Reinhart Partners Inc. cut its stake in Signature Bank (NASDAQ:SBNY) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 180,226 shares of the bank’s stock after selling 2,909 shares during the quarter. Signature Bank makes up approximately 2.0% of Reinhart Partners Inc.’s portfolio, making the stock its 21st largest holding. Reinhart Partners Inc. owned approximately 0.33% of Signature Bank worth $21,487,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of SBNY. LS Investment Advisors LLC raised its holdings in Signature Bank by 2.3% in the 3rd quarter. LS Investment Advisors LLC now owns 3,752 shares of the bank’s stock valued at $447,000 after acquiring an additional 86 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Signature Bank by 0.4% in the 2nd quarter. Victory Capital Management Inc. now owns 24,639 shares of the bank’s stock valued at $2,977,000 after acquiring an additional 93 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its holdings in Signature Bank by 1.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 8,011 shares of the bank’s stock valued at $968,000 after acquiring an additional 100 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its holdings in Signature Bank by 1.1% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 10,190 shares of the bank’s stock valued at $1,231,000 after acquiring an additional 110 shares during the last quarter. Finally, Whittier Trust Co. raised its holdings in Signature Bank by 1.1% in the 3rd quarter. Whittier Trust Co. now owns 10,377 shares of the bank’s stock valued at $1,237,000 after acquiring an additional 113 shares during the last quarter. 92.53% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:SBNY traded up $1.20 during mid-day trading on Friday, reaching $125.90. 311,400 shares of the company were exchanged, compared to its average volume of 421,660. The firm’s 50-day simple moving average is $120.34 and its 200 day simple moving average is $121.07. Signature Bank has a 1 year low of $98.54 and a 1 year high of $137.93. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market cap of $6.83 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 1.07 and a beta of 1.35.
Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings results on Thursday, October 17th. The bank reported $2.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.70 by $0.05. Signature Bank had a net margin of 31.37% and a return on equity of 13.09%. The firm had revenue of $334.00 million for the quarter, compared to analyst estimates of $339.14 million. During the same period last year, the business earned $2.84 EPS. On average, research analysts forecast that Signature Bank will post 10.82 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be paid a $0.56 dividend. The ex-dividend date is Thursday, October 31st. This represents a $2.24 dividend on an annualized basis and a yield of 1.78%. Signature Bank’s dividend payout ratio is presently 19.86%.
A number of analysts have recently issued reports on SBNY shares. Stephens started coverage on shares of Signature Bank in a report on Monday, October 28th. They set an “overweight” rating for the company. BidaskClub upgraded shares of Signature Bank from a “sell” rating to a “hold” rating in a report on Saturday, September 14th. JPMorgan Chase & Co. set a $138.00 price target on shares of Signature Bank and gave the stock a “buy” rating in a report on Friday, September 6th. Morgan Stanley cut their price target on shares of Signature Bank from $145.00 to $143.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Finally, ValuEngine downgraded shares of Signature Bank from a “sell” rating to a “strong sell” rating in a report on Sunday, November 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Signature Bank currently has an average rating of “Buy” and an average target price of $137.00.
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.
See Also: Index Funds
Receive News & Ratings for Signature Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Signature Bank and related companies with MarketBeat.com's FREE daily email newsletter.