Signature Bank (SBNY) Receives Buy Rating from Maxim Group

Maxim Group reaffirmed their buy rating on shares of Signature Bank (NASDAQ:SBNY) in a research note issued to investors on Thursday. Maxim Group currently has a $190.00 price objective on the bank’s stock.

“SBNY reported 3Q18 EPS of $2.84, versus consensus of $2.83. It was a strong quarter, in our view, with linked-quarter loan growth of 2.3% and deposit growth of 3.1%. Very importantly, the core net interest margin (NIM) was down 4bps, within (and toward the favorable end of) management’s NIM guidance range of down 3bps to down 6bps. Management maintained the same NIM guidance range for 4Q18. For 2019, management guided to: 1) a higher NIM if the Fed has two rate hikes; 2) a stable NIM if the Fed has three hikes; and 3) a lower NIM if the Fed has four rate hikes.”,” Maxim Group’s analyst wrote.

Several other equities research analysts also recently commented on the stock. ValuEngine upgraded shares of Signature Bank from a strong sell rating to a sell rating in a research report on Friday, September 14th. Morgan Stanley dropped their price target on shares of Signature Bank from $155.00 to $145.00 and set an equal weight rating on the stock in a research report on Tuesday, July 24th. Wells Fargo & Co restated a buy rating and issued a $135.00 price target on shares of Signature Bank in a research report on Monday, October 1st. BidaskClub upgraded shares of Signature Bank from a strong sell rating to a sell rating in a research report on Friday, September 7th. Finally, Hovde Group upgraded shares of Signature Bank from a market perform rating to an outperform rating and dropped their price target for the stock from $144.00 to $133.00 in a research report on Wednesday, August 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $145.00.

NASDAQ:SBNY traded down $3.83 during mid-day trading on Thursday, hitting $112.42. 34,581 shares of the company’s stock were exchanged, compared to its average volume of 493,127. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.98 and a quick ratio of 0.96. Signature Bank has a fifty-two week low of $106.39 and a fifty-two week high of $161.92. The company has a market cap of $6.19 billion, a PE ratio of 13.00, a P/E/G ratio of 0.95 and a beta of 1.02.

Signature Bank (NASDAQ:SBNY) last posted its earnings results on Thursday, October 18th. The bank reported $2.84 EPS for the quarter, topping the consensus estimate of $2.83 by $0.01. Signature Bank had a net margin of 26.76% and a return on equity of 13.84%. The business had revenue of $329.34 million for the quarter, compared to the consensus estimate of $331.77 million. During the same period last year, the company earned $2.29 EPS. The firm’s revenue was up 3.9% compared to the same quarter last year. Equities research analysts expect that Signature Bank will post 11.06 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. GSA Capital Partners LLP acquired a new position in shares of Signature Bank during the 1st quarter valued at $410,000. Suntrust Banks Inc. lifted its position in shares of Signature Bank by 4.7% during the 1st quarter. Suntrust Banks Inc. now owns 22,926 shares of the bank’s stock valued at $3,252,000 after acquiring an additional 1,033 shares during the period. Rhumbline Advisers lifted its position in shares of Signature Bank by 1.1% during the 2nd quarter. Rhumbline Advisers now owns 101,866 shares of the bank’s stock valued at $13,027,000 after acquiring an additional 1,124 shares during the period. Andra AP fonden lifted its position in shares of Signature Bank by 5.4% during the 2nd quarter. Andra AP fonden now owns 37,100 shares of the bank’s stock valued at $4,744,000 after acquiring an additional 1,900 shares during the period. Finally, Hermes Investment Management Ltd. lifted its position in shares of Signature Bank by 2.3% during the 2nd quarter. Hermes Investment Management Ltd. now owns 239,339 shares of the bank’s stock valued at $30,607,000 after acquiring an additional 5,355 shares during the period. Hedge funds and other institutional investors own 95.73% of the company’s stock.

About Signature Bank

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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Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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