Signature Bank (SBNY) Upgraded to Sell by ValuEngine

ValuEngine upgraded shares of Signature Bank (NASDAQ:SBNY) from a strong sell rating to a sell rating in a report published on Friday.

A number of other research analysts have also weighed in on SBNY. BidaskClub raised shares of Signature Bank from a strong sell rating to a sell rating in a research note on Wednesday, June 20th. Barclays decreased their price target on shares of Signature Bank from $156.00 to $142.00 and set an overweight rating on the stock in a research note on Friday, July 20th. Wedbush decreased their price target on shares of Signature Bank from $144.00 to $131.00 and set a neutral rating on the stock in a research note on Friday, July 20th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $150.00 price target on shares of Signature Bank in a research note on Friday, July 20th. Finally, BMO Capital Markets lowered shares of Signature Bank from an outperform rating to a market perform rating and set a $171.00 price target on the stock. in a research note on Friday, July 20th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $152.40.

Shares of Signature Bank stock opened at $119.26 on Friday. The stock has a market capitalization of $6.44 billion, a P/E ratio of 13.41, a P/E/G ratio of 0.97 and a beta of 1.03. Signature Bank has a twelve month low of $108.89 and a twelve month high of $161.92. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.96 and a current ratio of 0.98.

Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings results on Thursday, July 19th. The bank reported $2.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.80 by $0.03. The firm had revenue of $326.63 million for the quarter, compared to analyst estimates of $334.00 million. Signature Bank had a net margin of 26.76% and a return on equity of 13.84%. During the same period last year, the company posted $2.21 EPS. sell-side analysts forecast that Signature Bank will post 11.18 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SBNY. Wells Fargo & Company MN lifted its stake in Signature Bank by 10.1% in the 1st quarter. Wells Fargo & Company MN now owns 203,659 shares of the bank’s stock worth $28,911,000 after purchasing an additional 18,675 shares in the last quarter. SG Americas Securities LLC lifted its stake in Signature Bank by 16.5% in the 1st quarter. SG Americas Securities LLC now owns 12,848 shares of the bank’s stock worth $1,824,000 after purchasing an additional 1,816 shares in the last quarter. Prudential Financial Inc. lifted its stake in Signature Bank by 136.1% in the 1st quarter. Prudential Financial Inc. now owns 146,166 shares of the bank’s stock worth $20,749,000 after purchasing an additional 84,268 shares in the last quarter. Robeco Institutional Asset Management B.V. purchased a new position in Signature Bank in the 1st quarter worth approximately $261,000. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of Signature Bank by 5.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 216,590 shares of the bank’s stock worth $30,745,000 after buying an additional 11,186 shares during the last quarter. 95.71% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: Understanding Compound Annual Growth Rate (CAGR)

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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