Signature Bank’s (SBNY) Buy Rating Reiterated at Jefferies Group LLC
Signature Bank (NASDAQ:SBNY)‘s stock had its “buy” rating reaffirmed by analysts at Jefferies Group LLC in a note issued to investors on Thursday. They presently have a $145.00 target price on the bank’s stock, down from their prior target price of $169.00. Jefferies Group LLC’s target price would suggest a potential upside of 18.75% from the company’s previous close.
A number of other equities research analysts also recently weighed in on the company. ValuEngine downgraded Signature Bank from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. BidaskClub downgraded Signature Bank from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. TheStreet downgraded Signature Bank from a “b” rating to a “c+” rating in a research report on Wednesday, July 19th. Deutsche Bank AG lowered their price target on Signature Bank from $178.00 to $162.00 and set a “buy” rating on the stock in a research report on Thursday, July 20th. Finally, BMO Capital Markets restated a “hold” rating and set a $157.00 price target on shares of Signature Bank in a research report on Thursday, July 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $166.00.
Shares of Signature Bank (NASDAQ SBNY) traded down 2.98% during midday trading on Thursday, reaching $122.11. The company had a trading volume of 761,847 shares. The company has a 50 day moving average of $132.19 and a 200 day moving average of $141.98. The company has a market capitalization of $6.61 billion, a PE ratio of 19.56 and a beta of 0.97. Signature Bank has a one year low of $113.53 and a one year high of $164.23.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.22 by $0.01. Signature Bank had a net margin of 4.41% and a return on equity of 1.48%. The firm had revenue of $316.79 million for the quarter, compared to analysts’ expectations of $324.44 million. During the same quarter in the previous year, the business earned $1.90 EPS. Analysts predict that Signature Bank will post $7.23 EPS for the current fiscal year.
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Large investors have recently made changes to their positions in the company. Prudential Financial Inc. grew its stake in shares of Signature Bank by 2.0% during the first quarter. Prudential Financial Inc. now owns 133,366 shares of the bank’s stock valued at $19,790,000 after buying an additional 2,656 shares during the last quarter. Macquarie Group Ltd. grew its stake in shares of Signature Bank by 112.1% during the first quarter. Macquarie Group Ltd. now owns 181,749 shares of the bank’s stock valued at $26,970,000 after buying an additional 96,074 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Signature Bank by 2.2% during the first quarter. Bank of America Corp DE now owns 289,598 shares of the bank’s stock valued at $42,973,000 after buying an additional 6,293 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Signature Bank by 1.2% during the first quarter. Mackenzie Financial Corp now owns 440,010 shares of the bank’s stock valued at $65,293,000 after buying an additional 5,379 shares during the last quarter. Finally, Stifel Financial Corp grew its stake in shares of Signature Bank by 36.9% during the first quarter. Stifel Financial Corp now owns 27,223 shares of the bank’s stock valued at $4,036,000 after buying an additional 7,336 shares during the last quarter. 95.80% of the stock is currently owned by hedge funds and other institutional investors.
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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