Raymond James upgraded shares of Signature Bank (NASDAQ:SBNY) from an outperform rating to a strong-buy rating in a research report sent to investors on Monday, Benzinga reports. They currently have $143.00 price target on the bank’s stock, up from their prior price target of $142.00.
A number of other equities research analysts also recently issued reports on SBNY. BidaskClub upgraded YRC Worldwide from a hold rating to a buy rating in a research report on Saturday, April 13th. Wells Fargo & Co restated a hold rating on shares of Broadcom in a research report on Friday, March 15th. Wedbush restated an outperform rating and set a $124.00 price objective on shares of New Relic in a research report on Wednesday, May 15th. Morgan Stanley upgraded Dongfeng Motor Group from an equal weight rating to an overweight rating in a research report on Monday, July 1st. Finally, BMO Capital Markets upgraded Tourmaline Oil from a market perform rating to an outperform rating in a research report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Signature Bank currently has an average rating of Buy and a consensus target price of $144.77.
Shares of NASDAQ:SBNY traded up $1.74 during mid-day trading on Monday, reaching $126.14. The stock had a trading volume of 336,600 shares, compared to its average volume of 445,805. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $6.94 billion, a P/E ratio of 11.17, a P/E/G ratio of 1.05 and a beta of 1.37. Signature Bank has a 1 year low of $98.54 and a 1 year high of $137.93. The business has a 50 day moving average of $118.60.
Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Wednesday, April 17th. The bank reported $2.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.11). Signature Bank had a net margin of 34.17% and a return on equity of 14.15%. The company had revenue of $325.08 million for the quarter, compared to analysts’ expectations of $332.35 million. During the same quarter last year, the company earned $2.69 earnings per share. As a group, equities research analysts anticipate that Signature Bank will post 11.03 EPS for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC grew its stake in shares of Signature Bank by 8.5% in the fourth quarter. LPL Financial LLC now owns 3,940 shares of the bank’s stock valued at $405,000 after buying an additional 308 shares in the last quarter. Private Advisor Group LLC bought a new position in shares of Signature Bank in the fourth quarter valued at $563,000. Advisor Group Inc. grew its stake in shares of Signature Bank by 3.6% in the fourth quarter. Advisor Group Inc. now owns 3,329 shares of the bank’s stock valued at $342,000 after buying an additional 115 shares in the last quarter. State of Tennessee Treasury Department grew its stake in shares of Signature Bank by 2.0% in the fourth quarter. State of Tennessee Treasury Department now owns 34,580 shares of the bank’s stock valued at $3,555,000 after buying an additional 687 shares in the last quarter. Finally, GSA Capital Partners LLP grew its stake in shares of Signature Bank by 5.1% in the fourth quarter. GSA Capital Partners LLP now owns 3,978 shares of the bank’s stock valued at $409,000 after buying an additional 193 shares in the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.
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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