Signature Bank (SBNY) Given Consensus Rating of “Buy” by Brokerages
Signature Bank (NASDAQ:SBNY) has been given an average rating of “Buy” by the twenty ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $155.00.
Several equities research analysts have recently issued reports on SBNY shares. Morgan Stanley lowered their price objective on Signature Bank from $164.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, September 15th. Jefferies Group reaffirmed a “buy” rating and issued a $155.00 price objective on shares of Signature Bank in a research note on Tuesday, October 24th. 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 research note on Monday, September 11th. BMO Capital Markets raised Signature Bank from a “market perform” rating to an “outperform” rating in a research note on Friday, October 20th. Finally, Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $140.00 price objective on shares of Signature Bank in a research note on Friday, October 13th.
Several large investors have recently made changes to their positions in SBNY. Parnassus Investments CA purchased a new position in shares of Signature Bank in the 3rd quarter valued at $167,732,000. Harding Loevner LP increased its holdings in shares of Signature Bank by 138.0% in the 3rd quarter. Harding Loevner LP now owns 1,802,550 shares of the bank’s stock valued at $94,865,000 after acquiring an additional 1,045,206 shares during the period. Nordea Investment Management AB grew its stake in Signature Bank by 265.2% during the 2nd quarter. Nordea Investment Management AB now owns 982,154 shares of the bank’s stock worth $140,969,000 after buying an additional 713,190 shares during the last quarter. Wedge Capital Management L L P NC grew its stake in Signature Bank by 204.4% during the 3rd quarter. Wedge Capital Management L L P NC now owns 791,794 shares of the bank’s stock worth $101,381,000 after buying an additional 531,709 shares during the last quarter. Finally, Koch Industries Inc. grew its stake in Signature Bank by 34,799.2% during the 2nd quarter. Koch Industries Inc. now owns 480,562 shares of the bank’s stock worth $477,000 after buying an additional 479,185 shares during the last quarter. Institutional investors and hedge funds own 96.33% of the company’s stock.
Signature Bank (NASDAQ SBNY) traded down $1.40 during midday trading on Friday, reaching $133.43. The company’s stock had a trading volume of 360,300 shares, compared to its average volume of 480,273. The stock has a market cap of $7,420.00, a PE ratio of 15.39, a PEG ratio of 1.73 and a beta of 1.02. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.92 and a quick ratio of 0.91. Signature Bank has a fifty-two week low of $116.68 and a fifty-two week high of $164.23.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings results on Thursday, October 19th. The bank reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.19 by $0.10. The business had revenue of $316.94 million during the quarter, compared to analysts’ expectations of $322.22 million. Signature Bank had a return on equity of 12.58% and a net margin of 26.40%. During the same quarter last year, the business posted $2.11 EPS. equities analysts predict that Signature Bank will post 7.25 EPS for the current fiscal year.
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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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