TrueNorth Inc. increased its stake in Signature Bank (NASDAQ:SBNY) by 18.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,940 shares of the bank’s stock after buying an additional 2,823 shares during the quarter. TrueNorth Inc.’s holdings in Signature Bank were worth $2,297,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Signature Bank by 1.3% in the second quarter. Vanguard Group Inc. now owns 4,277,955 shares of the bank’s stock worth $614,014,000 after buying an additional 54,545 shares during the last quarter. Capital Research Global Investors lifted its position in Signature Bank by 2.6% in the second quarter. Capital Research Global Investors now owns 2,894,365 shares of the bank’s stock worth $415,428,000 after buying an additional 72,806 shares during the last quarter. State Street Corp lifted its position in Signature Bank by 0.4% in the second quarter. State Street Corp now owns 2,624,668 shares of the bank’s stock worth $376,718,000 after buying an additional 9,285 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt lifted its position in Signature Bank by 7.8% in the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,341,200 shares of the bank’s stock worth $336,032,000 after buying an additional 168,772 shares during the last quarter. Finally, TimesSquare Capital Management LLC lifted its position in Signature Bank by 59.1% in the second quarter. TimesSquare Capital Management LLC now owns 983,300 shares of the bank’s stock worth $141,133,000 after buying an additional 365,400 shares during the last quarter. Institutional investors own 96.25% of the company’s stock.
Shares of Signature Bank (NASDAQ SBNY) traded up $0.56 during trading on Friday, hitting $124.93. The stock had a trading volume of 343,000 shares, compared to its average volume of 487,565. The stock has a market capitalization of $6,850.00, a price-to-earnings ratio of 14.20, a P/E/G ratio of 1.60 and a beta of 1.01. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 0.92. Signature Bank has a 1 year low of $116.68 and a 1 year high of $164.23.
Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings results on Thursday, October 19th. The bank reported $2.29 EPS for the quarter, beating the consensus estimate of $2.19 by $0.10. Signature Bank had a return on equity of 12.58% and a net margin of 26.40%. The firm had revenue of $316.94 million for the quarter, compared to analyst estimates of $322.22 million. During the same quarter last year, the firm posted $2.11 earnings per share. research analysts forecast that Signature Bank will post 7.25 earnings per share for the current year.
A number of brokerages recently issued reports on SBNY. Morgan Stanley downgraded Signature Bank from an “overweight” rating to an “equal weight” rating and set a $150.00 price target for the company. in a research report on Monday, November 6th. Jefferies Group LLC reiterated a “buy” rating and set a $155.00 target price on shares of Signature Bank in a research report on Tuesday, October 24th. Barclays PLC set a $140.00 target price on Signature Bank and gave the stock a “buy” rating in a research report on Friday, October 20th. BMO Capital Markets upgraded Signature Bank from a “market perform” rating to an “outperform” rating in a research report on Friday, October 20th. Finally, Piper Jaffray Companies reiterated a “neutral” rating and set a $140.00 target price on shares of Signature Bank in a research report on Friday, October 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Signature Bank presently has an average rating of “Buy” and an average target price of $154.80.
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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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