Signature Bank (NASDAQ:SBNY) was the target of a large increase in short interest in August. As of August 31st, there was short interest totalling 1,935,703 shares, an increase of 36.1% from the August 15th total of 1,421,960 shares. Based on an average daily volume of 294,214 shares, the days-to-cover ratio is currently 6.6 days. Currently, 3.7% of the company’s stock are sold short.

Several institutional investors have recently made changes to their positions in the stock. Tudor Investment Corp ET AL increased its position in shares of Signature Bank by 0.6% during the 1st quarter. Tudor Investment Corp ET AL now owns 2,418 shares of the bank’s stock worth $359,000 after purchasing an additional 14 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in shares of Signature Bank by 1.5% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,406 shares of the bank’s stock worth $202,000 after purchasing an additional 21 shares in the last quarter. Cadence Capital Management LLC increased its position in shares of Signature Bank by 1.1% during the 2nd quarter. Cadence Capital Management LLC now owns 2,118 shares of the bank’s stock worth $304,000 after purchasing an additional 23 shares in the last quarter. Boston Private Wealth LLC increased its position in shares of Signature Bank by 0.3% during the 2nd quarter. Boston Private Wealth LLC now owns 7,568 shares of the bank’s stock worth $1,086,000 after purchasing an additional 25 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its position in shares of Signature Bank by 0.7% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 6,120 shares of the bank’s stock worth $909,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 95.80% of the company’s stock.

Signature Bank (NASDAQ:SBNY) opened at 118.92 on Friday. The firm has a 50-day moving average of $129.78 and a 200 day moving average of $140.44. The company has a market cap of $6.43 billion, a PE ratio of 19.05 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 announced its earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.01). The firm had revenue of $316.79 million for the quarter, compared to analyst estimates 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 business earned $1.90 EPS. Equities research analysts expect that Signature Bank will post $7.22 earnings per share for the current fiscal year.

A number of brokerages have recently issued reports on SBNY. Jefferies Group LLC restated a “buy” rating and issued a $169.00 target price on shares of Signature Bank in a research note on Wednesday, June 28th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $158.00 target price on shares of Signature Bank in a research note on Friday, July 14th. Morgan Stanley boosted their price objective on shares of Signature Bank from $160.00 to $170.00 and gave the company an “overweight” rating in a research report on Tuesday, June 6th. ValuEngine downgraded shares of Signature Bank from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Bank of America Corporation reaffirmed a “buy” rating and set a $175.00 price objective on shares of Signature Bank in a research 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 assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $162.43.

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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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