Perigon Wealth Management LLC Reduces Position in SVB Financial Group (NASDAQ:SIVB)

Perigon Wealth Management LLC lessened its position in shares of SVB Financial Group (NASDAQ:SIVB – Get Rating) by 10.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky purchased a new position in shares of SVB Financial Group in the 3rd quarter valued at approximately $1,847,000. National Pension Service grew its stake in shares of SVB Financial Group by 1.8% in the 3rd quarter. National Pension Service now owns 80,911 shares of the bank’s stock valued at $27,342,000 after purchasing an additional 1,451 shares during the last quarter. Grandeur Peak Global Advisors LLC grew its stake in shares of SVB Financial Group by 1.3% in the 3rd quarter. Grandeur Peak Global Advisors LLC now owns 66,423 shares of the bank’s stock valued at $22,304,000 after purchasing an additional 866 shares during the last quarter. Glenmede Trust Co. NA grew its stake in shares of SVB Financial Group by 1.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 36,902 shares of the bank’s stock valued at $12,390,000 after purchasing an additional 528 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund grew its stake in shares of SVB Financial Group by 5.3% in the 3rd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 2,117 shares of the bank’s stock valued at $711,000 after purchasing an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 92.35% of the company’s stock.

Insider Transactions at SVB Financial Group

In other news, CFO Daniel J. Beck sold 2,000 shares of the business’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $287.59, for a total value of $575,180.00. Following the completion of the transaction, the chief financial officer now directly owns 4,207 shares of the company’s stock, valued at $1,209,891.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other SVB Financial Group news, CEO Gregory W. Becker sold 12,451 shares of the business’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $287.42, for a total transaction of $3,578,666.42. Following the completion of the sale, the chief executive officer now owns 92,552 shares of the company’s stock, valued at $26,601,295.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Daniel J. Beck sold 2,000 shares of the business’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $287.59, for a total value of $575,180.00. Following the sale, the chief financial officer now directly owns 4,207 shares of the company’s stock, valued at approximately $1,209,891.13. The disclosure for this sale can be found here. Insiders sold a total of 18,004 shares of company stock valued at $5,016,701 over the last three months. 0.62% of the stock is currently owned by insiders.

SVB Financial Group Stock Performance

NASDAQ SIVB opened at $106.04 on Friday. SVB Financial Group has a fifty-two week low of $39.40 and a fifty-two week high of $597.16. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of 4.18, a price-to-earnings-growth ratio of 0.91 and a beta of 1.57. The business has a fifty day moving average of $261.73 and a 200-day moving average of $273.23. 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 quarterly earnings results on Thursday, January 19th. The bank reported $4.62 earnings per share for the quarter, missing analysts’ consensus estimates of $5.26 by ($0.64). SVB Financial Group had a return on equity of 13.02% and a net margin of 22.05%. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the firm earned $6.22 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. As a group, analysts predict that SVB Financial Group will post 14.49 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on SIVB shares. Barclays reduced their price target on SVB Financial Group from $411.00 to $308.00 and set an “equal weight” rating for the company in a report on Tuesday, January 3rd. Wolfe Research cut SVB Financial Group from an “outperform” rating to a “peer perform” rating in a report on Friday, March 10th. DA Davidson reduced their price target on SVB Financial Group to $240.00 in a report on Monday, December 12th. Wells Fargo & Company reduced their price target on SVB Financial Group from $350.00 to $300.00 and set an “overweight” rating for the company in a report on Thursday, March 9th. Finally, JPMorgan Chase & Co. reduced their price target on SVB Financial Group from $300.00 to $270.00 and set an “overweight” rating for the company in a report on Thursday, March 9th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $348.47.

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.