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Silvergate Capital’s (SI) “Buy” Rating Reaffirmed at Morgan Stanley

Posted by on Oct 9th, 2021

Silvergate Capital Co. logoMorgan Stanley restated their buy rating on shares of Silvergate Capital (NYSE:SI) in a research report released on Friday, TipRanks reports. The brokerage currently has a $158.00 price objective on the stock.

A number of other brokerages have also recently weighed in on SI. Wedbush decreased their price objective on Silvergate Capital from $175.00 to $160.00 and set an outperform rating on the stock in a report on Wednesday, September 22nd. The Goldman Sachs Group began coverage on shares of Silvergate Capital in a research report on Monday, June 14th. They set a neutral rating and a $120.00 price target for the company. Finally, Zacks Investment Research cut Silvergate Capital from a strong-buy rating to a sell rating in a report on Wednesday, September 22nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Buy and a consensus price target of $123.67.

Silvergate Capital stock traded up $10.92 during midday trading on Friday, reaching $162.64. 1,347,673 shares of the stock were exchanged, compared to its average volume of 1,159,128. The company’s fifty day moving average is $114.39 and its 200-day moving average is $113.13. 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 has a 52 week low of $15.40 and a 52 week high of $187.86. The firm has a market cap of $4.31 billion, a PE ratio of 74.26 and a beta of 2.60.

Silvergate Capital (NYSE:SI) last issued its quarterly earnings results on Monday, July 19th. The company reported $0.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.29. Silvergate Capital had a return on equity of 9.22% and a net margin of 40.03%. The firm had revenue of $42.45 million during the quarter, compared to the consensus estimate of $36.43 million. On average, sell-side analysts anticipate that Silvergate Capital will post 2.98 earnings per share for the current fiscal year.

In other news, insider Ben Reynolds sold 11,714 shares of Silvergate Capital stock in a transaction that occurred on Wednesday, August 4th. The shares were sold at an average price of $104.04, for a total value of $1,218,724.56. Following the completion of the sale, the insider now directly owns 14,748 shares in the company, valued at $1,534,381.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Kathleen Fraher sold 1,200 shares of the business’s stock in a transaction on Wednesday, August 4th. The shares were sold at an average price of $103.02, for a total transaction of $123,624.00. The disclosure for this sale can be found here. Insiders sold a total of 110,231 shares of company stock valued at $12,214,913 in the last three months. Corporate insiders own 8.50% of the company’s stock.

A number of hedge funds have recently made changes to their positions in SI. Captrust Financial Advisors bought a new position in shares of Silvergate Capital during the 1st quarter valued at approximately $26,000. Quantbot Technologies LP bought a new position in Silvergate Capital in the 1st quarter worth $28,000. Macquarie Group Ltd. purchased a new stake in Silvergate Capital in the 2nd quarter worth $31,000. IFP Advisors Inc raised its holdings in Silvergate Capital by 50.0% during the third quarter. IFP Advisors Inc now owns 270 shares of the company’s stock valued at $31,000 after acquiring an additional 90 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Silvergate Capital in the first quarter worth about $51,000. 73.71% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Silvergate Capital (NYSE:SI)

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