Signature Bank (SBNY) Receives Average Rating of “Buy” from Brokerages
Shares of Signature Bank (NASDAQ:SBNY) have been given a consensus recommendation of “Buy” by the sixteen analysts that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $171.00.
Several equities analysts have issued reports on the company. BidaskClub upgraded Signature Bank from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Keefe, Bruyette & Woods set a $164.00 target price on Signature Bank and gave the stock a “buy” rating in a research report on Monday, April 3rd. ValuEngine cut Signature Bank from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Morgan Stanley boosted their target price on Signature Bank from $160.00 to $170.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 6th. Finally, BMO Capital Markets restated a “hold” rating and issued a $170.00 price target on shares of Signature Bank in a report on Wednesday, March 22nd.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. acquired a new position in shares of Signature Bank during the fourth quarter worth $8,006,000. Cadence Capital Management LLC raised its position in shares of Signature Bank by 5.2% in the fourth quarter. Cadence Capital Management LLC now owns 1,917 shares of the bank’s stock valued at $288,000 after buying an additional 94 shares during the period. Tredje AP fonden raised its position in shares of Signature Bank by 28.5% in the fourth quarter. Tredje AP fonden now owns 1,850 shares of the bank’s stock valued at $278,000 after buying an additional 410 shares during the period. Federated Investors Inc. PA raised its position in shares of Signature Bank by 9.3% in the fourth quarter. Federated Investors Inc. PA now owns 31,382 shares of the bank’s stock valued at $4,714,000 after buying an additional 2,668 shares during the period. Finally, Elkfork Partners LLC purchased a new position in shares of Signature Bank during the fourth quarter valued at $450,000. 96.37% of the stock is currently owned by institutional investors.
Signature Bank (NASDAQ SBNY) opened at 136.68 on Friday. The stock has a 50 day moving average price of $142.79 and a 200-day moving average price of $149.12. Signature Bank has a one year low of $113.53 and a one year high of $164.23. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 17.34 and a beta of 0.93.
Signature Bank (NASDAQ:SBNY) last posted its earnings results on Wednesday, April 19th. The bank reported $2.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.10 by $0.05. The business had revenue of $311.63 million during the quarter, compared to the consensus estimate of $311.70 million. Signature Bank had a return on equity of 12.37% and a net margin of 30.53%. During the same period in the previous year, the business earned $1.97 EPS. On average, analysts predict that Signature Bank will post $9.41 earnings per share for the current fiscal year.
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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