SI Stock Overview
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.
Silvergate Capital Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$78.91|
|52 Week High||US$239.26|
|52 Week Low||US$50.65|
|1 Month Change||-13.27%|
|3 Month Change||47.41%|
|1 Year Change||-31.72%|
|3 Year Change||n/a|
|5 Year Change||n/a|
|Change since IPO||530.27%|
Recent News & Updates
Silvergate: A Crypto Stock Trade That's Outperforming
Summary Silvergate provides financial services to companies dealing in digital currencies. It has followed crypto movements to the upside but is not dependent on BTC climbing in price for the stock to appreciate. Technical strength off the July low has signaled the likelihood that a major bottom is in place and price is going much higher. Produced with Avi Gilburt and Ryan Wilday This article will delve into a high-quality technical setup that's developing in Silvergate Capital Corp. (NYSE:SI). Silvergate Capital provides solutions for lending, payments, and funding to a growing array of companies in the digital currency space. They also offer financial services such as commercial banking and commercial business lending. So, while Silvergate has risen and fallen in sympathy with the crypto market as it's deep in the digital currency service space, its destiny is not entirely tied to movements in Bitcoin. That said, regarding Bitcoin, though the path forecasted in the various "Moonpath" articles published over the past several months has clearly been incorrect, our expectations are still quite bullish over the next 1-3 years. We still see BTC going substantially higher and rewarding investors with longer time horizons. Though not exciting in and of itself, SI is down roughly 38% year-to-date as of writing this article, whereas BTC is down approximately 58%. From the 2022 low, which was struck in July, SI is up over 82% as compared to BTC, which is up about 10% from its June low. Please see the charts below as visual aid for the technical analysis: SI Daily Chart (Jason Appel (Crypto Waves)) First, starting with the daily chart. Our larger degree perspective is that SI has rallied impulsively off the 2020 low. The November high can count as a wave (5), thereby completing a full 5 waves up as shown in blue. However, inside of an impulse, waves (1), (3), and (5) should all be 5 wave moves, and while the rally from the May 2021 low into November exceeded the February high, it did not do so as a clear 5 waves. As such, we are open to the possibility that the recent low has completed a wave (4) of the initial (expected) 5 waves up from the 2020 low; or that the recent low constitutes Primary wave 2 of a much bigger degree 5 up in formation. Given a clearly corrective move from the high (whether that's counted from February or November 2021) into the July 2022 low, and now an impulsive rally from that low, expectations are for substantially higher levels to come in both cases: whether as wave (5) in black or wave (1) of circle 3 in blue. SI micro chart (Jason Appel (Crypto Waves)) Next, let us observe the micro chart (above) showing a detailed display of the wave structure since the July 2022 low. In this case, we have a clear 5 wave structure with appropriate proportions in length among the waves and each of the motive subwaves, i, iii, and v are all smaller degree fractal impulses. In our Fibonacci Pinball methodology, after an initial 5 waves up, in this case wave i, expectations are for a corrective pullback that only retraces a portion of the initial advance. Following the initiation move and first pullback, i.e., the i-ii, an impulse then follows with a 5 wave move which should ideally exceed the 1.382 extension of the initial wave i. That is our wave iii, and in this case, SI nearly reached the 2.0 extension of wave i for the wave iii. Following the completion of wave iii, price is expected to retrace a small portion of the wave iii advance and should ideally maintain well above the wave i high. SI did exactly that, pulling back into support for wave iv in late July. From there, the completion of the impulse depends on price forming another micro 5 wave rally, exceeding the wave iii high and ideally, doing so just by a few Fibonacci extensions before topping. As you can see, SI very nicely followed this structure for all 5 waves composing the wave 1. The significance of the 5 wave move is that, in Elliott Wave, we have observed that these impulse movements tend to imply that following a partial correction, price will continue in the direction of the trend. Lastly, let us examine the one-hour chart: SI 1hr chart (Jason Appel (Crypto Waves)) SI has a clear 3 wave move down from the August high into this week's low, right into the standard retrace support region, noted by the blue box on the chart. Furthermore, the rally from this week's low has surpassed the initial resistance, suggesting that a potential bottom has been struck in wave 2. Should price head south and form a lower low, please note that standard expectations for continuation higher dictate that the .618 retrace should ideally hold. That is at the $67.83 level. As such, we consider support to range all the way down to roughly $67 in the event that this week's low is breached. Should $67 break, while it does not constitute an invalidation of the larger setup presented, it would cast greater doubt on the prospect of upside follow through.
|SI||US Banks||US Market|
Return vs Industry: SI underperformed the US Banks industry which returned -24.8% over the past year.
