Analysts forecast that Signature Bank (NASDAQ:SBNY) will announce sales of $332.03 million for the current fiscal quarter, Zacks Investment Research reports. Eighteen analysts have provided estimates for Signature Bank’s earnings, with estimates ranging from $328.00 million to $338.00 million. Signature Bank reported sales of $328.27 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.1%. The firm is scheduled to issue its next quarterly earnings results on Thursday, January 17th.
According to Zacks, analysts expect that Signature Bank will report full-year sales of $1.31 billion for the current fiscal year, with estimates ranging from $1.31 billion to $1.32 billion. For the next financial year, analysts forecast that the company will report sales of $1.37 billion, with estimates ranging from $1.35 billion to $1.42 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Signature Bank.
Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Thursday, October 18th. The bank reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.01. Signature Bank had a return on equity of 14.34% and a net margin of 27.66%. The business had revenue of $329.34 million during the quarter, compared to analyst estimates of $331.77 million. During the same period in the prior year, the company posted $2.29 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year.
SBNY has been the subject of a number of recent analyst reports. Raymond James decreased their price objective on Signature Bank from $133.00 to $130.00 and set an “outperform” rating for the company in a report on Friday, October 19th. Maxim Group reissued a “buy” rating and issued a $190.00 price objective on shares of Signature Bank in a report on Thursday, October 18th. ValuEngine raised Signature Bank from a “strong sell” rating to a “sell” rating in a report on Saturday, November 10th. Wells Fargo & Co reissued a “buy” rating and issued a $135.00 price objective on shares of Signature Bank in a report on Monday, October 1st. Finally, UBS Group raised Signature Bank from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $122.00 to $138.00 in a report on Monday, November 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $141.92.
SBNY stock traded down $0.30 on Tuesday, reaching $116.26. The company’s stock had a trading volume of 391,555 shares, compared to its average volume of 420,837. Signature Bank has a 52 week low of $105.43 and a 52 week high of $161.92. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of 13.05, a price-to-earnings-growth ratio of 0.97 and a beta of 0.93. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.96 and a quick ratio of 0.95.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date was Wednesday, October 31st. Signature Bank’s payout ratio is currently 25.14%.
A number of hedge funds and other institutional investors have recently modified their holdings of SBNY. Paradigm Asset Management Co. LLC bought a new position in Signature Bank during the 3rd quarter valued at $115,000. Endurance Wealth Management Inc. bought a new position in Signature Bank during the 2nd quarter valued at $128,000. Qube Research & Technologies Ltd bought a new position in Signature Bank during the 2nd quarter valued at $132,000. Zions Bancorporation bought a new position in Signature Bank during the 2nd quarter valued at $160,000. Finally, Cerebellum GP LLC boosted its stake in Signature Bank by 1,408.6% during the 3rd quarter. Cerebellum GP LLC now owns 1,584 shares of the bank’s stock valued at $182,000 after purchasing an additional 1,479 shares in the last quarter. 94.52% of the stock is owned by hedge funds and other institutional investors.
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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