Zacks: Brokerages Anticipate Signature Bank (SBNY) Will Post Quarterly Sales of $322.22 Million
Equities research analysts expect Signature Bank (NASDAQ:SBNY) to announce $322.22 million in sales for the current quarter, Zacks Investment Research reports. Fifteen analysts have issued estimates for Signature Bank’s earnings, with the highest sales estimate coming in at $330.85 million and the lowest estimate coming in at $318.43 million. Signature Bank reported sales of $301.54 million during the same quarter last year, which indicates a positive year-over-year growth rate of 6.9%. The company is scheduled to announce its next earnings results before the market opens on Thursday, October 19th.
According to Zacks, analysts expect that Signature Bank will report full year sales of $322.22 million for the current financial year, with estimates ranging from $1.27 billion to $1.31 billion. For the next fiscal year, analysts anticipate that the business will report sales of $1.38 billion per share, with estimates ranging from $1.31 billion to $1.47 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Signature Bank.
Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share 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 business had revenue of $316.79 million during the quarter, compared to the consensus estimate of $324.44 million. During the same period in the previous year, the business posted $1.90 EPS.
A number of brokerages have weighed in on SBNY. Jefferies Group LLC restated a “buy” rating and issued a $169.00 price objective on shares of Signature Bank in a report on Wednesday, June 28th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $158.00 price objective on shares of Signature Bank in a report on Friday, July 14th. Piper Jaffray Companies restated a “neutral” rating and issued a $140.00 price objective on shares of Signature Bank in a report on Friday. FIG Partners restated an “outperform” rating and issued a $150.00 price objective on shares of Signature Bank in a report on Monday, October 2nd. Finally, Wedbush cut shares of Signature Bank from an “outperform” rating to a “neutral” rating and cut their price target for the company from $157.00 to $126.00 in a report on Wednesday, September 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $154.47.
Signature Bank (SBNY) opened at 124.74 on Tuesday. The company has a 50-day moving average of $124.91 and a 200 day moving average of $135.95. The company has a market cap of $6.75 billion, a PE ratio of 19.98 and a beta of 0.96. Signature Bank has a 12 month low of $113.53 and a 12 month high of $164.23.
A number of institutional investors have recently modified their holdings of SBNY. Nordea Investment Management AB lifted its position in Signature Bank by 265.2% during the second quarter. Nordea Investment Management AB now owns 982,154 shares of the bank’s stock valued at $140,969,000 after purchasing an additional 713,190 shares during the period. Koch Industries Inc. lifted its position in Signature Bank by 34,799.2% during the second quarter. Koch Industries Inc. now owns 480,562 shares of the bank’s stock valued at $477,000 after purchasing an additional 479,185 shares during the period. TimesSquare Capital Management LLC lifted its position in Signature Bank by 59.1% during the second quarter. TimesSquare Capital Management LLC now owns 983,300 shares of the bank’s stock valued at $141,133,000 after purchasing an additional 365,400 shares during the period. Wedge Capital Management L L P NC bought a new position in Signature Bank during the second quarter valued at approximately $37,330,000. Finally, Clearbridge Investments LLC lifted its position in Signature Bank by 42.3% during the first quarter. Clearbridge Investments LLC now owns 834,302 shares of the bank’s stock valued at $123,802,000 after purchasing an additional 248,022 shares during the period. Institutional investors own 95.77% of the company’s stock.
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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