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.

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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.

Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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