SVB Financial stock sinks to pace the S&P 500's losers after plans for stock offering

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Shares of SVB Financial Group (SIVB) slumped 5.1% in afternoon trading Monday, to pace all of the S&P 500’s decliners, after the banking and financial services company announced plans for a public offering of 2 million shares. That offering would represent about 3.8% of the shares outstanding. The price of the offering has not yet been determined. Goldman Sachs and BofA Securities are the joint book-running managers. The stock, which closed at a record $551.63 as recently as March 11, has run up 32.9% year to date, while the SPDR S&P Bank ETF (KBE) has advanced 24.9% and the S&P 500 has gained 5.2%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

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03-22-21 1446ET

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