Signature Bank (NASDAQ:SBNY) was upgraded by equities researchers at ValuEngine from a “strong sell” rating to a “sell” rating in a research report issued on Thursday, ValuEngine reports.
Other equities analysts have also issued reports about the company. Raymond James upgraded Signature Bank from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $142.00 to $143.00 in a research report on Monday, July 8th. JPMorgan Chase & Co. set a $138.00 price target on Signature Bank and gave the stock a “buy” rating in a research report on Friday, September 6th. Wells Fargo & Co reduced their price target on Signature Bank from $150.00 to $140.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 2nd. BidaskClub upgraded Signature Bank from a “sell” rating to a “hold” rating in a research report on Saturday, September 14th. Finally, Morgan Stanley reduced their price target on Signature Bank from $146.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Signature Bank currently has an average rating of “Buy” and a consensus price target of $143.22.
SBNY opened at $117.48 on Thursday. The stock’s 50 day simple moving average is $118.12 and its 200 day simple moving average is $122.23. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.00 and a quick ratio of 0.99. Signature Bank has a 1 year low of $98.54 and a 1 year high of $137.93. The firm has a market cap of $6.36 billion, a price-to-earnings ratio of 10.40, a PEG ratio of 0.99 and a beta of 1.36.
Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.01. Signature Bank had a return on equity of 13.61% and a net margin of 32.59%. The business had revenue of $334.88 million for the quarter, compared to analyst estimates of $333.25 million. During the same period last year, the company earned $2.83 EPS. As a group, sell-side analysts anticipate that Signature Bank will post 10.87 EPS for the current year.
Several hedge funds have recently modified their holdings of SBNY. Wells Fargo & Company MN grew its position in shares of Signature Bank by 13.8% in the 1st quarter. Wells Fargo & Company MN now owns 302,528 shares of the bank’s stock worth $38,745,000 after buying an additional 36,722 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Signature Bank by 5.2% in the 1st quarter. Principal Financial Group Inc. now owns 245,042 shares of the bank’s stock worth $31,383,000 after buying an additional 12,035 shares during the last quarter. OppenheimerFunds Inc. grew its position in shares of Signature Bank by 21.9% in the 1st quarter. OppenheimerFunds Inc. now owns 126,141 shares of the bank’s stock worth $16,155,000 after buying an additional 22,691 shares during the last quarter. Neuburgh Advisers LLC grew its position in shares of Signature Bank by 6.9% in the 1st quarter. Neuburgh Advisers LLC now owns 5,728 shares of the bank’s stock worth $734,000 after buying an additional 368 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd bought a new stake in shares of Signature Bank in the 1st quarter worth approximately $78,514,000. Hedge funds and other institutional investors own 92.71% of the company’s stock.
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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