According to Zacks, “Signature Bank is a full service commercial bank with ten private client offices located in the New York metropolitan area serving the needs of privately owned business clients and their owners and senior managers. The bank offers a wide variety of business and personal banking products and services through the bank as well as investment, brokerage, asset management and insurance products and services through its subsidiary, Signature Securities Group Corporation, a licensed broker-dealer and investment adviser. “
Several other research firms also recently commented on SBNY. JPMorgan Chase & Co. cut their price objective on Signature Bank from $164.00 to $146.00 and set an overweight rating for the company in a report on Thursday, July 7th. Piper Jaffray Cos. downgraded Signature Bank from an overweight rating to a neutral rating and cut their price objective for the company from $151.00 to $146.00 in a report on Tuesday, May 31st. Raymond James Financial Inc. raised Signature Bank from an outperform rating to a strong-buy rating and set a $162.00 price target for the company in a report on Tuesday, June 21st. Jefferies Group reaffirmed a buy rating and set a $155.00 price target on shares of Signature Bank in a report on Thursday, July 7th. Finally, FBR & Co cut their price target on Signature Bank from $167.00 to $155.00 and set an outperform rating for the company in a report on Thursday, July 21st. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. Signature Bank presently has a consensus rating of Buy and an average price target of $158.53.
Shares of Signature Bank (NASDAQ:SBNY) opened at 115.00 on Friday. Signature Bank has a 12-month low of $114.16 and a 12-month high of $163.15. The stock has a 50 day moving average of $118.57 and a 200 day moving average of $129.16. The company has a market cap of $6.17 billion, a price-to-earnings ratio of 14.88 and a beta of 1.01.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings data on Wednesday, July 20th. The company reported $1.90 EPS for the quarter, missing the consensus estimate of $1.97 by $0.07. Signature Bank had a net margin of 32.08% and a return on equity of 12.89%. During the same period last year, the company posted $1.77 earnings per share. On average, equities analysts expect that Signature Bank will post $8.00 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in Signature Bank by 14.1% in the first quarter. Geode Capital Management LLC now owns 344,653 shares of the company’s stock worth $46,891,000 after buying an additional 42,459 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in Signature Bank during the first quarter worth about $661,000. British Columbia Investment Management Corp boosted its position in Signature Bank by 80.5% in the second quarter. British Columbia Investment Management Corp now owns 44,401 shares of the company’s stock worth $5,547,000 after buying an additional 19,804 shares in the last quarter. Marietta Investment Partners LLC boosted its position in Signature Bank by 2.6% in the first quarter. Marietta Investment Partners LLC now owns 44,156 shares of the company’s stock worth $6,011,000 after buying an additional 1,137 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Signature Bank by 29.4% in the first quarter. Legal & General Group Plc now owns 33,502 shares of the company’s stock worth $4,561,000 after buying an additional 7,609 shares in the last quarter. Hedge funds and other institutional investors own 92.92% of the company’s stock.
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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