SVB Financial Group (SIVB) Sets New 12-Month Low Following Analyst Downgrade
SVB Financial Group (NASDAQ:SIVB)’s share price reached a new 52-week low during trading on Thursday after ValuEngine downgraded the stock from a sell rating to a strong sell rating. The company traded as low as $207.51 and last traded at $214.61, with a volume of 98490 shares trading hands. The stock had previously closed at $240.43.
A number of other research firms have also commented on SIVB. Jefferies Financial Group raised their price objective on shares of SVB Financial Group to $378.00 and gave the company a “buy” rating in a research report on Monday, August 27th. Zacks Investment Research lowered shares of SVB Financial Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 4th. Barclays raised their price objective on shares of SVB Financial Group from $340.00 to $357.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 3rd. BidaskClub lowered shares of SVB Financial Group from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. Finally, DA Davidson upgraded shares of SVB Financial Group from a “neutral” rating to a “buy” rating and set a $345.00 target price for the company 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. SVB Financial Group has an average rating of “Buy” and an average price target of $333.18.
In other news, Director John F. Robinson sold 500 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $324.07, for a total value of $162,035.00. Following the completion of the sale, the director now directly owns 5,017 shares in the company, valued at approximately $1,625,859.19. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Descheneaux sold 1,750 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $239.73, for a total transaction of $419,527.50. Following the completion of the sale, the insider now owns 18,289 shares of the company’s stock, valued at $4,384,421.97. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,870 shares of company stock valued at $729,718. 0.74% of the stock is currently owned by company insiders.
The firm has a market capitalization of $12.80 billion, a price-to-earnings ratio of 22.11, a P/E/G ratio of 1.34 and a beta of 1.69. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.63 and a current ratio of 0.63.
SVB Financial Group (NASDAQ:SIVB) last announced its quarterly earnings data on Thursday, October 25th. The bank reported $5.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.44 by $0.66. The firm had revenue of $703.29 million during the quarter, compared to analyst estimates of $664.51 million. SVB Financial Group had a net margin of 32.44% and a return on equity of 18.39%. As a group, equities analysts forecast that SVB Financial Group will post 17.95 EPS for the current year.
SVB Financial Group announced that its Board of Directors has authorized a share buyback program on Tuesday, November 13th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the bank to purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
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About SVB Financial Group (NASDAQ:SIVB)
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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