New York State Common Retirement Fund lifted its stake in shares of Silvergate Capital Co. (NYSE:SI – Get Rating) by 6.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 94,588 shares of the company’s stock after purchasing an additional 5,735 shares during the quarter. New York State Common Retirement Fund owned about 0.30% of Silvergate Capital worth $14,242,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of SI. GPS Wealth Strategies Group LLC bought a new stake in Silvergate Capital in the first quarter worth about $30,000. Newbridge Financial Services Group Inc. raised its position in Silvergate Capital by 350.0% in the first quarter. Newbridge Financial Services Group Inc. now owns 225 shares of the company’s stock worth $34,000 after acquiring an additional 175 shares in the last quarter. First Horizon Advisors Inc. raised its position in Silvergate Capital by 442.9% in the fourth quarter. First Horizon Advisors Inc. now owns 266 shares of the company’s stock worth $39,000 after acquiring an additional 217 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in Silvergate Capital in the first quarter worth about $49,000. Finally, Parallel Advisors LLC raised its position in Silvergate Capital by 2,350.0% in the first quarter. Parallel Advisors LLC now owns 343 shares of the company’s stock worth $52,000 after acquiring an additional 329 shares in the last quarter. 71.79% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
SI has been the topic of several research reports. BTIG Research initiated coverage on shares of Silvergate Capital in a research report on Thursday. They issued a “buy” rating and a $135.00 price target on the stock. Craig Hallum boosted their price objective on Silvergate Capital from $150.00 to $160.00 in a report on Wednesday, April 20th. TheStreet downgraded Silvergate Capital from a “c” rating to a “d+” rating in a report on Thursday, June 30th. Morgan Stanley cut their price objective on Silvergate Capital from $88.00 to $77.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 12th. Finally, Wells Fargo & Company boosted their price objective on Silvergate Capital from $100.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, July 20th. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $156.69.
Insider Activity at Silvergate Capital
In related news, CEO Alan J. Lane sold 16,314 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $92.46, for a total value of $1,508,392.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.71% of the stock is currently owned by company insiders.
Silvergate Capital Trading Down 0.3 %
NYSE:SI opened at $102.42 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.23 and a quick ratio of 0.16. Silvergate Capital Co. has a fifty-two week low of $50.65 and a fifty-two week high of $239.26. The stock’s 50-day moving average is $72.43 and its two-hundred day moving average is $100.63. The stock has a market cap of $3.24 billion, a PE ratio of 29.60, a price-to-earnings-growth ratio of 0.54 and a beta of 3.09.
Silvergate Capital (NYSE:SI – Get Rating) last released its earnings results on Tuesday, July 19th. The company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.31. Silvergate Capital had a return on equity of 7.87% and a net margin of 45.70%. During the same quarter in the previous year, the firm posted $0.80 EPS. As a group, equities research analysts forecast that Silvergate Capital Co. will post 5.08 earnings per share for the current fiscal year.
About Silvergate Capital
Silvergate Capital Corporation operates as a bank holding company for Silvergate Bank that provides banking products and services to business and individual clients in the United States. The company accepts deposit products, including interest and noninterest bearing demand accounts, money market and savings accounts, and certificates of deposit accounts.
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