Signature Bank (NASDAQ:SBNY) was upgraded by research analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a note issued to investors on Thursday.

A number of other equities research analysts have also recently weighed in on the company. Maxim Group reaffirmed a “buy” rating and set a $190.00 price target on shares of Signature Bank in a report on Thursday. BidaskClub raised Signature Bank from a “sell” rating to a “hold” rating in a report on Thursday, October 11th. Wells Fargo & Co cut their price target on Signature Bank from $150.00 to $130.00 and set an “outperform” rating on the stock in a report on Tuesday, October 2nd. Morgan Stanley cut their price target on Signature Bank from $135.00 to $133.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 18th. Finally, Hovde Group raised Signature Bank from a “market perform” rating to an “outperform” rating and cut their price target for the company from $144.00 to $133.00 in a report on Wednesday, August 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $145.00.

SBNY opened at $112.80 on Thursday. The company has a market cap of $6.19 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 0.95 and a beta of 1.02. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.22. Signature Bank has a twelve month low of $106.39 and a twelve month high of $161.92.

Signature Bank (NASDAQ:SBNY) last released its quarterly earnings results on Thursday, October 18th. The bank reported $2.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.83 by $0.01. The company had revenue of $329.34 million for the quarter, compared to analysts’ expectations of $331.77 million. Signature Bank had a return on equity of 13.84% and a net margin of 26.76%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.29 earnings per share. As a group, analysts anticipate that Signature Bank will post 11.06 earnings per share for the current year.

A number of large investors have recently made changes to their positions in SBNY. GSA Capital Partners LLP bought a new stake in Signature Bank during the first quarter worth approximately $410,000. Point72 Asset Management L.P. purchased a new position in Signature Bank during the 1st quarter worth approximately $795,000. Cubist Systematic Strategies LLC grew its position in Signature Bank by 234.5% during the 1st quarter. Cubist Systematic Strategies LLC now owns 4,750 shares of the bank’s stock worth $674,000 after purchasing an additional 3,330 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its position in Signature Bank by 20.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 59,065 shares of the bank’s stock worth $8,384,000 after purchasing an additional 10,044 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new position in Signature Bank during the 1st quarter worth approximately $375,000. 95.73% of the stock is currently owned by hedge funds and other institutional investors.

About Signature Bank

Signature Bank provides various business and personal banking products and services. It accepts various deposit products, including commercial checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, interest-bearing and non-interest-bearing checking accounts, certificates of deposit, time deposits, and other cash management products.

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Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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