Signature Bank (SBNY) Expected to Post Earnings of $2.21 Per Share
Wall Street analysts expect that Signature Bank (NASDAQ:SBNY) will post earnings of $2.21 per share for the current fiscal quarter, Zacks Investment Research reports. Seventeen analysts have provided estimates for Signature Bank’s earnings, with the lowest EPS estimate coming in at $2.15 and the highest estimate coming in at $2.28. Signature Bank reported earnings per share of $2.11 during the same quarter last year, which would indicate a positive year-over-year growth rate of 4.7%. The business is expected to issue its next quarterly earnings results on Thursday, October 19th.
According to Zacks, analysts expect that Signature Bank will report full year earnings of $7.18 per share for the current fiscal year, with EPS estimates ranging from $6.80 to $7.33. For the next fiscal year, analysts anticipate that the business will report earnings of $10.08 per share, with EPS estimates ranging from $9.55 to $11.02. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that cover Signature Bank.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by $0.01. Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. The firm 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 firm posted $1.90 earnings per share.
A number of equities research analysts recently issued reports on SBNY shares. Jefferies Group LLC reissued a “buy” rating and issued a $175.00 price objective on shares of Signature Bank in a report on Thursday, May 25th. Bank of America Corporation reissued a “buy” rating and issued a $175.00 price objective on shares of Signature Bank in a report on Thursday, May 25th. ValuEngine raised shares of Signature Bank from a “hold” rating to a “buy” rating in a report on Thursday, May 11th. Keefe, Bruyette & Woods set a $164.00 price objective on shares of Signature Bank and gave the company a “buy” rating in a report on Monday, June 5th. Finally, Maxim Group reissued a “buy” rating and issued a $175.00 price objective on shares of Signature Bank in a report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company. Signature Bank currently has a consensus rating of “Buy” and a consensus price target of $167.85.
Signature Bank (NASDAQ SBNY) traded down 0.29% during trading on Friday, hitting $127.70. 316,910 shares of the company were exchanged. Signature Bank has a 12 month low of $113.53 and a 12 month high of $164.23. The stock’s 50-day moving average is $136.52 and its 200-day moving average is $144.66. The company has a market capitalization of $6.91 billion, a price-to-earnings ratio of 20.46 and a beta of 0.95.
Several hedge funds have recently modified their holdings of the company. YorkBridge Wealth Partners LLC boosted its stake in shares of Signature Bank by 6.3% in the second quarter. YorkBridge Wealth Partners LLC now owns 688 shares of the bank’s stock valued at $100,000 after buying an additional 41 shares in the last quarter. Pacad Investment Ltd. acquired a new stake in shares of Signature Bank during the second quarter valued at about $100,000. Quantbot Technologies LP acquired a new stake in shares of Signature Bank during the first quarter valued at about $127,000. Israel Discount Bank of New York acquired a new stake in shares of Signature Bank during the first quarter valued at about $148,000. Finally, Commonwealth Bank of Australia boosted its stake in shares of Signature Bank by 5.1% in the second quarter. Commonwealth Bank of Australia now owns 1,233 shares of the bank’s stock valued at $176,000 after buying an additional 60 shares in the last quarter. 94.22% of the stock is currently owned by institutional investors and hedge funds.
Signature Bank Company Profile
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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