Signature Bank (NASDAQ:SBNY)‘s stock had its “buy” rating reaffirmed by research analysts at Jefferies Group LLC in a research note issued on Wednesday, June 28th. They presently have a $169.00 price target on the bank’s stock. Jefferies Group LLC’s target price suggests a potential upside of 23.78% from the company’s current price.
Other equities research analysts have also recently issued reports about the company. UBS AG cut Signature Bank from a “strong-buy” rating to an “outperform” rating in a research note on Thursday, April 6th. Raymond James Financial, Inc. reiterated an “outperform” rating and issued a $183.00 price target (up from $167.00) on shares of Signature Bank in a research note on Thursday, April 6th. BMO Capital Markets restated a “hold” rating and issued a $170.00 price objective on shares of Signature Bank in a research note on Wednesday, March 22nd. Morgan Stanley raised their price objective on Signature Bank from $160.00 to $170.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 6th. Finally, ValuEngine upgraded Signature Bank from a “hold” rating to a “buy” rating in a research note on Thursday, May 11th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $167.85.
Signature Bank (NASDAQ SBNY) traded down 0.20% during midday trading on Wednesday, reaching $136.53. 331,528 shares of the company’s stock were exchanged. Signature Bank has a 12 month low of $113.53 and a 12 month high of $164.23. The firm has a 50 day moving average of $140.90 and a 200-day moving average of $146.90. The stock has a market cap of $7.38 billion, a PE ratio of 21.87 and a beta of 0.96.
Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.22 by $0.01. Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. The firm had revenue of $316.79 million for the quarter, compared to the consensus estimate of $324.44 million. During the same period in the previous year, the company posted $1.90 EPS. On average, equities research analysts predict that Signature Bank will post $7.23 earnings per share for the current year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prudential Financial Inc. boosted its stake in Signature Bank by 2.0% in the first quarter. Prudential Financial Inc. now owns 133,366 shares of the bank’s stock worth $19,790,000 after buying an additional 2,656 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its stake in Signature Bank by 12.9% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 842 shares of the bank’s stock worth $126,000 after buying an additional 96 shares during the period. Bank of America Corp DE boosted its stake in Signature Bank by 2.2% in the first quarter. Bank of America Corp DE now owns 289,598 shares of the bank’s stock worth $42,973,000 after buying an additional 6,293 shares during the period. Bank of Montreal Can boosted its stake in Signature Bank by 38.5% in the first quarter. Bank of Montreal Can now owns 159,030 shares of the bank’s stock worth $23,599,000 after buying an additional 44,217 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in Signature Bank by 1.2% in the first quarter. Mackenzie Financial Corp now owns 440,010 shares of the bank’s stock worth $65,293,000 after buying an additional 5,379 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.
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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