Jefferies Group Equities Analysts Cut Earnings Estimates for Signature Bank (SBNY)
Signature Bank (NASDAQ:SBNY) – Stock analysts at Jefferies Group reduced their FY2018 earnings estimates for Signature Bank in a research report issued on Monday. Jefferies Group analyst C. Haire now forecasts that the bank will post earnings of $9.35 per share for the year, down from their prior estimate of $9.70. Jefferies Group has a “Buy” rating and a $145.00 price target on the stock. Jefferies Group also issued estimates for Signature Bank’s FY2019 earnings at $10.05 EPS.
Signature Bank (NASDAQ:SBNY) last posted 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 net margin of 23.62% and a return on equity of 12.61%. During the same period in the previous year, the firm earned $1.90 earnings per share.
SBNY has been the topic of a number of other research reports. 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. FIG Partners reissued an “outperform” rating and set a $150.00 price objective on shares of Signature Bank in a report on Monday, October 2nd. Wedbush lowered shares of Signature Bank from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $157.00 to $126.00 in a report on Wednesday, September 20th. Morgan Stanley reissued an “overweight” rating and set a $166.00 price objective (down previously from $170.00) on shares of Signature Bank in a report on Friday, July 7th. Finally, ValuEngine lowered shares of Signature Bank from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the stock. Signature Bank currently has a consensus rating of “Buy” and an average price target of $157.27.
Signature Bank (NASDAQ:SBNY) traded down 0.99% on Tuesday, reaching $125.90. 179,239 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $125.53 and a 200-day moving average of $136.39. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of 20.18 and a beta of 0.96. Signature Bank has a 12 month low of $113.53 and a 12 month high of $164.23.
A number of institutional investors have recently added to or reduced their stakes in SBNY. BlackRock Inc. lifted its position in Signature Bank by 6,271.9% during the 1st quarter. BlackRock Inc. now owns 4,730,210 shares of the bank’s stock valued at $701,915,000 after purchasing an additional 4,655,975 shares during the period. Nordea Investment Management AB lifted its position in Signature Bank by 265.2% during the 2nd quarter. Nordea Investment Management AB now owns 982,154 shares of the bank’s stock valued at $140,969,000 after purchasing an additional 713,190 shares during the period. Koch Industries Inc. lifted its position in Signature Bank by 34,799.2% during the 2nd quarter. Koch Industries Inc. now owns 480,562 shares of the bank’s stock valued at $477,000 after purchasing an additional 479,185 shares during the period. TimesSquare Capital Management LLC lifted its position in Signature Bank by 59.1% during the 2nd quarter. TimesSquare Capital Management LLC now owns 983,300 shares of the bank’s stock valued at $141,133,000 after purchasing an additional 365,400 shares during the period. Finally, Wedge Capital Management L L P NC acquired a new position in Signature Bank during the 2nd quarter valued at about $37,330,000. Institutional investors own 95.78% of the company’s stock.
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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