Return vs Market: SI underperformed the US Market which returned -22.1% over the past year.
|SI Average Weekly Movement||12.2%|
|Banks Industry Average Movement||3.4%|
|Market Average Movement||6.9%|
|10% most volatile stocks in US Market||15.8%|
|10% least volatile stocks in US Market||2.8%|
Stable Share Price: SI is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 12% a week.
Volatility Over Time: SI's weekly volatility (12%) has been stable over the past year, but is still higher than 75% of US stocks.
About the Company
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. The company accepts deposit products, including interest and noninterest bearing demand accounts, money market and savings accounts, and certificates of deposit accounts. Its loan products comprise one-to-four family real estate loans, multi-family real estate loans, commercial real estate loans, construction loans, commercial and industrial loans, mortgage warehouse loans, and reverse mortgage loans, as well as consumer loans and other loans secured by personal property.
Silvergate Capital Fundamentals Summary
|SI fundamental statistics|
Is SI overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|SI income statement (TTM)|
|Cost of Revenue||US$0|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||3.24|
|Net Profit Margin||42.15%|
How did SI perform over the long term?See historical performance and comparison
Is SI undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 2/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for SI?
Other financial metrics that can be useful for relative valuation.
|What is SI's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does SI's PE Ratio compare to its peers?
|SI PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
PPBI Pacific Premier Bancorp
FBP First BanCorp
LOB Live Oak Bancshares
FBK FB Financial
SI Silvergate Capital
Price-To-Earnings vs Peers: SI is expensive based on its Price-To-Earnings Ratio (24.4x) compared to the peer average (9.5x).
Price to Earnings Ratio vs Industry
How does SI's PE Ratio compare vs other companies in the US Banks Industry?
Price-To-Earnings vs Industry: SI is expensive based on its Price-To-Earnings Ratio (24.4x) compared to the US Banks industry average (9.5x)
Price to Earnings Ratio vs Fair Ratio
What is SI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||24.4x|
|Fair PE Ratio||21.9x|
Price-To-Earnings vs Fair Ratio: SI is expensive based on its Price-To-Earnings Ratio (24.4x) compared to the estimated Fair Price-To-Earnings Ratio (21.9x).
Share Price vs Fair Value
What is the Fair Price of SI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: SI ($78.91) is trading below our estimate of fair value ($194.91)
Significantly Below Fair Value: SI is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.
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How is Silvergate Capital forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?
Future Growth Score5/6
Future Growth Score 5/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: SI's forecast earnings growth (37.2% per year) is above the savings rate (1.9%).
Earnings vs Market: SI's earnings (37.2% per year) are forecast to grow faster than the US market (14.8% per year).
High Growth Earnings: SI's earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: SI's revenue (32.7% per year) is forecast to grow faster than the US market (7.6% per year).
High Growth Revenue: SI's revenue (32.7% per year) is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: SI's Return on Equity is forecast to be low in 3 years time (17.1%).
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How has Silvergate Capital performed over the past 5 years?
Past Performance Score5/6
Past Performance Score 5/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: SI has high quality earnings.
Growing Profit Margin: SI's current net profit margins (42.1%) are higher than last year (40.5%).
Past Earnings Growth Analysis
Earnings Trend: SI's earnings have grown significantly by 45.9% per year over the past 5 years.
Accelerating Growth: SI's earnings growth over the past year (105.7%) exceeds its 5-year average (45.9% per year).
Earnings vs Industry: SI earnings growth over the past year (105.7%) exceeded the Banks industry 8.7%.
Return on Equity
High ROE: SI's Return on Equity (7.8%) is considered low.
Discover strong past performing companies
How is Silvergate Capital's financial position? (This company is analysed differently as a bank or financial institution)
Financial Health Score6/6
Financial Health Score 6/6
Allowance for Bad Loans
Low Risk Liabilities
Low Risk Deposits
Level of Bad Loans
Financial Position Analysis
Debt to Equity History and Analysis
Financial Institutions Analysis
Asset Level: SI's Assets to Equity ratio (11.2x) is moderate.
Allowance for Bad Loans: SI has a sufficient allowance for bad loans (119%).
Low Risk Liabilities: 93% of SI's liabilities are made up of primarily low risk sources of funding.
Loan Level: SI has an appropriate level of Loans to Assets ratio (4%).
Low Risk Deposits: SI's Loans to Deposits ratio (4%) is appropriate.
Level of Bad Loans: SI has an appropriate level of bad loans (0.6%).
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What is Silvergate Capital current dividend yield, its reliability and sustainability?
Dividend Score 0/6
Future Dividend Coverage
Dividend Yield vs Market
|Silvergate Capital Dividend Yield vs Market|
|Company (Silvergate Capital)||n/a|
|Market Bottom 25% (US)||1.6%|
|Market Top 25% (US)||4.6%|
|Industry Average (Banks)||3.4%|
|Analyst forecast in 3 Years (Silvergate Capital)||0%|
Notable Dividend: Unable to evaluate SI's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.
