SSgA Funds Management, Inc. recently announced the acquisition of new stake in Silvergate Capital Corporation (NYSE:SI). The institutional investor has increased its shareholding in the Financial company by 6.19% to 1.69 million shares with purchase of 98313.0 shares. This fresh investment now brings its stake to 5.33% valued currently at $95.76 million. In addition, Marshall Wace LLP raised its holdings by 57732.0 to 1.35 million shares. And Zevenbergen Capital Investments L has lifted its position by 9.92% or 82012.0 shares – to 0.91 million shares.
With over 7.83 million Silvergate Capital Corporation (SI) shares trading Monday and a closing price of $24.27 on the day, the dollar volume was approximately $190.03 million. The shares have shown a negative half year performance of -66.74% and its price on 11/21/22 lost nearly -2.53%. Currently, there are 31.66M common shares owned by the public and among those 31.01M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for SI have a consensus price objective of $62.60. The analysts have set the share’s price value over the next 12 months at a high of $150.00 and a low of $30.00. The average price target is 64.5% above its recent price level and an upside to the estimated low will see the stock gain 19.1% over that period. But an upside of 83.82% will see the stock hit the forecast high price target while median target price for the stock is $47.50.
Insiders at the company have transacted a total of 36 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 27,717 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 24,144 shares.
The top 3 mutual fund holders in Silvergate Capital Corporation are Vanguard Total Stock Market Index, Vanguard Small Cap Index Fund, and SPDR S&P Regional Banking ETF. Vanguard Total Stock Market Index owns 0.9 million shares of the company’s stock, all valued at over $51.11 million. The company bought an additional 2874.0 shares recently to bring their total holdings to about 2.84% of the shares outstanding. Vanguard Small Cap Index Fund bought 13012.0 shares to see its total holdings expand to 0.78 million shares valued at over $44.08 million and representing 2.45% of the shares outstanding. SPDR S&P Regional Banking ETF sold 6327.0 shares to bring its total holdings to over 0.76 million shares at a value of $42.96 million. SPDR S&P Regional Banking ETF now owns shares totaling to 2.39% of the shares outstanding.
Shares of Silvergate Capital Corporation (NYSE: SI) opened at $25.49, up $0.59 from a prior closing price of $24.90. However, the script later moved the day high at 25.70, down -2.53%. The company’s stock has a 5-day price change of -31.61% and -73.93% over the past three months. SI shares are trading -83.62% year to date (YTD), with the 12-month market performance down to -88.96% lower. It has a 12-month low price of $24.45 and touched a high of $239.26 over the same period. SI has an average intraday trading volume of 1.87 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -45.95%, -60.93%, and -73.19% respectively.
Institutional ownership of Silvergate Capital Corporation (NYSE: SI) shares accounts for 80.20% of the company’s 31.66M shares outstanding. Mutual fund holders own 40.63%, while other institutional holders and individual stakeholders account for 5.59% and 38.96% respectively.
It has a market capitalization of $860.86M. The stock’s trailing 12-month PE ratio is 6.29, while the earnings-per-share (ttm) stands at $3.86. The company has a PEG of 0.19 and the debt-to-equity ratio at 0.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 18.70% over the week and 14.01% over the month.
Analysts forecast that Silvergate Capital Corporation (SI) will achieve an EPS of $1.43 for the current quarter, $1.57 for the next quarter and $6.76 for 2023. The lowest estimate earnings-per-share for the quarter is $1.31 while analysts give the company a high EPS estimate of $1.6. Comparatively, EPS for the current quarter was $0.66 a year ago. Earnings per share for the fiscal year are expected to increase by 114.50%, and 26.53% over the next financial year. EPS should shrink at an annualized rate of 33.80% over the next five years, compared to 50.60% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Silvergate Capital Corporation (SI) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 3 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SI, a number of firms have released research notes about the stock. Wells Fargo stated their Equal Weight rating for the stock in a research note on November 21, 2022, with the firm’s price target at $30. BofA Securities coverage for the Silvergate Capital Corporation (SI) stock in a research note released on November 10, 2022 offered a Neutral rating with a price target of $37. Goldman was of a view on October 26, 2022 that the stock is Neutral, while Wells Fargo gave the stock Underweight rating on October 06, 2022, issuing a price target of $115- $70. BTIG Research on their part issued Buy rating on August 04, 2022.