Signature Bank (SBNY) Expected to Earn Q3 2017 Earnings of $2.20 Per Share
Signature Bank (NASDAQ:SBNY) – Investment analysts at Wedbush reduced their Q3 2017 earnings per share (EPS) estimates for shares of Signature Bank in a report released on Wednesday. Wedbush analyst D. Chiaverini now forecasts that the bank will earn $2.20 per share for the quarter, down from their previous forecast of $2.24. Wedbush has a “Neutral” rating and a $126.00 price objective on the stock. Wedbush also issued estimates for Signature Bank’s Q4 2017 earnings at $2.20 EPS, FY2017 earnings at $7.13 EPS, Q1 2018 earnings at $2.22 EPS, Q2 2018 earnings at $2.25 EPS and Q3 2018 earnings at $2.28 EPS.
A number of other equities research analysts have also commented on SBNY. Bank of America Corporation restated a “buy” rating and set a $175.00 price objective on shares of Signature Bank in a report on Thursday, May 25th. Jefferies Group LLC restated a “buy” rating and set a $175.00 price objective on shares of Signature Bank in a report on Thursday, May 25th. BMO Capital Markets restated a “hold” rating and set a $165.00 price objective on shares of Signature Bank in a report on Friday, May 26th. ValuEngine lowered shares of Signature Bank from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods set a $164.00 price objective on shares of Signature Bank and gave the stock a “buy” rating in a report on Monday, June 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $158.93.
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Signature Bank (SBNY) opened at 120.22 on Thursday. The stock has a 50 day moving average of $128.78 and a 200-day moving average of $139.56. Signature Bank has a 1-year low of $113.53 and a 1-year high of $164.23. The firm has a market capitalization of $6.50 billion, a P/E ratio of 19.26 and a beta of 0.97.
Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share for the quarter, missing the Zacks’ 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 company had revenue of $316.79 million during the quarter, compared to analyst estimates of $324.44 million. During the same period last year, the company posted $1.90 earnings per share.
Hedge funds have recently modified their holdings of the business. Prudential Financial Inc. increased its stake in Signature Bank by 2.0% in the 1st quarter. Prudential Financial Inc. now owns 133,366 shares of the bank’s stock valued at $19,790,000 after buying an additional 2,656 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Signature Bank by 41.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 359,859 shares of the bank’s stock worth $51,650,000 after purchasing an additional 105,237 shares during the last quarter. Icon Advisers Inc. Co. increased its stake in shares of Signature Bank by 1.1% during the 2nd quarter. Icon Advisers Inc. Co. now owns 114,820 shares of the bank’s stock worth $16,480,000 after purchasing an additional 1,300 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Signature Bank by 19.1% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 17,033 shares of the bank’s stock worth $2,445,000 after purchasing an additional 2,730 shares during the last quarter. Finally, Macquarie Group Ltd. increased its stake in shares of Signature Bank by 112.1% during the 1st quarter. Macquarie Group Ltd. now owns 181,749 shares of the bank’s stock worth $26,970,000 after purchasing an additional 96,074 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.
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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