Signature Bank (NASDAQ:SBNY)‘s stock had its “buy” rating reaffirmed by stock analysts at Maxim Group in a report released on Thursday. They currently have a $190.00 price target on the bank’s stock. Maxim Group’s price target points to a potential upside of 68.44% from the stock’s previous close.
The analysts wrote, “SBNY reported 3Q18 EPS of $2.84, versus consensus of $2.83. It was a strong quarter, in our view, with linked-quarter loan growth of 2.3% and deposit growth of 3.1%. Very importantly, the core net interest margin (NIM) was down 4bps, within (and toward the favorable end of) management’s NIM guidance range of down 3bps to down 6bps. Management maintained the same NIM guidance range for 4Q18. For 2019, management guided to: 1) a higher NIM if the Fed has two rate hikes; 2) a stable NIM if the Fed has three hikes; and 3) a lower NIM if the Fed has four rate hikes.””
Several other equities analysts have also commented on the stock. BidaskClub upgraded shares of Signature Bank from a “sell” rating to a “hold” rating in a research report on Thursday, October 11th. Wells Fargo & Co lowered their price objective on shares of Signature Bank from $150.00 to $130.00 and set an “outperform” rating for the company in a research report on Tuesday, October 2nd. ValuEngine lowered shares of Signature Bank from a “sell” rating to a “strong sell” rating in a research report on Monday, September 24th. Morgan Stanley lowered their price objective on shares of Signature Bank from $135.00 to $133.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 18th. Finally, Hovde Group upgraded shares of Signature Bank from a “market perform” rating to an “outperform” rating and lowered their price objective for the company from $144.00 to $133.00 in a research report on Wednesday, August 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $145.00.
SBNY stock opened at $112.80 on Thursday. Signature Bank has a 52 week low of $106.39 and a 52 week high of $161.92. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $6.39 billion, a price-to-earnings ratio of 10.78, a price-to-earnings-growth ratio of 0.98 and a beta of 1.02.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings data on Thursday, October 18th. The bank reported $2.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.83 by $0.01. Signature Bank had a net margin of 27.66% and a return on equity of 14.34%. The business had revenue of $329.34 million during the quarter, compared to analyst estimates of $331.77 million. During the same quarter last year, the business earned $2.29 earnings per share. Signature Bank’s quarterly revenue was up 3.9% compared to the same quarter last year. Research analysts anticipate that Signature Bank will post 11.06 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in SBNY. GSA Capital Partners LLP purchased a new stake in shares of Signature Bank in the first quarter valued at $410,000. Point72 Asset Management L.P. purchased a new stake in shares of Signature Bank in the first quarter valued at $795,000. Cubist Systematic Strategies LLC raised its stake in shares of Signature Bank by 234.5% in the first quarter. Cubist Systematic Strategies LLC now owns 4,750 shares of the bank’s stock valued at $674,000 after acquiring an additional 3,330 shares during the period. Amundi Pioneer Asset Management Inc. increased its stake in Signature Bank by 20.5% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 59,065 shares of the bank’s stock worth $8,384,000 after buying an additional 10,044 shares during the period. Finally, Verition Fund Management LLC purchased a new position in Signature Bank in the 1st quarter worth about $375,000. 95.73% of the stock is currently owned by institutional investors and hedge funds.
About Signature Bank
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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