Signature Bank (NASDAQ:SBNY) gapped up prior to trading on Thursday . The stock had previously closed at $122.18, but opened at $122.42. Signature Bank shares last traded at $123.58, with a volume of 260,018 shares trading hands.

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley reissued an “overweight” rating on shares of Signature Bank in a research report on Wednesday, June 29th. Credit Suisse Group AG boosted their target price on shares of Signature Bank from $113.00 to $145.00 and gave the company an “outperform” rating in a research report on Monday, March 28th. Merion Capital Group assumed coverage on shares of Signature Bank in a research report on Friday, April 1st. They issued an “outperform” rating and a $162.00 target price for the company. Deutsche Bank AG reissued a “buy” rating and issued a $170.00 target price on shares of Signature Bank in a research report on Thursday, April 21st. Finally, Jefferies Group reissued a “buy” rating and issued a $155.00 target price on shares of Signature Bank in a research report on Thursday. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $160.37.

The stock’s 50-day moving average is $129.31 and its 200-day moving average is $135.62. The stock has a market capitalization of $6.66 billion and a P/E ratio of 16.32.

Signature Bank (NASDAQ:SBNY) last issued its earnings results on Wednesday, April 20th. The company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.95 by $0.02. During the same period in the prior year, the company posted $1.64 earnings per share. On average, analysts expect that Signature Bank will post $8.20 EPS for the current fiscal year.

A number of hedge funds and institutional investors recently modified their holdings of the company. Whittier Trust Co. increased its position in shares of Signature Bank by 1.1% in the fourth quarter. Whittier Trust Co. now owns 14,504 shares of the company’s stock valued at $2,224,000 after buying an additional 153 shares in the last quarter. Bank of Montreal Can increased its position in shares of Signature Bank by 0.3% in the fourth quarter. Bank of Montreal Can now owns 97,430 shares of the company’s stock valued at $14,942,000 after buying an additional 285 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Signature Bank by 0.3% in the fourth quarter. Principal Financial Group Inc. now owns 160,202 shares of the company’s stock valued at $24,570,000 after buying an additional 425 shares in the last quarter. Strategic Global Advisors LLC increased its position in shares of Signature Bank by 4.3% in the fourth quarter. Strategic Global Advisors LLC now owns 12,800 shares of the company’s stock valued at $1,963,000 after buying an additional 529 shares in the last quarter. Finally, US Bancorp DE increased its position in shares of Signature Bank by 3.7% in the fourth quarter. US Bancorp DE now owns 26,099 shares of the company’s stock valued at $4,004,000 after buying an additional 930 shares in the last quarter.

Signature Bank (the Bank) is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area, including those in Manhattan, Brooklyn, Westchester, Long Island, Queens, the Bronx, Staten Island and Connecticut. The Bank offers a range of business and personal banking products and services.

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