Signature Bank (SBNY) Stake Raised by Icon Advisers Inc. Co.
Icon Advisers Inc. Co. increased its position in shares of Signature Bank (NASDAQ:SBNY) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 114,820 shares of the bank’s stock after acquiring an additional 1,300 shares during the quarter. Signature Bank accounts for about 1.1% of Icon Advisers Inc. Co.’s holdings, making the stock its 12th largest position. Icon Advisers Inc. Co. owned approximately 0.21% of Signature Bank worth $16,480,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Pacad Investment Ltd. acquired a new stake in shares of Signature Bank during the second quarter valued at approximately $100,000. Quantbot Technologies LP acquired a new stake in shares of Signature Bank during the first quarter valued at approximately $127,000. Israel Discount Bank of New York acquired a new stake in shares of Signature Bank during the first quarter valued at approximately $148,000. Commonwealth Bank of Australia raised its holdings in shares of Signature Bank by 5.1% during the second quarter. Commonwealth Bank of Australia now owns 1,233 shares of the bank’s stock valued at $176,000 after acquiring an additional 60 shares during the period. Finally, Bronfman E.L. Rothschild L.P. raised its holdings in shares of Signature Bank by 1.5% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,406 shares of the bank’s stock valued at $202,000 after acquiring an additional 21 shares during the period. Institutional investors and hedge funds own 95.80% of the company’s stock.
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A number of research firms have recently issued reports on SBNY. Jefferies Group LLC restated a “buy” rating and set a $169.00 price target on shares of Signature Bank in a report on Wednesday, June 28th. Keefe, Bruyette & Woods restated a “buy” rating and set a $158.00 price target on shares of Signature Bank in a report on Friday, July 14th. Morgan Stanley boosted their price target on shares of Signature Bank from $160.00 to $170.00 and gave the company an “overweight” rating in a report on Tuesday, June 6th. ValuEngine lowered shares of Signature Bank from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Bank of America Corporation restated a “buy” rating and set a $175.00 price target on shares of Signature Bank in a report on Thursday, May 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $163.57.
Signature Bank (SBNY) traded down 5.08% during mid-day trading on Wednesday, reaching $122.34. 307,822 shares of the company’s stock traded hands. The stock has a market cap of $6.62 billion, a P/E ratio of 19.60 and a beta of 0.97. Signature Bank has a 1-year low of $113.53 and a 1-year high of $164.23. The firm has a 50-day moving average price of $131.33 and a 200-day moving average price of $141.21.
Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.01). The business had revenue of $316.79 million for the quarter, compared to the consensus estimate of $324.44 million. Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. During the same period in the prior year, the business earned $1.90 earnings per share. Equities research analysts anticipate that Signature Bank will post $7.23 EPS for the current fiscal year.
About Signature Bank
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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