SVB Financial Group (SIVB) Shares Gap Down After Analyst Downgrade
SVB Financial Group (NASDAQ:SIVB) shares gapped down before the market opened on Friday after ValuEngine downgraded the stock from a sell rating to a strong sell rating. The stock had previously closed at $207.00, but opened at $219.15. SVB Financial Group shares last traded at $210.77, with a volume of 23932 shares changing hands.
A number of other research firms have also issued reports on SIVB. Bank of America reduced their target price on shares of SVB Financial Group from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Friday, October 26th. Jefferies Financial Group boosted their target price on shares of SVB Financial Group to $378.00 and gave the company a “buy” rating in a research note on Monday, August 27th. Barclays reduced their target price on shares of SVB Financial Group from $357.00 to $330.00 and set an “equal weight” rating for the company in a research note on Friday, October 26th. Royal Bank of Canada set a $330.00 target price on shares of SVB Financial Group and gave the company a “buy” rating in a research note on Friday, October 26th. Finally, Raymond James reduced their target price on shares of SVB Financial Group from $392.00 to $333.00 and set a “strong-buy” rating for the company in a research note on Friday, October 26th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. SVB Financial Group presently has an average rating of “Buy” and an average price target of $333.18.
In other SVB Financial Group news, insider Michael Descheneaux sold 1,750 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 18,289 shares of the company’s stock, valued at $4,384,421.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Philip C. Cox sold 620 shares of the business’s stock in a transaction that occurred on Wednesday, November 28th. The stock was sold at an average price of $238.96, for a total transaction of $148,155.20. Following the completion of the sale, the insider now directly owns 6,511 shares of the company’s stock, valued at $1,555,868.56. The disclosure for this sale can be found here. Insiders have sold 2,870 shares of company stock worth $729,718 in the last 90 days. 0.74% of the stock is owned by company insiders.
The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a market capitalization of $12.80 billion, a P/E ratio of 20.77, a P/E/G ratio of 1.34 and a beta of 1.69.
SVB Financial Group (NASDAQ:SIVB) last posted its earnings results on Thursday, October 25th. The bank reported $5.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.44 by $0.66. The company had revenue of $703.29 million during the quarter, compared to the consensus estimate of $664.51 million. SVB Financial Group had a net margin of 32.44% and a return on equity of 18.39%. On average, equities analysts anticipate that SVB Financial Group will post 17.95 EPS for the current fiscal year.
SVB Financial Group announced that its Board of Directors has authorized a share buyback program on Tuesday, November 13th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the bank to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are 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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