Signature Bank (NASDAQ:SBNY) Lowered to C+ at TheStreet
Signature Bank (NASDAQ:SBNY) was downgraded by research analysts at TheStreet from a “b” rating to a “c+” rating in a report issued on Wednesday.
SBNY has been the topic of a number of other research reports. Deutsche Bank AG lowered their price objective on Signature Bank from $181.00 to $178.00 and set a “buy” rating on the stock in a report on Friday, March 24th. BidaskClub lowered Signature Bank from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Wedbush reaffirmed an “outperform” rating and issued a $165.00 price objective on shares of Signature Bank in a report on Tuesday, June 27th. Keefe, Bruyette & Woods set a $164.00 price objective on Signature Bank and gave the company a “buy” rating in a report on Monday, April 3rd. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $166.00 price objective (down previously from $170.00) on shares of Signature Bank in a report on Friday, July 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. Signature Bank has an average rating of “Buy” and a consensus target price of $167.85.
Shares of Signature Bank (NASDAQ SBNY) traded down 1.58% during mid-day trading on Wednesday, hitting $131.95. The stock had a trading volume of 598,803 shares. The firm has a market cap of $7.14 billion, a PE ratio of 21.14 and a beta of 0.96. Signature Bank has a 52-week low of $113.53 and a 52-week high of $164.23. The firm has a 50 day moving average price of $142.54 and a 200 day moving average price of $147.52.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.22 by $0.01. Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. The company had revenue of $316.79 million for the quarter, compared to analysts’ expectations of $324.44 million. During the same period in the prior year, the business earned $1.90 EPS. Equities analysts predict that Signature Bank will post $9.33 EPS for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased 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 valued at $701,915,000 after buying an additional 4,655,975 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Signature Bank by 5.2% in the first quarter. Vanguard Group Inc. now owns 4,223,410 shares of the bank’s stock valued at $626,711,000 after buying an additional 210,510 shares in the last quarter. State Street Corp increased its position in shares of Signature Bank by 8.0% in the fourth quarter. State Street Corp now owns 2,825,079 shares of the bank’s stock valued at $424,318,000 after buying an additional 208,954 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Signature Bank by 1.9% in the first quarter. Franklin Resources Inc. now owns 2,395,329 shares of the bank’s stock valued at $326,056,000 after buying an additional 45,153 shares in the last quarter. Finally, Alecta Pensionsforsakring Omsesidigt increased its position in shares of Signature Bank by 7.8% in the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,341,200 shares of the bank’s stock valued at $336,032,000 after buying an additional 168,772 shares in the last quarter. Hedge funds and other institutional investors own 96.82% 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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