Analysts Expect Signature Bank (SBNY) Will Post Quarterly Sales of $324.99 Million
Wall Street brokerages predict that Signature Bank (NASDAQ:SBNY) will post $324.99 million in sales for the current quarter, according to Zacks Investment Research. Sixteen analysts have provided estimates for Signature Bank’s earnings. The highest sales estimate is $344.00 million and the lowest is $304.00 million. Signature Bank reported sales of $301.54 million in the same quarter last year, which indicates a positive year-over-year growth rate of 7.8%. The firm is expected to issue its next earnings results on Thursday, October 19th.
On average, analysts expect that Signature Bank will report full year sales of $324.99 million for the current financial year, with estimates ranging from $1.04 billion to $1.31 billion. For the next financial year, analysts expect that the company will post sales of $1.41 billion per share, with estimates ranging from $1.32 billion to $1.47 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Signature Bank.
Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings results on Wednesday, July 19th. The bank reported $2.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.22 by $0.01. The firm had revenue of $316.79 million for the quarter, compared to analyst estimates of $324.44 million. Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. During the same quarter in the prior year, the company earned $1.90 earnings per share.
Several equities analysts have weighed in on the company. Jefferies Group LLC restated a “buy” rating and set a $169.00 target price on shares of Signature Bank in a report on Wednesday, June 28th. Keefe, Bruyette & Woods restated a “buy” rating and set a $158.00 target price on shares of Signature Bank in a report on Friday, July 14th. Morgan Stanley raised their target price on Signature Bank from $160.00 to $170.00 and gave the company an “overweight” rating in a report on Tuesday, June 6th. ValuEngine lowered Signature Bank from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Bank of America Corporation restated a “buy” rating and set a $175.00 target price on shares of Signature Bank in a report on Thursday, May 25th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $166.00.
Shares of Signature Bank (SBNY) opened at 123.71 on Friday. The stock has a market cap of $6.69 billion, a P/E ratio of 19.82 and a beta of 0.97. The stock has a 50 day moving average price of $131.51 and a 200 day moving average price of $141.71. Signature Bank has a 12 month low of $113.53 and a 12 month high of $164.23.
A number of hedge funds have recently added to or reduced their stakes in SBNY. Pacad Investment Ltd. acquired a new stake in Signature Bank during the second quarter worth about $100,000. YorkBridge Wealth Partners LLC grew its position in Signature Bank by 6.3% during the second quarter. YorkBridge Wealth Partners LLC now owns 688 shares of the bank’s stock worth $100,000 after buying an additional 41 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Signature Bank during the first quarter worth about $127,000. Israel Discount Bank of New York acquired a new stake in Signature Bank during the first quarter worth about $148,000. Finally, Commonwealth Bank of Australia grew its position in Signature Bank by 5.1% during the second quarter. Commonwealth Bank of Australia now owns 1,233 shares of the bank’s stock worth $176,000 after buying an additional 60 shares in the last quarter. 95.80% of the stock is currently owned by institutional investors and hedge funds.
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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