Signature Bank (SBNY) Raised to Sell at ValuEngine

Signature Bank (NASDAQ:SBNY) was upgraded by stock analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research note issued on Saturday.

Other equities research analysts also recently issued reports about the stock. BidaskClub raised shares of Signature Bank from a “strong sell” rating to a “sell” rating in a research note on Friday, September 7th. Morgan Stanley lowered their target price on shares of Signature Bank from $145.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 31st. Barclays lowered their target price 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. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $145.00 target price on shares of Signature Bank in a research note on Friday, July 20th. Finally, Wedbush lowered their target price 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. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $143.21.

Shares of SBNY opened at $115.74 on Friday. The company has a market capitalization of $6.30 billion, a P/E ratio of 12.99, a P/E/G ratio of 0.96 and a beta of 0.91. 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 has a 1-year low of $105.43 and a 1-year high of $161.92.

Signature Bank (NASDAQ:SBNY) last announced its earnings results on Thursday, October 18th. The bank reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.01. The business had revenue of $329.34 million for the quarter, compared to the consensus estimate of $331.77 million. Signature Bank had a net margin of 27.66% and a return on equity of 14.34%. Signature Bank’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period last year, the firm posted $2.29 earnings per share. On average, analysts anticipate that Signature Bank will post 11.16 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of SBNY. Canada Pension Plan Investment Board lifted its position in Signature Bank by 62.2% during the third quarter. Canada Pension Plan Investment Board now owns 23,200 shares of the bank’s stock valued at $2,664,000 after buying an additional 8,900 shares during the period. FMR LLC lifted its position in Signature Bank by 3.3% during the third quarter. FMR LLC now owns 2,143,421 shares of the bank’s stock valued at $246,150,000 after buying an additional 67,943 shares during the period. CI Global Investments Inc. lifted its position in Signature Bank by 176.4% during the third quarter. CI Global Investments Inc. now owns 1,157,940 shares of the bank’s stock valued at $132,978,000 after buying an additional 738,928 shares during the period. American International Group Inc. lifted its position in Signature Bank by 4.1% during the third quarter. American International Group Inc. now owns 112,706 shares of the bank’s stock valued at $12,943,000 after buying an additional 4,466 shares during the period. Finally, Clover Partners L.P. purchased a new position in Signature Bank during the third quarter valued at $1,782,000. Hedge funds and other institutional investors own 96.17% of the company’s stock.

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

Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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