High Dividend: Unable to evaluate SI's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.
Stability and Growth of Payments
Stable Dividend: Insufficient data to determine if SI's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if SI's dividend payments have been increasing.
Current Payout to Shareholders
Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: No need to calculate the sustainability of SI's dividend in 3 years as they are not forecast to pay a notable one for the US market.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Alan Lane (60 yo)
Mr. Alan J. Lane serves as President, CEO & Director of Silvergate Bank. He serves as Director and Chief Executive Officer of Silvergate Capital Corporation and serves as its President and has been with th...
CEO Compensation Analysis
|Alan Lane's Compensation vs Silvergate Capital Earnings|
|Date||Total Comp.||Salary||Company Earnings|
|Jun 30 2022||n/a||n/a|
|Mar 31 2022||n/a||n/a|
|Dec 31 2021||US$2m||US$520k|
|Sep 30 2021||n/a||n/a|
|Jun 30 2021||n/a||n/a|
|Mar 31 2021||n/a||n/a|
|Dec 31 2020||US$952k||US$492k|
|Sep 30 2020||n/a||n/a|
|Jun 30 2020||n/a||n/a|
|Mar 31 2020||n/a||n/a|
|Dec 31 2019||US$1m||US$450k|
|Sep 30 2019||n/a||n/a|
|Jun 30 2019||n/a||n/a|
|Mar 31 2019||n/a||n/a|
|Dec 31 2018||US$717k||US$412k|
|Sep 30 2018||n/a||n/a|
|Jun 30 2018||n/a||n/a|
|Mar 31 2018||n/a||n/a|
|Dec 31 2017||US$592k||US$387k|
|Dec 31 2016||US$538k||US$337k|
Compensation vs Market: Alan's total compensation ($USD1.88M) is below average for companies of similar size in the US market ($USD6.87M).
Compensation vs Earnings: Alan's compensation has increased by more than 20% in the past year.
Experienced Management: SI's management team is considered experienced (3.8 years average tenure).
Experienced Board: SI's board of directors are considered experienced (8.7 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
|22 Apr 22||SellUS$199,076||Kathleen Fraher||Individual||1,500||US$135.00|
|22 Feb 22||SellUS$340,013||Karen Brassfield||Individual||3,000||US$113.34|
|04 Feb 22||BuyUS$56,100||Michael Lempres||Individual||500||US$112.20|
|08 Nov 21||SellUS$1,096,900||Son-Jai Paik||Individual||5,000||US$219.38|
|08 Nov 21||SellUS$5,496,934||Dennis Frank||Individual||25,000||US$221.36|
|05 Nov 21||SellUS$660,000||Benjamin Reynolds||Individual||3,000||US$220.00|
|03 Nov 21||SellUS$2,167,950||Paul Colucci||Individual||10,601||US$205.45|
|03 Nov 21||SellUS$6,022,877||Derek Eisele||Individual||30,000||US$202.37|
|01 Nov 21||SellUS$856,873||Scott Reed||Individual||5,000||US$174.23|
|25 Oct 21||SellUS$1,129,134||Scott Reed||Individual||7,522||US$150.11|
|21 Oct 21||SellUS$3,764,432||Thomas Dircks||Individual||25,000||US$151.80|
|21 Oct 21||SellUS$3,741,233||Charter Digital Llc||Company||25,000||US$151.30|
|21 Oct 21||SellUS$824,806||Scott Reed||Individual||5,498||US$150.02|
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 19.4%.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Silvergate Capital Corporation's employee growth, exchange listings and data sources
- Name: Silvergate Capital Corporation
- Ticker: SI
- Exchange: NYSE
- Founded: 1988
- Industry: Regional Banks
- Sector: Banks
- Implied Market Cap: US$2.498b
- Shares outstanding: 31.66m
- Website: https://www.silvergate.com
Number of Employees
- Silvergate Capital Corporation
- 4250 Executive Square
- Suite 300
- La Jolla
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|SI||NYSE (New York Stock Exchange)||Yes||Class A Common Stock||US||USD||Nov 2019|
|0XZ||DB (Deutsche Boerse AG)||Yes||Class A Common Stock||DE||EUR||Nov 2019|
|SI *||BMV (Bolsa Mexicana de Valores)||Yes||Class A Common Stock||MX||MXN||Nov 2019|
|0A96||LSE (London Stock Exchange)||Yes||Class A Common Stock||GB||USD||Nov 2019|
|SI.PRA||NYSE (New York Stock Exchange)||5.375% DEP PFD A||US||USD||Jul 2021|
|SI||BASE (Buenos Aires Stock Exchange)||CEDEAR EACH 10 REP 1 COM||AR||ARS||Jul 2022|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/09/28 00:00|
|End of Day Share Price||2022/09/28 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.