recently weighed in on SIVB. Zacks Investment Research downgraded shares of SVB Financial Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 4th. ValuEngine downgraded shares of SVB Financial Group from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. Barclays boosted their target price on shares of SVB Financial Group from $340.00 to $357.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 3rd. BidaskClub downgraded shares of SVB Financial Group from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. Finally, DA Davidson raised shares of SVB Financial Group from a “neutral” rating to a “buy” rating and set a $345.00 target price on the stock in a research report on Friday, October 26th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $333.18.
NASDAQ:SIVB opened at $205.80 on Thursday. The company has a market cap of $11.67 billion, a price-to-earnings ratio of 20.77, a P/E/G ratio of 1.22 and a beta of 1.69. SVB Financial Group has a twelve month low of $203.49 and a twelve month high of $333.74. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.14.
SVB Financial Group announced that its board has approved a stock repurchase plan on Tuesday, November 13th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Michael Descheneaux sold 1,750 shares of the company’s stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $239.73, for a total value of $419,527.50. Following the sale, the insider now directly owns 18,289 shares of the company’s stock, valued at approximately $4,384,421.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John F. Robinson sold 500 shares of the company’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $324.07, for a total transaction of $162,035.00. Following the completion of the sale, the director now directly owns 5,017 shares in the company, valued at $1,625,859.19. The disclosure for this sale can be found here. Insiders sold a total of 2,870 shares of company stock worth $729,718 over the last ninety days. Insiders own 0.74% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Price Capital Management Inc. purchased a new stake in SVB Financial Group during the third quarter worth $124,000. Signaturefd LLC boosted its holdings in SVB Financial Group by 341.2% during the second quarter. Signaturefd LLC now owns 503 shares of the bank’s stock worth $145,000 after buying an additional 389 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new stake in SVB Financial Group during the third quarter worth $146,000. Advisors Preferred LLC purchased a new stake in SVB Financial Group during the second quarter worth $167,000. Finally, Twin Tree Management LP purchased a new stake in SVB Financial Group during the third quarter worth $167,000. 88.41% of the stock is currently owned by hedge funds and other institutional investors.
SVB Financial Group Company Profile
SVB Financial Group, a diversified financial services company, provides various banking and financial products and services. Its 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 card account analysis, and disbursement, as well as online and mobile banking services.
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