Signature Bank Upgraded to Strong-Buy at Deutsche Bank (SBNY)
Signature Bank (NASDAQ:SBNY) was upgraded by research analysts at Deutsche Bank from an “outperform” rating to a “strong-buy” rating in a report released on Friday. The firm currently has a $136.00 target price on the stock. Deutsche Bank’s target price indicates a potential upside of 19.30% from the stock’s previous close.
The analysts wrote, “We are upgrading shares of SBNY to Strong Buy from Outperform given the recent price pullback and positive comments by management. Signature Bank is a bona fide growth story that continues to deliver strong profitability (ROA of 1.18% and ROE of 13.40%) and superior top-line growth. After 2Q14 results were posted on July 22, 2014, we increased 2014E and 2015E EPS by $0.04 to $5.76 and $6.52, respectively, to reflect yet another EPS beat and an improved outlook for net interest income growth and provision.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Raymond James upgraded shares of Signature Bank from an “outperform” rating to a “strong-buy” rating in a research note on Friday. They now have a $136.00 price target on the stock. Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of Signature Bank from $142.00 to $145.00 in a research note on Wednesday, July 23rd. Finally, analysts at Maxim Group reiterated a “buy” rating on shares of Signature Bank in a research note on Wednesday, July 23rd. They now have a $140.00 price target on the stock. Three analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. Signature Bank has a consensus rating of “Buy” and a consensus target price of $137.26.
Shares of Signature Bank (NASDAQ:SBNY) opened at 114.00 on Friday. Signature Bank has a 52-week low of $86.09 and a 52-week high of $133.09. The stock has a 50-day moving average of $121.5 and a 200-day moving average of $121.8. The company has a market cap of $5.700 billion and a P/E ratio of 21.07.
Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $1.44 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.42 by $0.02. During the same quarter in the prior year, the company posted $1.12 earnings per share. On average, analysts predict that Signature Bank will post $5.82 earnings per share 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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