Signature Bank (SBNY) Receives Consensus Recommendation of “Buy” from Analysts

Signature Bank (NASDAQ:SBNY) has been assigned a consensus recommendation of “Buy” from the eighteen research firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $143.21.

Several analysts have weighed in on the stock. ValuEngine raised shares of Signature Bank from a “strong sell” rating to a “sell” rating in a research note on Friday, September 14th. BidaskClub raised shares of Signature Bank from a “strong sell” rating to a “sell” rating in a research note on Friday, September 7th. Barclays decreased their price objective 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 objective 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. Finally, JPMorgan Chase & Co. cut shares of Signature Bank from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $150.00 to $130.00 in a research note on Friday, July 20th.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in Signature Bank by 3.1% during the first quarter. Principal Financial Group Inc. now owns 233,610 shares of the bank’s stock valued at $33,161,000 after purchasing an additional 6,973 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Signature Bank by 34.5% during the second quarter. State of Alaska Department of Revenue now owns 6,280 shares of the bank’s stock valued at $802,000 after purchasing an additional 1,610 shares in the last quarter. Xact Kapitalforvaltning AB boosted its position in Signature Bank by 15.5% during the second quarter. Xact Kapitalforvaltning AB now owns 8,792 shares of the bank’s stock valued at $1,124,000 after purchasing an additional 1,183 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Signature Bank by 164.6% during the second quarter. Assenagon Asset Management S.A. now owns 20,987 shares of the bank’s stock valued at $2,684,000 after purchasing an additional 13,054 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its position in Signature Bank by 3.7% during the second quarter. Retirement Systems of Alabama now owns 146,951 shares of the bank’s stock valued at $18,792,000 after purchasing an additional 5,285 shares in the last quarter. 96.17% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ SBNY opened at $114.66 on Monday. The stock has a market capitalization of $6.10 billion, a P/E ratio of 12.87, a price-to-earnings-growth ratio of 0.93 and a beta of 0.91. Signature Bank has a twelve month low of $105.43 and a twelve month high of $161.92. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.05.

Signature Bank (NASDAQ:SBNY) last posted its earnings results on Thursday, October 18th. The bank reported $2.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.83 by $0.01. The business had revenue of $329.34 million for the quarter, compared to analysts’ expectations of $331.77 million. Signature Bank had a net margin of 27.66% and a return on equity of 14.34%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.29 earnings per share. As a group, research analysts anticipate that Signature Bank will post 11.15 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be paid a dividend of $0.56 per share. The ex-dividend date is Wednesday, October 31st. This represents a $2.24 annualized dividend and a dividend yield of 1.95%. Signature Bank’s dividend payout ratio (DPR) is currently 25.14%.

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.

Recommended Story: What are the benefits of buying treasury bonds?

Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

Receive News & Ratings for Signature Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Signature Bank and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply