Signature Bank (SBNY) Given “Buy” Rating at Jefferies Group LLC
Signature Bank (NASDAQ:SBNY)‘s stock had its “buy” rating restated by stock analysts at Jefferies Group LLC in a note issued to investors on Monday, MarketBeat Ratings reports. They presently have a $169.00 target price on the bank’s stock, down from their prior target price of $175.00. Jefferies Group LLC’s price target points to a potential upside of 18.91% from the stock’s previous close.
A number of other analysts have also issued reports on SBNY. Keefe, Bruyette & Woods set a $164.00 price objective on Signature Bank and gave the company a “buy” rating in a research note on Monday, June 5th. BidaskClub upgraded Signature Bank from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. BMO Capital Markets reiterated a “hold” rating and set a $165.00 price objective on shares of Signature Bank in a research note on Friday, May 26th. Morgan Stanley boosted their price objective on Signature Bank from $160.00 to $170.00 and gave the company an “overweight” rating in a research note on Tuesday, June 6th. Finally, ValuEngine lowered Signature Bank from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $168.92.
Shares of Signature Bank (SBNY) traded down 1.35% on Monday, hitting $142.12. The company had a trading volume of 657,381 shares. The company has a 50 day moving average price of $142.67 and a 200 day moving average price of $149.30. Signature Bank has a 1-year low of $113.53 and a 1-year high of $164.23.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings data on Wednesday, April 19th. The bank reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.05. Signature Bank had a return on equity of 12.37% and a net margin of 30.53%. The company had revenue of $311.63 million for the quarter, compared to analyst estimates of $311.70 million. During the same period in the previous year, the company posted $1.97 EPS. Equities research analysts predict that Signature Bank will post $9.41 EPS for the current year.
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A number of institutional investors have recently made changes to their positions in SBNY. BlackRock Inc. raised its position in shares of Signature Bank by 6,271.9% in the first quarter. BlackRock Inc. now owns 4,730,210 shares of the bank’s stock worth $701,915,000 after buying an additional 4,655,975 shares in the last quarter. Norges Bank acquired a new position in shares of Signature Bank during the fourth quarter worth $106,569,000. Congress Asset Management Co. MA acquired a new position in shares of Signature Bank during the fourth quarter worth $57,903,000. Alecta Pensionsforsakring Omsesidigt raised its position in shares of Signature Bank by 14.9% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,172,428 shares of the bank’s stock worth $322,367,000 after buying an additional 281,228 shares in the last quarter. Finally, Nordea Investment Management AB raised its position in shares of Signature Bank by 1,668.6% in the first quarter. Nordea Investment Management AB now owns 268,964 shares of the bank’s stock worth $39,912,000 after buying an additional 253,756 shares in the last quarter. Institutional investors and hedge funds own 96.37% 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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