The Manufacturers Life Insurance Company lessened its holdings in shares of Signature Bank (NASDAQ:SBNY) by 3.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 86,260 shares of the bank’s stock after selling 3,057 shares during the period. The Manufacturers Life Insurance Company owned 0.16% of Signature Bank worth $12,244,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of SBNY. Lord Abbett & CO. LLC increased its position in Signature Bank by 102.1% during the first quarter. Lord Abbett & CO. LLC now owns 880,623 shares of the bank’s stock worth $125,005,000 after buying an additional 444,826 shares during the period. Millennium Management LLC acquired a new position in Signature Bank during the fourth quarter worth approximately $48,178,000. Fort Washington Investment Advisors Inc. OH increased its position in Signature Bank by 47.4% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 450,861 shares of the bank’s stock worth $64,000,000 after buying an additional 145,083 shares during the period. Handelsbanken Fonder AB increased its position in Signature Bank by 26.4% during the fourth quarter. Handelsbanken Fonder AB now owns 597,613 shares of the bank’s stock worth $82,028,000 after buying an additional 125,000 shares during the period. Finally, Epoch Investment Partners Inc. increased its position in Signature Bank by 13.3% during the first quarter. Epoch Investment Partners Inc. now owns 1,011,913 shares of the bank’s stock worth $143,641,000 after buying an additional 118,792 shares during the period. 95.66% of the stock is currently owned by institutional investors and hedge funds.
Signature Bank opened at $128.61 on Wednesday, Marketbeat reports. The company has a market capitalization of $7.18 billion, a PE ratio of 13.58, a P/E/G ratio of 1.08 and a beta of 1.12. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.14. Signature Bank has a 12-month low of $116.68 and a 12-month high of $161.92.
Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings results on Thursday, April 19th. The bank reported $2.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.67 by $0.02. Signature Bank had a return on equity of 13.29% and a net margin of 18.57%. The firm had revenue of $325.35 million for the quarter, compared to the consensus estimate of $328.88 million. During the same period in the previous year, the business earned $2.48 earnings per share. equities analysts predict that Signature Bank will post 11.3 earnings per share for the current year.
Several research analysts have commented on the company. ValuEngine raised Signature Bank from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 20th. BidaskClub raised Signature Bank from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 20th. Piper Jaffray Companies raised Signature Bank from a “neutral” rating to an “overweight” rating and cut their price target for the stock from $161.92 to $116.68 in a research report on Wednesday, June 13th. BMO Capital Markets cut their price target on Signature Bank from $192.00 to $171.00 and set an “outperform” rating on the stock in a research report on Friday, April 20th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $161.00 target price on shares of Signature Bank in a report on Friday, April 20th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the stock. Signature Bank currently has an average rating of “Buy” and an average price target of $156.25.
Signature Bank Company Profile
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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