Annuncio • Aug 30
Silvergate Capital Corporation Announces Board Changes Silvergate Capital Corporation announced departure of Alan J. Lane, a former member of the Board, on August 15, 2023, by reducing the minimum size of the Board from seven to five and by reducing the maximum size of the Board from thirteen to seven. Annuncio • May 17
Silvergate Capital Corporation Does Not Intend to Appeal the NYSE's Determination, and Expects its Securities to be Delisted from the NYSE Silvergate Capital Corporation announced that as previously disclosed, on March 17, 2023, the company was notified by the New York Stock Exchange (the ‘NYSE’) that, as the Company had not timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the ‘2022 10-K’), the NYSE would monitor the status of the Company’s late filing and related public disclosures for up to a six-month period from its due date, but that the NYSE could, in its sole discretion, commence delisting proceedings at any time during the period that is available to complete the filing, if circumstances warranted. Further, as previously disclosed on May 11, 2023, the NYSE suspended trading in the Company’s securities and indicated to the Company that it expects to commence the delisting of the Company’s securities after the Company informed the NYSE that it will not file the 2022 10-K or any subsequent periodic reports as required by Sections 13(a) or 15(d) under the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’). Later on May 11, 2023, the Company was notified by the NYSE that it had determined to commence proceedings to delist the Company’s securities from the NYSE pursuant to Section 802.01E of the NYSE Listed Company Manual as a result of the foregoing. Also on May 11, 2023, the NYSE applied to the Securities and Exchange Commission (the ‘SEC’) to delist the Company’s securities. The Company does not intend to appeal the NYSE’s determination, and therefore, it is expected that the Company’s securities will be delisted from the NYSE and deregistered under Section 12(b) of the Exchange Act ten business days following the NYSE’s application to the SEC. As of May 12, 2023, it may be possible to trade the Company’s securities on the OTC Experts Market; however, the Company makes no recommendation as to the advisability of any such trading. Board Change • May 03
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director Aanchal Gupta was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 23
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director Aanchal Gupta was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Feb 11
Rebecca Rettig to Resign from the Boards of Directors of Silvergate Capital Corporation and Silvergate Bank On February 8, 2023, Rebecca Rettig notified Silvergate Capital Corporation (the "Company") of her resignation from the boards of directors (the “Boards”) of the Company and its wholly-owned subsidiary, Silvergate Bank (the “Bank”), as well as from any committees of such Boards on which she served, effective as of February 8, 2023. Ms. Rettig advised the Company that she has accepted an executive position at another company and is resigning due to her new commitments. Annuncio • Jan 12
Rosen Law Firm Announces the Filing of A New Class Action Lawsuit on Behalf of Purchasers of the Securities of Silvergate Capital Corporation Rosen Law Firm announced the filing of a new class action lawsuit on behalf of purchasers of the securities of Silvergate Capital Corporation between November 9, 2021 and January 5, 2023, both dates inclusive. If one wish to serve as lead plaintiff, one must move the Court no later than February 6, 2023. If one purchased Silvergate securities during the Class Period may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors that: (1) the Company’s platform lacked sufficient controls and procedures to detect instances of money laundering; (2) Silvergate’s customers had engaged in money laundering in amounts exceeding $425 million; (3) as a result of the foregoing, the Company was reasonably likely to receive regulatory scrutiny and face damages, including penalties and reputational harm; and (4) as a result of the foregoing, defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment deteriorated over the past week After last week's 34% share price decline to Mex$230, the stock trades at a trailing P/E ratio of 3.3x. Average forward P/E is 9x in the Banks industry in Mexico. Total loss to shareholders of 92% over the past year. Annuncio • Jan 06
Silvergate Capital Corporation to Report Q4, 2022 Results on Jan 17, 2023 Silvergate Capital Corporation announced that they will report Q4, 2022 results Pre-Market on Jan 17, 2023 Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment deteriorated over the past week After last week's 29% share price decline to Mex$545, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Banks industry in South America. Total loss to shareholders of 87% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Mex$723 per share. Buying Opportunity • Oct 20
