Advisory Services Network LLC lowered its stake in SVB Financial Group (NASDAQ:SIVB) by 27.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 453 shares of the bank’s stock after selling 173 shares during the quarter. Advisory Services Network LLC’s holdings in SVB Financial Group were worth $101,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also added to or reduced their stakes in the stock. Allstate Corp purchased a new position in shares of SVB Financial Group in the 1st quarter worth approximately $204,000. Mission Wealth Management LP bought a new stake in shares of SVB Financial Group during the 1st quarter worth approximately $225,000. Champlain Investment Partners LLC raised its position in SVB Financial Group by 4.6% during the 1st quarter. Champlain Investment Partners LLC now owns 253,475 shares of the bank’s stock valued at $56,363,000 after purchasing an additional 11,050 shares in the last quarter. Wealthfront Advisers LLC bought a new stake in SVB Financial Group during the 1st quarter valued at $506,000. Finally, Ascent Wealth Partners LLC raised its position in SVB Financial Group by 14.7% during the 1st quarter. Ascent Wealth Partners LLC now owns 1,677 shares of the bank’s stock valued at $373,000 after purchasing an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 91.31% of the company’s stock.
SVB Financial Group stock traded up $2.07 during midday trading on Thursday, reaching $217.21. The company’s stock had a trading volume of 339,728 shares, compared to its average volume of 498,550. SVB Financial Group has a fifty-two week low of $177.70 and a fifty-two week high of $333.74. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.13. The stock has a market cap of $11.46 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.43 and a beta of 2.08. The stock’s 50-day moving average is $216.45.
Several research analysts have recently commented on SIVB shares. Sanford C. Bernstein lowered SVB Financial Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 28th. Keefe, Bruyette & Woods boosted their price objective on American International Group from $58.00 to $62.00 and gave the company an “outperform” rating in a report on Sunday, July 7th. Piper Jaffray Companies cut Mallinckrodt from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $39.00 to $9.00 in a report on Thursday, May 30th. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. reissued a “buy” rating on shares of Gilead Sciences in a report on Tuesday, July 2nd. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $288.28.
In related news, insider Michael Descheneaux sold 6,000 shares of SVB Financial Group stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $239.55, for a total transaction of $1,437,300.00. Following the completion of the transaction, the insider now directly owns 23,811 shares in the company, valued at approximately $5,703,925.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Philip C. Cox sold 197 shares of SVB Financial Group stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $227.45, for a total value of $44,807.65. Following the transaction, the chief operating officer now owns 8,185 shares of the company’s stock, valued at $1,861,678.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,380 shares of company stock worth $2,258,430. Corporate insiders own 0.73% of the company’s stock.
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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