Signature Bank (SBNY) Price Target Lowered to $150.00 at Morgan Stanley
Signature Bank (NASDAQ:SBNY) had its price target dropped by analysts at Morgan Stanley from $164.00 to $150.00 in a research report issued on Friday. The brokerage currently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price target indicates a potential upside of 25.11% from the company’s previous close.
SBNY has been the topic of several other reports. Jefferies Group LLC reiterated a “buy” rating and set a $169.00 target price on shares of Signature Bank in a research note on Wednesday, June 28th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $158.00 target price on shares of Signature Bank in a research note on Friday, July 14th. ValuEngine downgraded Signature Bank from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Bank of America Corporation reiterated a “buy” rating and set a $175.00 target price on shares of Signature Bank in a research note on Thursday, May 25th. Finally, BidaskClub downgraded Signature Bank from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $162.43.
Shares of Signature Bank (NASDAQ:SBNY) traded down 0.780% during midday trading on Friday, reaching $118.935. The company’s stock had a trading volume of 432,671 shares. The stock has a market cap of $6.43 billion, a price-to-earnings ratio of 19.054 and a beta of 0.97. The stock has a 50-day moving average price of $130.29 and a 200-day moving average price of $140.73. Signature Bank has a 52-week low of $113.53 and a 52-week high of $164.23.
Signature Bank (NASDAQ:SBNY) last issued its earnings results on Wednesday, July 19th. The bank reported $2.21 EPS for the quarter, missing the 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 business had revenue of $316.79 million for the quarter, compared to analysts’ expectations of $324.44 million. During the same quarter in the prior year, the business posted $1.90 earnings per share. Equities research analysts anticipate that Signature Bank will post $7.22 earnings per share for the current fiscal year.
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Institutional investors have recently made changes to their positions in the stock. Pacad Investment Ltd. bought a new position in Signature Bank in the 2nd quarter worth $100,000. YorkBridge Wealth Partners LLC raised its holdings in Signature Bank by 6.3% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 688 shares of the bank’s stock worth $100,000 after purchasing an additional 41 shares during the period. Quantbot Technologies LP bought a new position in Signature Bank in the 1st quarter worth $127,000. Israel Discount Bank of New York bought a new position in Signature Bank in the 1st quarter worth $148,000. Finally, Commonwealth Bank of Australia raised its holdings in Signature Bank by 5.1% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,233 shares of the bank’s stock worth $176,000 after purchasing an additional 60 shares during the period. 95.80% of the stock is currently owned by 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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