Zacks: Analysts Anticipate Signature Bank (SBNY) Will Post Earnings of $2.21 Per Share
Wall Street brokerages expect Signature Bank (NASDAQ:SBNY) to post earnings per share (EPS) of $2.21 for the current quarter, according to Zacks Investment Research. Sixteen analysts have issued estimates for Signature Bank’s earnings. The lowest EPS estimate is $2.15 and the highest is $2.28. Signature Bank posted earnings of $2.11 per share in the same quarter last year, which would suggest a positive year over year growth rate of 4.7%. The company is expected to report its next earnings report on Thursday, October 19th.
On average, analysts expect that Signature Bank will report full-year earnings of $7.18 per share for the current year, with EPS estimates ranging from $6.80 to $7.33. For the next financial year, analysts forecast that the business will report earnings of $10.08 per share, with EPS estimates ranging from $9.55 to $11.02. Zacks’ earnings per share averages are a mean average based on a survey of analysts that cover Signature Bank.
Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by $0.01. Signature Bank had a net margin of 4.41% and a return on equity of 1.48%. The business had revenue of $316.79 million during the quarter, compared to the consensus estimate of $324.44 million. During the same quarter last year, the company posted $1.90 EPS.
Several research firms have weighed in on SBNY. BidaskClub cut Signature Bank from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $158.00 price objective on shares of Signature Bank in a research report on Friday, July 14th. Jefferies Group LLC reissued a “buy” rating and issued a $145.00 price objective (down previously from $169.00) on shares of Signature Bank in a research report on Thursday. Barclays PLC reissued an “overweight” rating and issued a $170.00 price objective (down previously from $175.00) on shares of Signature Bank in a research report on Wednesday, July 12th. Finally, ValuEngine cut Signature Bank from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $166.00.
Shares of Signature Bank (NASDAQ:SBNY) opened at 122.11 on Friday. The company has a 50-day moving average price of $131.80 and a 200-day moving average price of $141.84. Signature Bank has a 1-year low of $113.53 and a 1-year high of $164.23. The company has a market cap of $6.61 billion, a PE ratio of 19.56 and a beta of 0.97.
Several hedge funds and other institutional investors have recently modified their holdings of SBNY. Pacad Investment Ltd. purchased a new position in shares of Signature Bank during the 2nd quarter valued at $100,000. YorkBridge Wealth Partners LLC lifted its position in shares of Signature Bank by 6.3% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 688 shares of the bank’s stock valued at $100,000 after buying an additional 41 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Signature Bank during the 1st quarter valued at $127,000. Israel Discount Bank of New York purchased a new position in shares of Signature Bank during the 1st quarter valued at $148,000. Finally, Commonwealth Bank of Australia lifted its position in shares of Signature Bank by 5.1% during the 2nd 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 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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