Bank of New York Mellon Corp Lowers Position in SVB Financial Group (NASDAQ:SIVB)

Posted by Defense World Staff on Mar 19th, 2023

Bank of New York Mellon Corp reduced its stake in SVB Financial Group (NASDAQ:SIVB – Get Rating) by 0.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 473,064 shares of the bank’s stock after selling 2,975 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.80% of SVB Financial Group worth $158,847,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SIVB. Private Trust Co. NA raised its position in SVB Financial Group by 107.8% in the 3rd quarter. Private Trust Co. NA now owns 106 shares of the bank’s stock valued at $36,000 after buying an additional 55 shares during the last quarter. Geneos Wealth Management Inc. raised its position in SVB Financial Group by 100.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 72 shares of the bank’s stock valued at $40,000 after buying an additional 36 shares during the last quarter. Twin Lakes Capital Management LLC purchased a new stake in SVB Financial Group in the 3rd quarter valued at $42,000. SeaCrest Wealth Management LLC purchased a new stake in shares of SVB Financial Group during the 2nd quarter valued at $43,000. Finally, NuWave Investment Management LLC purchased a new stake in shares of SVB Financial Group during the 3rd quarter valued at $51,000. 92.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SIVB has been the subject of several research analyst reports. Wedbush decreased their target price on SVB Financial Group from $250.00 to $200.00 and set a “neutral” rating for the company in a research report on Thursday, March 9th. Piper Sandler decreased their target price on SVB Financial Group from $250.00 to $195.00 and set a “buy” rating for the company in a research report on Thursday, March 9th. JPMorgan Chase & Co. decreased their target price on SVB Financial Group from $300.00 to $270.00 and set an “overweight” rating for the company in a research report on Thursday, March 9th. Morgan Stanley raised their target price on SVB Financial Group from $186.00 to $190.00 and gave the company an “underweight” rating in a research report on Thursday, December 15th. Finally, DA Davidson decreased their price objective on SVB Financial Group to $240.00 in a report on Monday, December 12th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, SVB Financial Group currently has a consensus rating of “Hold” and an average price target of $348.47.

Insider Activity

In other SVB Financial Group news, Director Beverly Kay Matthews purchased 1,000 shares of the company’s stock in a transaction dated Tuesday, January 3rd. The stock was purchased at an average price of $232.06 per share, for a total transaction of $232,060.00. Following the transaction, the director now owns 2,374 shares in the company, valued at approximately $550,910.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CMO Michelle Draper sold 165 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief marketing officer now owns 4,261 shares in the company, valued at approximately $1,278,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Beverly Kay Matthews bought 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was purchased at an average price of $232.06 per share, with a total value of $232,060.00. Following the transaction, the director now directly owns 2,374 shares in the company, valued at $550,910.44. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 18,004 shares of company stock worth $5,016,701. 0.62% of the stock is currently owned by insiders.

SVB Financial Group Price Performance

Shares of NASDAQ SIVB opened at $106.04 on Friday. SVB Financial Group has a 52 week low of $39.40 and a 52 week high of $597.16. The business has a 50-day simple moving average of $261.73 and a two-hundred day simple 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. The company has a market cap of $6.28 billion, a P/E ratio of 4.18, a P/E/G ratio of 0.91 and a beta of 1.57.

SVB Financial Group (NASDAQ:SIVB – Get Rating) last issued its quarterly 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). The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.48 billion. SVB Financial Group had a net margin of 22.05% and a return on equity of 13.02%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the business posted $6.22 EPS. Research analysts anticipate that SVB Financial Group will post 14.49 earnings per share for the current fiscal year.

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.