William Blair Investment Management LLC Sells 244 Shares of SVB Financial Group (SIVB)
William Blair Investment Management LLC cut its stake in SVB Financial Group (NASDAQ:SIVB) by 6.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,535 shares of the bank’s stock after selling 244 shares during the quarter. William Blair Investment Management LLC’s holdings in SVB Financial Group were worth $1,099,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the stock. Bank of New York Mellon Corp boosted its stake in shares of SVB Financial Group by 56.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,306,038 shares of the bank’s stock valued at $377,130,000 after buying an additional 471,329 shares during the period. Millennium Management LLC increased its holdings 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 purchasing an additional 371,684 shares during the period. Bank of America Corp DE boosted its stake in shares of SVB Financial Group by 27.0% in the second quarter. Bank of America Corp DE now owns 610,266 shares of the bank’s stock valued at $176,219,000 after buying an additional 129,849 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of SVB Financial Group by 698.3% in the third quarter. Canada Pension Plan Investment Board now owns 142,900 shares of the bank’s stock valued at $44,418,000 after buying an additional 125,000 shares in the last quarter. Finally, Jennison Associates LLC purchased a new stake in shares of SVB Financial Group in the third quarter valued at approximately $27,587,000. 88.41% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Philip C. Cox sold 620 shares of SVB Financial Group stock in a transaction on Wednesday, November 28th. The shares were sold at an average price of $238.96, for a total transaction of $148,155.20. Following the transaction, the insider now owns 6,511 shares in the company, valued at $1,555,868.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John F. Robinson sold 500 shares of SVB Financial Group stock in a transaction on Monday, September 10th. The stock was sold at an average price of $324.07, for a total transaction of $162,035.00. Following the transaction, the director now owns 5,017 shares in the company, valued at approximately $1,625,859.19. The disclosure for this sale can be found here. Insiders have sold a total of 2,870 shares of company stock worth $729,718 in the last quarter. 0.74% of the stock is currently owned by company insiders.
SVB Financial Group (NASDAQ:SIVB) last issued its earnings results on Thursday, October 25th. The bank reported $5.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.44 by $0.66. The company had revenue of $703.29 million for the quarter, compared to analysts’ expectations 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, sell-side analysts forecast that SVB Financial Group will post 17.95 earnings per share for the current fiscal year.
SVB Financial Group announced that its board has authorized a stock repurchase plan on Tuesday, November 13th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
A number of analysts have commented on the company. ValuEngine downgraded SVB Financial Group from a “sell” rating to a “strong sell” rating in a research report on Thursday. Royal Bank of Canada set a $320.00 target price on SVB Financial Group and gave the company a “buy” rating in a research note on Thursday. Jefferies Financial Group dropped their target price on SVB Financial Group from $288.00 to $278.00 and set a “buy” rating for the company in a research note on Thursday. Wells Fargo & Co dropped their price target on SVB Financial Group from $345.00 to $300.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, Barclays upgraded SVB Financial Group from an “equal weight” rating to an “overweight” rating and set a $236.25 price target for the company in a research note on Wednesday, November 28th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. SVB Financial Group presently has a consensus rating of “Buy” and an average target price of $333.18.
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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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