Basswood Capital Management L.L.C. trimmed its position in Signature Bank (NASDAQ:SBNY) by 62.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 154,065 shares of the bank’s stock after selling 251,737 shares during the quarter. Basswood Capital Management L.L.C. owned 0.28% of Signature Bank worth $15,839,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. Menta Capital LLC grew its stake in shares of Signature Bank by 66.8% in the fourth quarter. Menta Capital LLC now owns 8,238 shares of the bank’s stock worth $847,000 after purchasing an additional 3,300 shares during the last quarter. Fairfax Financial Holdings Ltd Can grew its stake in shares of Signature Bank by 20.0% in the fourth quarter. Fairfax Financial Holdings Ltd Can now owns 28,800 shares of the bank’s stock worth $2,961,000 after purchasing an additional 4,800 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Signature Bank by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 555,014 shares of the bank’s stock worth $57,025,000 after purchasing an additional 26,684 shares during the last quarter. Fort L.P. bought a new stake in shares of Signature Bank in the fourth quarter worth $60,000. Finally, Neuburgh Advisers LLC grew its stake in shares of Signature Bank by 3.7% in the fourth quarter. Neuburgh Advisers LLC now owns 5,360 shares of the bank’s stock worth $551,000 after purchasing an additional 192 shares during the last quarter. 92.96% of the stock is currently owned by institutional investors and hedge funds.
Several analysts recently weighed in on the stock. BidaskClub cut shares of Signature Bank from a “buy” rating to a “hold” rating in a research note on Thursday. Wells Fargo & Co boosted their target price on shares of Signature Bank from $135.00 to $150.00 and gave the company an “outperform” rating in a report on Friday. ValuEngine lowered shares of Signature Bank from a “hold” rating to a “sell” rating in a report on Tuesday, March 5th. Deutsche Bank boosted their target price on shares of Signature Bank to $137.00 and gave the company a “buy” rating in a report on Friday, January 18th. Finally, Raymond James set a $135.00 target price on shares of Signature Bank and gave the company a “buy” rating in a report on Friday, January 18th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $141.33.
SBNY stock opened at $134.46 on Friday. The firm has a market capitalization of $7.39 billion, a P/E ratio of 11.92, a PEG ratio of 1.09 and a beta of 1.38. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 1.19. Signature Bank has a 12-month low of $98.54 and a 12-month high of $157.13.
Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings data on Thursday, January 17th. The bank reported $2.94 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.15. Signature Bank had a net margin of 29.17% and a return on equity of 14.70%. The firm had revenue of $340.95 million for the quarter, compared to analyst estimates of $331.47 million. During the same quarter in the prior year, the business earned $2.43 earnings per share. Equities analysts anticipate that Signature Bank will post 11.42 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 15th. Stockholders of record on Friday, February 1st were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, January 31st. This represents a $2.24 annualized dividend and a dividend yield of 1.67%. Signature Bank’s dividend payout ratio is currently 19.86%.
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Signature Bank Profile
Signature Bank provides various business and personal banking products and services. It accepts various deposit products, including commercial checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, interest-bearing and non-interest-bearing checking accounts, certificates of deposit, time deposits, and other cash management products.
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