Why did SVB Financial Group (SIVB) stock popup in the after-hours on Friday?

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FRLN Stock
FRLN Stock

SVB Financial Group (SIVB) shares jumped 10.48% in the after-hours on Friday and closed the weekly trading at $745.28. However, in the regular trading session of Friday, SIVB’s stock lost 5.28%. SIVB shares have risen 89.24% over the last 12 months, and they have moved down 5.55% in the past week. Over the past three months, the stock has gained 18.03%, while over the past six months, it has soared 11.98%.

Let’s see what’s going on recently with the SVB?


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SIVB corporate update

On November 30, 2021, SVB Private Bank (SIVB)appointed Rohit Mehrotra as head of relationship management.

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Mehrotra has than 25 years of experience in wealth management, investment banking and strategic consulting. He joins SVB from J.P. Morgan Private Bank after 11 years in a variety of leadership positions. Mehrotra will lead a team of advisors nationally who deliver holistic wealth advice to clients in the innovation economy.

SIVB wealth management team expansion

On November 10, 2021, SVB Private Bank (SIVB)bolstered its wealth management team, by hiring senior managing directors Natalya Alexei and Vishal Wadhwa. The new hires bring deep expertise serving high- and ultra-high- net worth clients, including those in the technology, life science, venture, and private equity sectors.

SIVB new board member

On November 9, 2021, SVB Financial Group (SIVB) appointed Elizabeth “Busy” Burr, to its board of directors.

Elizabeth Burr is the former President and Chief Commercial Officer of Carrot, Inc., who has also led innovation efforts at Citigroup and Humana. Burr will also serve on the board of directors of Silicon Valley Bank.

SIVB recent offering of shares

On October 25, 2021, SVB Financial Group (SIVB) announced the pricing of an underwritten offering of 1,000,000 depositary shares. Each share represents a 1/100th interest in a share of its Series D Non-Cumulative Perpetual Preferred Stock liquidation amount to $100,000 per share at an aggregate offering price of $1 billion.

The Group also announced an underwritten offering of 600,000 depositary shares, each representing a 1/100th interest in a share of its Series E Non-Cumulative Perpetual Preferred Stock liquidation amount $100,000 per share at an aggregate offering price of $600 million.

SIVB latest financial results

On October 21, 2021, SVB Financial Group (SIVB) announced financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • SIVB total interest income was $884 million in Q3 2021 compared to $543 million in Q3 2020.
  • Non-interest income was $672 million compared to $547 million in Q3 2020.
  • Total interest expenses were $32 million compared to $15 million in Q3 2020.
  • Total non-interest expenses were $879 million compared to $491 million in Q3 2020.
  • It earned a net income of $365 million or $6.24 per diluted common share in Q3 2021 compared to $442 million or $8.47 per diluted common share in Q3 2020.

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Conclusion

Well, we have no recent news which could be linked with its top-notch performance in the after-hours on Friday. we hope that it will continue its momentum after the weekend as well.

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