Zacks Investment Research Lowers Silvergate Capital (NYSE:SI) to Hold

Thursday, April 8, 2021 | MarketBeat

Silvergate Capital (NYSE:SI) was downgraded by Zacks Investment Research from a "strong-buy" rating to a "hold" rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, "Silvergate Capital Corporation is a bank holding company for Silvergate Bank. Silvergate Capital Corporation is based in La Jolla, United States. "

Other equities research analysts have also recently issued reports about the company. Canaccord Genuity upped their target price on Silvergate Capital from $90.00 to $150.00 and gave the stock a "buy" rating in a report on Tuesday, March 30th. Wedbush increased their target price on shares of Silvergate Capital from $150.00 to $175.00 and gave the stock an "outperform" rating in a report on Tuesday, March 2nd. Craig Hallum boosted their price objective on shares of Silvergate Capital from $80.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, February 4th. Keefe, Bruyette & Woods upgraded Silvergate Capital from a "market perform" rating to an "outperform" rating and set a $54.00 target price for the company in a report on Wednesday, December 16th. Finally, Barclays lifted their price target on Silvergate Capital from $76.00 to $85.00 and gave the company an "equal weight" rating in a report on Monday, January 25th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Silvergate Capital has a consensus rating of "Buy" and an average target price of $120.86.

SI stock opened at $140.57 on Thursday. The company has a fifty day simple moving average of $140.97 and a two-hundred day simple moving average of $73.35. Silvergate Capital has a 52 week low of $8.61 and a 52 week high of $187.86. The company has a quick ratio of 0.41, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $3.30 billion, a P/E ratio of 130.16 and a beta of 3.00.

Silvergate Capital (NYSE:SI) last issued its quarterly earnings results on Thursday, January 21st. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.38 by $0.09. The company had revenue of $26.76 million for the quarter, compared to the consensus estimate of $25.00 million. Silvergate Capital had a net margin of 21.61% and a return on equity of 6.45%. As a group, analysts anticipate that Silvergate Capital will post 1.3 EPS for the current year.

In other Silvergate Capital news, Director Karen F. Brassfield sold 4,500 shares of Silvergate Capital stock in a transaction dated Monday, February 22nd. The stock was sold at an average price of $160.74, for a total transaction of $723,330.00. Following the completion of the transaction, the director now owns 28,242 shares in the company, valued at approximately $4,539,619.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott A. Reed sold 55,000 shares of the company's stock in a transaction dated Friday, March 12th. The stock was sold at an average price of $137.14, for a total value of $7,542,700.00. Following the completion of the sale, the director now owns 2,500 shares in the company, valued at approximately $342,850. The disclosure for this sale can be found here. Insiders sold 111,119 shares of company stock worth $15,281,418 over the last ninety days.

A number of large investors have recently made changes to their positions in the business. Wells Fargo & Company MN grew its position in shares of Silvergate Capital by 169.8% during the 3rd quarter. Wells Fargo & Company MN now owns 32,635 shares of the company's stock valued at $470,000 after acquiring an additional 20,539 shares during the period. California Public Employees Retirement System grew its holdings in Silvergate Capital by 4.1% in the third quarter. California Public Employees Retirement System now owns 35,297 shares of the company's stock valued at $508,000 after purchasing an additional 1,400 shares during the period. BlackRock Inc. increased its position in shares of Silvergate Capital by 12.8% in the third quarter. BlackRock Inc. now owns 978,208 shares of the company's stock valued at $14,086,000 after buying an additional 110,672 shares in the last quarter. State Street Corp raised its stake in shares of Silvergate Capital by 7.5% during the 3rd quarter. State Street Corp now owns 239,536 shares of the company's stock worth $3,449,000 after buying an additional 16,610 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Silvergate Capital by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 15,267 shares of the company's stock valued at $217,000 after purchasing an additional 3,984 shares in the last quarter. 56.09% of the stock is owned by institutional investors.

Silvergate Capital Company Profile

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 and internationally. 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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