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

Shares of SVB Financial Group 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 has advanced 24.9% and the S&P 500 has gained 5.2%.

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

Portions of SVB Financial Group drooped 5.1% in evening time exchanging Monday, to pace the entirety of the S&P 500's decliners, after the banking and monetary administrations organization declared designs for a public contribution of 2 million offers. That offering would address about 3.8% of the offers exceptional. The cost of the contribution has not yet been resolved. Goldman Sachs and BofA Securities are the joint book-running directors. The stock, which shut at a record $551.63 as of late as March 11, has run up 32.9% year to date, while the SPDR S&P Bank ETF has progressed 24.9% and the S&P 500 has acquired 5.2%.