Signature Bank (SBNY) Sees Large Volume Increase
Signature Bank (NASDAQ:SBNY) shares saw unusually-strong trading volume on Monday . Approximately 317,994 shares traded hands during mid-day trading, a decline of 16% from the previous session’s volume of 377,934 shares.The stock last traded at $120.80 and had previously closed at $119.52.
A number of research analysts recently commented on SBNY shares. JPMorgan Chase & Co. decreased their price objective on Signature Bank from $164.00 to $146.00 and set an “overweight” rating on the stock in a report on Thursday, July 7th. Piper Jaffray Cos. lowered Signature Bank from an “overweight” rating to a “neutral” rating and cut their target price for the company from $151.00 to $146.00 in a research report on Tuesday, May 31st. Raymond James Financial Inc. raised Signature Bank from an “outperform” rating to a “strong-buy” rating and set a $162.00 target price on the stock in a research report on Tuesday, June 21st. Jefferies Group reissued a “buy” rating and issued a $155.00 target price on shares of Signature Bank in a research report on Thursday, July 7th. Finally, Zacks Investment Research lowered Signature Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $158.88.
The company has a 50-day moving average price of $121.66 and a 200 day moving average price of $130.79. The stock has a market capitalization of $6.48 billion and a PE ratio of 15.62.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings results on Wednesday, July 20th. The company reported $1.90 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.97 by $0.07. During the same period in the previous year, the firm earned $1.77 EPS. Analysts expect that Signature Bank will post $8.00 EPS for the current year.
Other large investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its stake in Signature Bank by 7.6% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 120,125 shares of the company’s stock valued at $18,424,000 after buying an additional 8,522 shares during the period. RS Investment Management Co. LLC increased its stake in Signature Bank by 42.8% in the fourth quarter. RS Investment Management Co. LLC now owns 43,405 shares of the company’s stock valued at $6,657,000 after buying an additional 13,000 shares during the period. Finally, Bank of Montreal Can increased its stake in 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 during the period.
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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