Signature Bank (SBNY) Shares Gap Up to $128.45
Shares of Signature Bank (NASDAQ:SBNY) gapped up prior to trading on Thursday . The stock had previously closed at $128.20, but opened at $128.45. Signature Bank shares last traded at $130.74, with a volume of 167,968 shares changing hands.
A number of research firms have recently issued reports on SBNY. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Signature Bank in a report on Saturday, July 9th. Jefferies Group reiterated a “buy” rating and issued a $155.00 price objective on shares of Signature Bank in a report on Thursday, July 7th. Morgan Stanley reiterated an “overweight” rating on shares of Signature Bank in a report on Wednesday, June 29th. Raymond James Financial Inc. upgraded shares of Signature Bank from an “outperform” rating to a “strong-buy” rating and set a $162.00 price objective on the stock in a report on Tuesday, June 21st. Finally, Piper Jaffray Cos. downgraded shares of Signature Bank from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $151.00 to $146.00 in a report on Tuesday, May 31st. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. Signature Bank presently has an average rating of “Buy” and an average price target of $160.37.
The firm has a 50 day moving average of $128.27 and a 200-day moving average of $134.87. The stock has a market capitalization of $7.02 billion and a price-to-earnings ratio of 17.19.
Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Wednesday, April 20th. The company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.02. During the same period in the prior year, the firm earned $1.64 EPS. Equities analysts expect that Signature Bank will post $8.19 EPS for the current fiscal year.
Several large investors have made changes to their positions in SBNY. Redwood Investments LLC raised its stake in shares of Signature Bank by 17.0% in the fourth quarter. Redwood Investments LLC now owns 138,886 shares of the company’s stock valued at $21,301,000 after buying an additional 20,188 shares in the last quarter. US Bancorp DE raised its stake 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. Advisors Asset Management Inc. raised its stake in shares of Signature Bank by 52.2% in the fourth quarter. Advisors Asset Management Inc. now owns 29,164 shares of the company’s stock valued at $4,473,000 after buying an additional 10,002 shares in the last quarter. Andra AP fonden acquired a new stake in shares of Signature Bank during the fourth quarter valued at about $2,132,000. Finally, Strategic Global Advisors LLC raised its stake 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.
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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