SVB Financial Group (NASDAQ:SIVB) Position Cut by Perigon Wealth Management LLC

Perigon Wealth Management LLC trimmed its holdings in SVB Financial Group (NASDAQ:SIVB – Get Rating) by 10.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 924 shares of the bank’s stock after selling 108 shares during the quarter. Perigon Wealth Management LLC’s holdings in SVB Financial Group were worth $310,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp grew its holdings in SVB Financial Group by 3.4% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 32,386 shares of the bank’s stock worth $10,875,000 after buying an additional 1,054 shares in the last quarter. Toronto Dominion Bank grew its holdings in SVB Financial Group by 28.9% in the 3rd quarter. Toronto Dominion Bank now owns 34,919 shares of the bank’s stock worth $11,722,000 after buying an additional 7,827 shares in the last quarter. LMR Partners LLP bought a new position in SVB Financial Group during the 3rd quarter valued at $546,000. Commonwealth Equity Services LLC boosted its stake in SVB Financial Group by 9.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 5,992 shares of the bank’s stock valued at $2,011,000 after purchasing an additional 497 shares in the last quarter. Finally, Forsta AP Fonden boosted its stake in SVB Financial Group by 4.3% during the 2nd quarter. Forsta AP Fonden now owns 9,800 shares of the bank’s stock valued at $3,871,000 after purchasing an additional 400 shares in the last quarter. 92.35% of the stock is owned by institutional investors.

SVB Financial Group Price Performance

SIVB opened at $106.04 on Friday. The stock has a fifty day moving average of $261.73 and a 200-day moving average of $273.23. The firm has a market capitalization of $6.28 billion, a P/E ratio of 4.18, a PEG ratio of 0.91 and a beta of 1.57. SVB Financial Group has a 12-month low of $39.40 and a 12-month high of $597.16. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.42.

SVB Financial Group (NASDAQ:SIVB – Get Rating) last released its earnings results on Thursday, January 19th. The bank reported $4.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.26 by ($0.64). SVB Financial Group had a net margin of 22.05% and a return on equity of 13.02%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the previous year, the company earned $6.22 EPS. SVB Financial Group’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities analysts forecast that SVB Financial Group will post 14.49 EPS for the current fiscal year.

Analyst Ratings Changes

SIVB has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their price target on SVB Financial Group from $300.00 to $270.00 and set an “overweight” rating for the company in a research note on Thursday, March 9th. Wedbush decreased their price target on SVB Financial Group from $250.00 to $200.00 and set a “neutral” rating for the company in a research note on Thursday, March 9th. Truist Financial lowered SVB Financial Group from a “buy” rating to a “hold” rating and decreased their price target for the company from $174.00 to $100.00 in a research note on Friday, March 10th. Wells Fargo & Company cut their price objective on SVB Financial Group from $350.00 to $300.00 and set an “overweight” rating for the company in a research report on Thursday, March 9th. Finally, Maxim Group downgraded SVB Financial Group from a “buy” rating to a “sell” rating in a research report on Friday, March 10th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $348.47.

Insider Buying and Selling

In related news, CMO Michelle Draper sold 165 shares of the stock in a transaction on Friday, January 20th. The stock was sold at an average price of $300.00, for a total transaction of $49,500.00. Following the completion of the sale, the chief marketing officer now directly owns 4,261 shares in the company, valued at $1,278,300. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Beverly Kay Matthews acquired 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was acquired at an average cost of $232.06 per share, for a total transaction of $232,060.00. Following the completion of the acquisition, the director now owns 2,374 shares in the company, valued at $550,910.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Michelle Draper sold 165 shares of the stock in a transaction on Friday, January 20th. The stock was sold at an average price of $300.00, for a total value of $49,500.00. Following the sale, the chief marketing officer now owns 4,261 shares of the company’s stock, valued at $1,278,300. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,004 shares of company stock worth $5,016,701. Corporate insiders own 0.62% of the company’s stock.

About SVB Financial Group

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SVB Financial Group is a holding company, which engages in the provision of banking and financial services. It operates through the following segments: Global Commercial Bank, SVB Private Bank, SVB Capital, and SVB Leerink. The Global Commercial Bank segment consists of results from the commercial bank, private equity division, SVB wine, SVB analytics, and debt fund investments.