SVB Financial Group (SIVB), a diversified financial services company, has soared 10.48% in aftermarket trading session. Consequently, SIVB is trading at $745.28 at the time of the writing. Insider trading could be the potential reason for this surge in SIVB stock. On Friday, SIVB closed the day at $674.57 after declining 5.28% during the regular trading session. For the moment, let’s have some discussion about some recent developments related to SIVB stock.
SIVB Q3 2021 Operational Results
In late October, SIVB released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The total interest income for the period was $884 million, against $543 million for the same period of 2020. The company bore a total interest expense of $32 million during the quarter against $15 million for the same period of 2020. The total non-interest income for the period was $672 million against $547 million for the same period of 2020. The non-interest expenses for the three months were $879 million against $491 million for the same period of 2020. The net income attributable to common stockholders was $365 million against $442 million for the same period of 2020.
Business Highlights
Alongside the operational results, SIVB also reported the business highlights for the period. The company completed the acquisition of Boston Private during the quarter. It also significantly expanded its investment banking capabilities via key new hires at SVB Leerink. The company made additional investments in the platform upgrades and application programming interface.
Executive Commentary
Greg Becker, President, and CEO of SIVB, while commenting on the results said that the company remains positive about the opportunities in front of it. He believed that the demand for investment in the fastest-growing segment of the global economy would remain robust and in turn, markets would thrive in the long run.
Future Outlook for SIVB
During the last three months, SIVB stock has gained an increase of more than 18%, based on the positive sentiments associated with the stock. Analysts believe that the stock is expected to perform even better in upcoming weeks and months, hence, potential investors should keep a close eye.
