Wedbush Cuts Silvergate Capital (NYSE:SI) Price Target to $160.00

Silvergate Capital (NYSE:SI) had its price objective decreased by Wedbush from $175.00 to $160.00 in a research report sent to investors on Wednesday morning, The Fly reports. Wedbush currently has an outperform rating on the stock. Wedbush also issued estimates for Silvergate Capital’s Q4 2021 earnings at $0.82 EPS, FY2021 earnings at $2.96 EPS, Q1 2022 earnings at $0.83 EPS, Q2 2022 earnings at $0.87 EPS, Q3 2022 earnings at $0.93 EPS, Q4 2022 earnings at $1.01 EPS, FY2022 earnings at $3.65 EPS, FY2023 earnings at $4.80 EPS, FY2024 earnings at $6.00 EPS, FY2024 earnings at $6.21 EPS and FY2025 earnings at $7.20 EPS.

Several other equities analysts have also issued reports on SI. The Goldman Sachs Group started coverage on shares of Silvergate Capital in a report on Monday, June 14th. They set a neutral rating and a $120.00 price objective on the stock. Zacks Investment Research downgraded shares of Silvergate Capital from a strong-buy rating to a sell rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Buy and a consensus price target of $119.38.

Shares of NYSE:SI opened at $103.73 on Wednesday. The firm has a market cap of $2.75 billion, a PE ratio of 47.37 and a beta of 2.60. The firm’s 50 day simple moving average is $108.26 and its 200-day simple moving average is $113.95. Silvergate Capital has a one year low of $13.56 and a one year high of $187.86. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.46 and a current ratio of 0.53.

Silvergate Capital (NYSE:SI) last issued its earnings results on Monday, July 19th. The company reported $0.80 EPS for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.29. The business had revenue of $42.45 million for the quarter, compared to analyst estimates of $36.43 million. Silvergate Capital had a net margin of 40.03% and a return on equity of 9.22%. Equities research analysts predict that Silvergate Capital will post 2.98 EPS for the current fiscal year.

In other news, Director Dennis S. Frank sold 23,690 shares of Silvergate Capital stock in a transaction on Friday, August 13th. The shares were sold at an average price of $118.32, for a total transaction of $2,803,000.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul D. Colucci sold 10,000 shares of the business’s stock in a transaction on Monday, August 2nd. The shares were sold at an average price of $104.73, for a total transaction of $1,047,300.00. The disclosure for this sale can be found here. Insiders have sold 110,231 shares of company stock valued at $12,214,913 over the last quarter. Insiders own 8.50% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Silvant Capital Management LLC acquired a new position in Silvergate Capital during the second quarter valued at $1,022,000. Van ECK Associates Corp purchased a new position in Silvergate Capital in the second quarter valued at $2,645,000. Stephens Investment Management Group LLC increased its holdings in Silvergate Capital by 22.6% in the second quarter. Stephens Investment Management Group LLC now owns 411,696 shares of the company’s stock valued at $46,653,000 after buying an additional 75,994 shares in the last quarter. Rhumbline Advisers increased its holdings in Silvergate Capital by 23.5% in the first quarter. Rhumbline Advisers now owns 28,853 shares of the company’s stock valued at $4,102,000 after buying an additional 5,485 shares in the last quarter. Finally, UBS Group AG increased its holdings in Silvergate Capital by 605.2% in the first quarter. UBS Group AG now owns 31,612 shares of the company’s stock valued at $4,494,000 after buying an additional 27,129 shares in the last quarter. Institutional investors own 73.71% of the company’s stock.

About Silvergate Capital

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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