Signature Bank (NASDAQ:SBNY)’s share price gapped up before the market opened 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 traded.

Several equities analysts have recently commented on SBNY shares. Vetr raised Signature Bank from a “buy” rating to a “strong-buy” rating and set a $163.00 price target on the stock in a research note on Wednesday, April 20th. Deutsche Bank AG reiterated a “buy” rating and issued a $170.00 price objective on shares of Signature Bank in a report on Sunday, March 20th. Credit Suisse Group AG boosted their price objective on Signature Bank from $113.00 to $145.00 and gave the company an “outperform” rating in a report on Monday, March 28th. Sandler O’Neill boosted their price objective on Signature Bank to $136.00 and gave the company a “hold” rating in a report on Monday, March 28th. Finally, Jefferies Group boosted their price objective on Signature Bank from $118.00 to $144.00 and gave the company a “buy” rating in a report on Monday, March 28th. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. Signature Bank has a consensus rating of “Buy” and an average price target of $160.37.

The firm has a market cap of $6.77 billion and a price-to-earnings ratio of 16.58. The company’s 50-day moving average price is $129.09 and its 200-day moving average price is $135.43.

Signature Bank (NASDAQ:SBNY) last issued its earnings results on Wednesday, April 20th. The company reported $1.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.95 by $0.02. During the same period last year, the firm posted $1.64 earnings per share. Analysts forecast that Signature Bank will post $8.19 earnings per share for the current year.

A number of hedge funds and institutional investors have recently modified their holdings of SBNY. Rhumbline Advisers boosted its position in shares of Signature Bank by 1.8% in the fourth quarter. Rhumbline Advisers now owns 82,895 shares of the company’s stock worth $12,714,000 after buying an additional 1,448 shares during the last quarter. OppenheimerFunds Inc. boosted its position in shares of Signature Bank by 16.3% in the fourth quarter. OppenheimerFunds Inc. now owns 419,762 shares of the company’s stock worth $64,379,000 after buying an additional 58,941 shares during the last quarter. Strategic Global Advisors LLC boosted 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 worth $1,963,000 after buying an additional 529 shares during the last quarter. California Public Employees Retirement System boosted its position in shares of Signature Bank by 13.1% in the fourth quarter. California Public Employees Retirement System now owns 147,400 shares of the company’s stock worth $22,607,000 after buying an additional 17,100 shares during the last quarter. Finally, Profund Advisors LLC boosted its position in shares of Signature Bank by 65.9% in the fourth quarter. Profund Advisors LLC now owns 8,524 shares of the company’s stock worth $1,307,000 after buying an additional 3,386 shares during 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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