Shares of Signature Bank (NASDAQ:SBNY) have earned a consensus recommendation of “Buy” from the seventeen brokerages that are covering the firm. Three analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $158.29.
A number of research firms have weighed in on SBNY. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Signature Bank in a report on Saturday, July 9th. Raymond James Financial Inc. upgraded Signature Bank from an “outperform” rating to a “strong-buy” rating and set a $162.00 target price on the stock in a report on Tuesday, June 21st. FBR & Co cut their price target on Signature Bank from $167.00 to $155.00 and set an “outperform” rating on the stock in a research note on Thursday, July 21st. Zacks Investment Research downgraded Signature Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, July 26th. Finally, Jefferies Group restated a “buy” rating and issued a $155.00 price target on shares of Signature Bank in a research note on Thursday, July 7th.
Several institutional investors have recently added to or reduced their stakes in the stock. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Signature Bank by 10.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 15,717 shares of the company’s stock valued at $2,139,000 after buying an additional 1,472 shares during the last quarter. Raymond James Trust N.A. boosted its position in shares of Signature Bank by 8.3% in the first quarter. Raymond James Trust N.A. now owns 3,236 shares of the company’s stock worth $440,000 after buying an additional 247 shares in the last quarter. Texas Permanent School Fund boosted its position in shares of Signature Bank by 0.4% in the first quarter. Texas Permanent School Fund now owns 42,027 shares of the company’s stock worth $5,721,000 after buying an additional 163 shares in the last quarter. Commonwealth Equity Services Inc bought a new position in shares of Signature Bank during the first quarter worth approximately $1,140,000. Finally, Aperio Group LLC boosted its position in shares of Signature Bank by 41.5% in the first quarter. Aperio Group LLC now owns 9,499 shares of the company’s stock worth $1,293,000 after buying an additional 2,786 shares in the last quarter. 92.92% of the stock is currently owned by hedge funds and other institutional investors.
Signature Bank (NASDAQ:SBNY) opened at 119.09 on Monday. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of 15.41 and a beta of 1.01. Signature Bank has a one year low of $114.01 and a one year high of $163.15. The firm has a 50-day moving average price of $117.93 and a 200-day moving average price of $128.30.
Signature Bank (NASDAQ:SBNY) last posted its earnings results on Wednesday, July 20th. The company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.97 by $0.07. Signature Bank had a return on equity of 12.89% and a net margin of 32.08%. During the same period in the previous year, the company posted $1.77 EPS. Analysts expect that Signature Bank will post $8.00 EPS for the current year.
About Signature Bank
Signature Bank (the Bank) is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area, including those in Manhattan, Brooklyn, Westchester, Long Island, Queens, the Bronx, Staten Island and Connecticut. The Bank offers a range of business and personal banking products and services.
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