SVB Financial Group (SIVB) Shares Sold by California Public Employees Retirement System
California Public Employees Retirement System trimmed its holdings in SVB Financial Group (NASDAQ:SIVB) by 9.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 104,314 shares of the bank’s stock after selling 11,126 shares during the period. California Public Employees Retirement System owned about 0.20% of SVB Financial Group worth $30,122,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in SIVB. Bank of New York Mellon Corp lifted its position in shares of SVB Financial Group by 56.5% in the second quarter. Bank of New York Mellon Corp now owns 1,306,038 shares of the bank’s stock valued at $377,130,000 after acquiring an additional 471,329 shares in the last quarter. Millennium Management LLC lifted its position in shares of SVB Financial Group by 93.1% in the second quarter. Millennium Management LLC now owns 770,940 shares of the bank’s stock valued at $222,617,000 after acquiring an additional 371,684 shares in the last quarter. Bank of Montreal Can purchased a new position in shares of SVB Financial Group in the second quarter valued at about $96,584,000. Guggenheim Capital LLC lifted its position in shares of SVB Financial Group by 566.7% in the first quarter. Guggenheim Capital LLC now owns 220,949 shares of the bank’s stock valued at $53,029,000 after acquiring an additional 187,808 shares in the last quarter. Finally, Atlantic Trust Group LLC purchased a new position in shares of SVB Financial Group in the first quarter valued at about $38,938,000. Institutional investors and hedge funds own 88.85% of the company’s stock.
Shares of SIVB stock opened at $316.64 on Thursday. SVB Financial Group has a 12-month low of $180.32 and a 12-month high of $333.74. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $17.07 billion, a PE ratio of 31.95, a PEG ratio of 1.69 and a beta of 1.47.
In other SVB Financial Group news, Director John F. Robinson sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, July 10th. The stock was sold at an average price of $304.25, for a total transaction of $152,125.00. Following the sale, the director now directly owns 5,517 shares of the company’s stock, valued at $1,678,547.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gregory W. Becker sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $325.40, for a total value of $2,277,800.00. The disclosure for this sale can be found here. Insiders have sold 20,872 shares of company stock worth $6,594,766 over the last three months. 0.74% of the stock is currently owned by insiders.
Several equities analysts have recently commented on the company. Zacks Investment Research downgraded SVB Financial Group from a “buy” rating to a “hold” rating in a research report on Friday, July 20th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $384.00 target price on shares of SVB Financial Group in a report on Friday, July 27th. BidaskClub cut SVB Financial Group from a “buy” rating to a “hold” rating in a report on Tuesday, June 26th. Wells Fargo & Co lifted their target price on SVB Financial Group from $335.00 to $345.00 and gave the stock an “outperform” rating in a report on Friday, July 27th. Finally, JPMorgan Chase & Co. lifted their target price on SVB Financial Group from $345.00 to $375.00 and gave the stock an “overweight” rating in a report on Monday, June 11th. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $354.06.
About SVB Financial Group
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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