Now 37% undervalued after recent price drop Over the last 90 days, the stock is down 45%. The fair value is estimated to be Mex$1,718, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 29% per annum. Earnings is also forecast to grow by 30% per annum over the same time period. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Mex$1,414, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 7x in the Banks industry in South America. Total loss to shareholders of 56% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Mex$2,279 per share. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 20% share price gain to Mex$1,971, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 7x in the Banks industry in South America. Total loss to shareholders of 4.3% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Mex$2,577 per share. Reported Earnings • Jul 19
Second quarter 2022 earnings released: EPS: US$1.14 (vs US$0.81 in 2Q 2021) Second quarter 2022 results: EPS: US$1.14 (up from US$0.81 in 2Q 2021). Revenue: US$79.8m (up 88% from 2Q 2021). Net income: US$35.9m (up 72% from 2Q 2021). Profit margin: 45% (down from 49% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 70%, compared to a 29% growth forecast for the industry in Mexico. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Mex$1,150, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 7x in the Banks industry in South America. Total loss to shareholders of 48% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,941 per share. Reported Earnings • May 10
First quarter 2022 earnings released: EPS: US$0.79 (vs US$0.56 in 1Q 2021) First quarter 2022 results: EPS: US$0.79 (up from US$0.56 in 1Q 2021). Revenue: US$62.4m (up 101% from 1Q 2021). Net income: US$24.7m (up 94% from 1Q 2021). Profit margin: 40% (down from 41% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 83%, compared to a 30% growth forecast for the industry in Mexico. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 19% share price decline to Mex$1,935, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 7x in the Banks industry in South America. Total returns to shareholders of 11% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,773 per share. Recent Insider Transactions • Apr 27
Executive VP & COO recently sold Mex$4.0m worth of stock On the 22nd of April, Kathleen Fraher sold around 2k shares on-market at roughly Mex$2,698 per share. In the last 3 months, there was an even bigger sale from another insider worth Mex$6.9m. Kathleen has been a seller over the last 12 months, reducing personal holdings by Mex$22m. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 21% share price gain to Mex$2,901, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 9x in the Banks industry in South America. Total returns to shareholders of 14% over the past year. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$2.95 (up from US$1.39 in FY 2020). Revenue: US$174.5m (up 94% from FY 2020). Net income: US$75.5m (up 190% from FY 2020). Profit margin: 43% (up from 29% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 1.20% (down from 3.00% in FY 2020). Cost-to-income ratio: 51.1% (down from 65.1% in FY 2020). Non-performing loans: 0.45% (down from 0.66% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 59%, compared to a 31% growth forecast for the banks industry in Mexico. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Mex$2,230, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 8x in the Banks industry in South America. Recent Insider Transactions • Feb 25
Independent Director recently sold Mex$6.9m worth of stock On the 22nd of February, Karen Brassfield sold around 3k shares on-market at roughly Mex$2,300 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of Mex$986m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 31% share price gain to Mex$2,453, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 9x in the Banks industry in South America. Recent Insider Transactions • Feb 07
Independent Chairman recently bought Mex$1.2m worth of stock On the 4th of February, Michael Lempres bought around 500 shares on-market at roughly Mex$2,328 per share. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 30% share price decline to Mex$1,901, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 8x in the Banks industry in South America. Reported Earnings • Jan 21
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$2.95 (up from US$1.39 in FY 2020). Revenue: US$174.5m (up 94% from FY 2020). Net income: US$75.5m (up 190% from FY 2020). Profit margin: 43% (up from 29% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 52%, compared to a 32% growth forecast for the banks industry in Mexico. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to Mex$2,670, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 8x in the Banks industry in South America. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment deteriorated over the past week After last week's 22% share price decline to Mex$3,448, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 8x in the Banks industry in South America. Recent Insider Transactions • Nov 05
Independent Director recently sold Mex$18m worth of stock On the 1st of November, Scott Reed sold around 5k shares on-market at roughly Mex$3,576 per share. In the last 3 months, there was an even bigger sale from another insider worth Mex$78m. Insiders have been net sellers, collectively disposing of Mex$693m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 33% share price gain to Mex$3,926, the stock trades at a forward P/E ratio of 55x. Average forward P/E is 9x in the Banks industry in South America. Recent Insider Transactions • Oct 23
