Signature Bank Sees Significant Decline in Short Interest (SBNY)
Signature Bank (NASDAQ:SBNY) saw a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 1,669,887 shares, a decrease of 26.4% from the January 15th total of 2,268,661 shares, American Banking News reports. Approximately 3.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 500,939 shares, the short-interest ratio is currently 3.3 days.
A number of analysts have recently weighed in on SBNY shares. Analysts at Zacks upgraded shares of Signature Bank from a “neutral” rating to an “outperform” rating in a research note on Monday, January 27th. They now have a $129.70 price target on the stock. Separately, analysts at Maxim Group raised their price target on shares of Signature Bank from $125.00 to $140.00 in a research note on Wednesday, January 22nd. They now have a “buy” rating on the stock. Finally, analysts at Guggenheim upgraded shares of Signature Bank from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $107.36.
Shares of Signature Bank (NASDAQ:SBNY) opened at 122.58 on Friday. Signature Bank has a one year low of $70.58 and a one year high of $129.83. The stock’s 50-day moving average is $117.7 and its 200-day moving average is $102.5. The company has a market cap of $5.797 billion and a P/E ratio of 25.59.
Signature Bank (NASDAQ:SBNY) last released its earnings data on Tuesday, January 21st. The company reported $1.34 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.26 by $0.08. During the same quarter last year, the company posted $1.05 earnings per share. Analysts expect that Signature Bank will post $5.80 EPS for the current fiscal year.
Signature Bank (NASDAQ:SBNY) is a full-service commercial bank with 25 private client offices located in the New York metropolitan area serving the needs of privately owned business clients and their owners and senior managers.
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