Silvergate Capital’s (SI) “Outperform” Rating Reiterated at Wedbush

Wedbush reissued their outperform rating on shares of Silvergate Capital (NYSE:SIGet Rating) in a research report report published on Wednesday morning, Marketbeat Ratings reports. They currently have a $200.00 target price on the stock. Wedbush also issued estimates for Silvergate Capital’s Q2 2022 earnings at $0.86 EPS, Q3 2022 earnings at $1.13 EPS, Q4 2022 earnings at $1.42 EPS, FY2022 earnings at $4.20 EPS, Q1 2023 earnings at $1.68 EPS, Q2 2023 earnings at $2.05 EPS, Q3 2023 earnings at $2.20 EPS, Q4 2023 earnings at $2.31 EPS, FY2023 earnings at $8.25 EPS, FY2024 earnings at $10.60 EPS and FY2025 earnings at $14.00 EPS.

Other equities analysts have also recently issued research reports about the company. Canaccord Genuity Group boosted their price objective on Silvergate Capital from $164.00 to $200.00 and gave the company a buy rating in a report on Wednesday. JPMorgan Chase & Co. dropped their price objective on Silvergate Capital from $300.00 to $200.00 and set an overweight rating for the company in a report on Wednesday, January 19th. The Goldman Sachs Group dropped their price objective on Silvergate Capital from $210.00 to $180.00 and set a buy rating for the company in a report on Wednesday. Bank of America initiated coverage on Silvergate Capital in a report on Monday, March 21st. They set a buy rating and a $200.00 price objective for the company. Finally, Craig Hallum increased their price target on Silvergate Capital from $150.00 to $160.00 in a research report on Wednesday. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Buy and an average target price of $199.83.

NYSE SI opened at $128.26 on Wednesday. The company has a market cap of $4.06 billion, a P/E ratio of 44.38, a P/E/G ratio of 0.81 and a beta of 2.46. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.44 and a current ratio of 0.50. The business’s 50 day moving average price is $129.54 and its 200-day moving average price is $146.14. Silvergate Capital has a fifty-two week low of $80.78 and a fifty-two week high of $239.26.

Silvergate Capital (NYSE:SIGet Rating) last released its earnings results on Tuesday, April 19th. The company reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.33. Silvergate Capital had a return on equity of 7.36% and a net margin of 44.71%. During the same quarter in the prior year, the company posted $0.55 EPS. As a group, equities analysts predict that Silvergate Capital will post 3.28 EPS for the current year.

In related news, Director Michael Lempres bought 500 shares of the company’s stock in a transaction on Friday, February 4th. The shares were bought at an average price of $112.20 per share, with a total value of $56,100.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Kathleen Fraher sold 750 shares of the business’s stock in a transaction that occurred on Thursday, April 21st. The stock was sold at an average price of $130.44, for a total transaction of $97,830.00. Following the sale, the chief operating officer now directly owns 10,847 shares in the company, valued at approximately $1,414,882.68. The disclosure for this sale can be found here. 8.50% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp grew its position in Silvergate Capital by 21.4% during the 4th quarter. Van ECK Associates Corp now owns 44,328 shares of the company’s stock worth $6,569,000 after purchasing an additional 7,815 shares during the last quarter. Natixis acquired a new stake in Silvergate Capital during the 3rd quarter valued at approximately $1,623,000. Strs Ohio acquired a new stake in Silvergate Capital during the 4th quarter valued at approximately $237,000. UBS Asset Management Americas Inc. lifted its stake in Silvergate Capital by 3.7% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 30,413 shares of the company’s stock valued at $3,513,000 after acquiring an additional 1,087 shares during the period. Finally, GSA Capital Partners LLP lifted its stake in Silvergate Capital by 5.1% during the 3rd quarter. GSA Capital Partners LLP now owns 3,929 shares of the company’s stock valued at $454,000 after acquiring an additional 191 shares during the period. 83.49% of the stock is currently owned by institutional investors.

Silvergate Capital Company Profile (Get Rating)

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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