Independent Director recently sold Mex$76m worth of stock On the 21st of October, Thomas Dircks sold around 25k shares on-market at roughly Mex$3,052 per share. In the last 3 months, there was an even bigger sale from another insider worth Mex$94m. Insiders have been net sellers, collectively disposing of Mex$653m more than they bought in the last 12 months. Reported Earnings • Oct 21
Third quarter 2021 earnings released: EPS US$0.89 (vs US$0.38 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$51.7m (up 126% from 3Q 2020). Net income: US$23.5m (up 233% from 3Q 2020). Profit margin: 45% (up from 31% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 27% share price gain to Mex$2,802, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 9x in the Banks industry in South America. Recent Insider Transactions • Sep 11
Insider recently sold Mex$22m worth of stock On the 9th of September, Dennis Frank sold around 10k shares on-market at roughly Mex$2,300 per share. In the last 3 months, they made an even bigger sale worth Mex$94m. Insiders have been net sellers, collectively disposing of Mex$484m more than they bought in the last 12 months. Recent Insider Transactions • Aug 31
Executive VP & COO recently sold Mex$5.1m worth of stock On the 27th of August, Kathleen Fraher sold around 2k shares on-market at roughly Mex$2,322 per share. In the last 3 months, there was an even bigger sale from another insider worth Mex$94m. Kathleen has been a seller over the last 12 months, reducing personal holdings by Mex$18m. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 21% share price gain to US$2,362, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 8x in the Banks industry in South America. Recent Insider Transactions • Aug 05
Insider recently sold Mex$94m worth of stock On the 2nd of August, Dennis Frank sold around 46k shares on-market at roughly Mex$2,065 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of Mex$342m more than they bought in the last 12 months. Reported Earnings • Jul 23
Second quarter 2021 earnings released: EPS US$0.81 (vs US$0.29 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$42.5m (up 100% from 2Q 2020). Net income: US$20.9m (up 283% from 2Q 2020). Profit margin: 49% (up from 26% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 17% share price gain to US$2,147, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 8x in the Banks industry in South America. Recent Insider Transactions • May 30
Independent Director recently sold Mex$23m worth of stock On the 27th of May, Scott Reed sold around 10k shares on-market at roughly Mex$2,306 per share. In the last 3 months, there was an even bigger sale from another insider worth Mex$72m. Insiders have been net sellers, collectively disposing of Mex$209m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improved over the past week After last week's 24% share price gain to US$2,170, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 10x in the Banks industry in Mexico. Recent Insider Transactions • May 20
Independent Director recently sold Mex$18m worth of stock On the 17th of May, Karen Brassfield sold around 10k shares on-market at roughly Mex$1,753 per share. In the last 3 months, there was an even bigger sale from another insider worth Mex$72m. Insiders have been net sellers, collectively disposing of Mex$188m more than they bought in the last 12 months. Reported Earnings • May 13
First quarter 2021 earnings released: EPS US$0.56 (vs US$0.23 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$31.1m (up 63% from 1Q 2020). Net income: US$12.7m (up 189% from 1Q 2020). Profit margin: 41% (up from 23% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$1,869, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 10x in the Banks industry in Mexico. Reported Earnings • Apr 26
First quarter 2021 earnings released: EPS US$0.56 (vs US$0.23 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$31.1m (up 63% from 1Q 2020). Net income: US$12.7m (up 189% from 1Q 2020). Profit margin: 41% (up from 23% in 1Q 2020). The increase in margin was driven by higher revenue. Recent Insider Transactions • Mar 18
Chairman of the Board recently sold Mex$72m worth of stock On the 12th of March, Dennis Frank sold around 25k shares on-market at roughly Mex$2,887 per share. This was the largest sale by an insider in the last 3 months. Dennis has been a seller over the last 12 months, reducing personal holdings by Mex$143m. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS US$1.39 (vs US$1.38 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: US$89.9m (up 3.1% from FY 2019). Net income: US$26.0m (up 4.8% from FY 2019). Profit margin: 29% (in line with FY 2019). Net interest margin (NIM): 3.00% (down from 3.47% in FY 2019). Cost-to-income ratio: 65.1% (up from 64.6% in FY 2019). Non-performing loans: 0.66% (down from 0.88% in FY 2019). Analyst Estimate Surprise Post Earnings • Mar 11
Revenue beats expectations Revenue exceeded analyst estimates by 7.1%. Over the next year, revenue is forecast to grow 50%, compared to a 36% growth forecast for the Banks industry in Mexico.