Gilder Gagnon Howe & Co. LLC Reduces Position in Signature Bank (SBNY)
Gilder Gagnon Howe & Co. LLC cut its position in shares of Signature Bank (NASDAQ:SBNY) by 5.1% during the second quarter, Holdings Channel reports. The firm owned 24,448 shares of the bank’s stock after selling 1,326 shares during the period. Gilder Gagnon Howe & Co. LLC’s holdings in Signature Bank were worth $3,509,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Quantbot Technologies LP bought a new stake in Signature Bank during the first quarter valued at about $127,000. Israel Discount Bank of New York bought a new stake in Signature Bank during the first quarter valued at about $148,000. Mn Services Vermogensbeheer B.V. raised its stake in Signature Bank by 4.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 1,440 shares of the bank’s stock valued at $200,000 after buying an additional 65 shares during the last quarter. Koch Industries Inc. bought a new stake in Signature Bank during the first quarter valued at about $204,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in Signature Bank during the first quarter valued at about $219,000. Institutional investors own 97.32% of the company’s stock.
Shares of Signature Bank (NASDAQ:SBNY) opened at 133.66 on Thursday. The company has a market cap of $7.23 billion, a price-to-earnings ratio of 21.41 and a beta of 0.95. The firm has a 50-day moving average price of $138.38 and a 200 day moving average price of $146.04. Signature Bank has a 1-year low of $113.53 and a 1-year high of $164.23.
Signature Bank (NASDAQ:SBNY) last posted its earnings results on Wednesday, July 19th. The bank reported $2.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.22 by $0.01. Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. The firm had revenue of $316.79 million for the quarter, compared to the consensus estimate of $324.44 million. During the same period in the prior year, the business earned $1.90 EPS. On average, analysts predict that Signature Bank will post $7.23 EPS for the current fiscal year.
SBNY has been the topic of several analyst reports. Jefferies Group LLC reiterated a “buy” rating and set a $175.00 target price on shares of Signature Bank in a report on Thursday, May 25th. Bank of America Corporation reiterated a “buy” rating and set a $175.00 target price on shares of Signature Bank in a report on Thursday, May 25th. ValuEngine upgraded Signature Bank from a “hold” rating to a “buy” rating in a report on Thursday, May 11th. Keefe, Bruyette & Woods set a $164.00 target price on Signature Bank and gave the stock a “buy” rating in a report on Monday, June 5th. Finally, Maxim Group reiterated a “buy” rating and set a $175.00 target price on shares of Signature Bank in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company. Signature Bank presently has an average rating of “Buy” and a consensus price target of $167.85.
Signature Bank Company Profile
Signature Bank is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area. Its segments include Commercial Banking and Specialty Finance. It offers a range of business and personal banking products and services. Its specialty finance subsidiary, Signature Financial LLC (Signature Financial), provides equipment finance and leasing services.
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