Texas Permanent School Fund Has $2.28 Million Stake in SVB Financial Group (SIVB)
Texas Permanent School Fund cut its stake in shares of SVB Financial Group (NASDAQ:SIVB) by 4.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 10,240 shares of the bank’s stock after selling 471 shares during the period. Texas Permanent School Fund’s holdings in SVB Financial Group were worth $2,277,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in SIVB. Norges Bank acquired a new position in shares of SVB Financial Group during the fourth quarter worth about $89,402,000. Deutsche Bank AG grew its position in shares of SVB Financial Group by 74.9% during the fourth quarter. Deutsche Bank AG now owns 526,495 shares of the bank’s stock worth $99,983,000 after buying an additional 225,422 shares in the last quarter. Sarasin & Partners LLP acquired a new position in shares of SVB Financial Group during the fourth quarter worth about $40,464,000. CI Investments Inc. acquired a new position in shares of SVB Financial Group during the fourth quarter worth about $39,902,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of SVB Financial Group during the fourth quarter worth about $30,385,000. 90.52% of the stock is owned by institutional investors and hedge funds.
Shares of SIVB opened at $229.77 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $12.10 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 1.50 and a beta of 2.03. SVB Financial Group has a 52-week low of $177.70 and a 52-week high of $333.74.
In other SVB Financial Group news, insider Marc C. Cadieux sold 2,304 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $240.77, for a total value of $554,734.08. Following the completion of the sale, the insider now owns 17,941 shares in the company, valued at $4,319,654.57. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Christopher Edmonds-Waters sold 204 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $256.01, for a total value of $52,226.04. Following the completion of the sale, the insider now owns 3,494 shares of the company’s stock, valued at approximately $894,498.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,383 shares of company stock valued at $5,003,767. 0.73% of the stock is owned by company insiders.
A number of brokerages have recently commented on SIVB. BidaskClub raised SVB Financial Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 4th. Maxim Group lowered their price target on SVB Financial Group to $325.00 and set a “buy” rating for the company in a report on Monday, April 29th. ValuEngine downgraded SVB Financial Group from a “hold” rating to a “sell” rating in a report on Monday, April 29th. Bank of America set a $280.00 price target on SVB Financial Group and gave the company a “buy” rating in a report on Tuesday, March 5th. Finally, SunTrust Banks upped their price target on SVB Financial Group to $280.00 and gave the company a “buy” rating in a report on Monday, January 28th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. SVB Financial Group currently has a consensus rating of “Buy” and a consensus target price of $309.60.
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SVB Financial Group Company Profile
SVB Financial Group, a diversified financial services company, provides various banking and financial products and services. The company operates through three segments: Global Commercial Bank, SVB Private Bank, and SVB Capital. The 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 and credit cards, account analysis, and disbursement, as well as online and mobile banking services.
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