Signature Bank to Post Q3 2017 Earnings of $2.24 Per Share, Jefferies Group Forecasts (SBNY)
Signature Bank (NASDAQ:SBNY) – Stock analysts at Jefferies Group lifted their Q3 2017 earnings estimates for Signature Bank in a research report issued on Wednesday. Jefferies Group analyst C. Haire now forecasts that the bank will post earnings of $2.24 per share for the quarter, up from their prior estimate of $2.22. Jefferies Group has a “Buy” rating and a $145.00 price target on the stock. Jefferies Group also issued estimates for Signature Bank’s Q4 2017 earnings at $2.32 EPS and FY2017 earnings at $7.29 EPS.
Signature Bank (NASDAQ:SBNY) last announced its 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. Signature Bank had a net margin of 23.62% and a return on equity of 12.61%. The company had revenue of $316.79 million during the quarter, compared to the consensus estimate of $324.44 million. During the same quarter in the previous year, the company earned $1.90 earnings per share.
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A number of other equities research analysts have also weighed in on the company. ValuEngine lowered Signature Bank from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. BidaskClub cut Signature Bank from a “sell” rating to a “strong sell” rating in a research note on Friday, August 18th. TheStreet cut Signature Bank from a “b” rating to a “c+” rating in a research note on Wednesday, July 19th. Deutsche Bank AG lowered their price objective on Signature Bank from $178.00 to $162.00 and set a “buy” rating for the company in a research note on Thursday, July 20th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $157.00 price objective on shares of Signature Bank in a research note on Thursday, July 20th. Two investment 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. The stock presently has an average rating of “Buy” and a consensus price target of $166.00.
Shares of Signature Bank (NASDAQ:SBNY) opened at 123.71 on Monday. The company has a market capitalization of $6.69 billion, a PE ratio of 19.82 and a beta of 0.97. Signature Bank has a one year low of $113.53 and a one year high of $164.23. The company has a 50-day moving average price of $131.51 and a 200 day moving average price of $141.71.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SBNY. Pacad Investment Ltd. bought a new position in shares of Signature Bank in the second quarter worth about $100,000. 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 worth $100,000 after acquiring an additional 41 shares during the period. Quantbot Technologies LP bought a new position in shares of Signature Bank in the first quarter worth about $127,000. Israel Discount Bank of New York bought a new position in shares of Signature Bank in the first quarter worth 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 worth $176,000 after acquiring an additional 60 shares during the period. 95.80% of the stock is owned by hedge funds and other institutional investors.
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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