Nationwide Fund Advisors Trims Holdings in Signature Bank (SBNY)
Nationwide Fund Advisors trimmed its position in shares of Signature Bank (NASDAQ:SBNY) by 0.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 249,418 shares of the bank’s stock after selling 1,812 shares during the period. Nationwide Fund Advisors owned 0.46% of Signature Bank worth $35,799,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in SBNY. Pacad Investment Ltd. bought a new position in Signature Bank during the second quarter valued at $100,000. Quantbot Technologies LP bought a new position in Signature Bank during the first quarter valued at $127,000. Israel Discount Bank of New York bought a new position in Signature Bank during the first quarter valued at $148,000. Commonwealth Bank of Australia grew its holdings in 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 purchasing an additional 60 shares during the period. Finally, Bronfman E.L. Rothschild L.P. grew its holdings in 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 purchasing an additional 21 shares during the period. 95.80% of the stock is owned by institutional investors and hedge funds.
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Signature Bank (NASDAQ SBNY) traded down 1.09% during midday trading on Friday, reaching $118.56. The company had a trading volume of 143,810 shares. The firm has a 50-day moving average price of $130.29 and a 200-day moving average price of $140.73. The company has a market capitalization of $6.41 billion, a price-to-earnings ratio of 18.99 and a beta of 0.97. Signature Bank has a 52 week low of $113.53 and a 52 week high of $164.23.
Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings data on Wednesday, July 19th. The bank reported $2.21 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.01). The company had revenue of $316.79 million during the quarter, compared to analysts’ expectations of $324.44 million. Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. During the same quarter last year, the company earned $1.90 earnings per share. Analysts expect that Signature Bank will post $7.22 EPS for the current fiscal year.
Several brokerages have weighed in on SBNY. Hovde Group raised Signature Bank from an “underperform” rating to a “market perform” rating and set a $132.00 price objective for the company in a report on Monday. BidaskClub lowered Signature Bank from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $158.00 price objective on shares of Signature Bank in a report on Friday, July 14th. Jefferies Group LLC reissued a “buy” rating and set a $175.00 price objective on shares of Signature Bank in a report on Thursday, May 25th. Finally, Barclays PLC reissued an “overweight” rating and set a $170.00 price objective (down from $175.00) on shares of Signature Bank in a report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $163.57.
Signature Bank 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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