Signature Bank (NASDAQ: SBNY- Get a rating) – Investment analysts at Jefferies Financial Group cut their fiscal 2023 earnings per share estimates for Signature Bank in a report released Tuesday, October 11. Jefferies Financial Group analyst C. Haire now expects the bank to earn $20.80 per share for the year, down from its previous estimate of $21.60. Jefferies Financial Group currently has a “Buy” rating and a target price of $205.00 on the stock. The consensus estimate for Signature Bank’s current annual earnings is $21.64 per share.
Several other equity analysts have also recently released reports on SBNY. Morgan Stanley lowered its price target on Signature Bank from $247.00 to $244.00 and set an “overweight” rating on the stock in a Wednesday, October 5 report. Piper Sandler reduced her price target on Signature Bank to $220.00 in a Wednesday, October 5 report. Stephens reduced his price target on Signature Bank to $240.00 in a Friday, July 22 report. Wells Fargo & Company cut its price target on Signature Bank from $280.00 to $250.00 and set an “overweight” rating on the stock in a Thursday, Oct. 6 report. Finally, UBS Group lowered its price target on Signature Bank from $309.00 to $288.00 and placed a “buy” rating on the stock in a Wednesday, July 27 report. One analyst gave the stock a hold rating, thirteen gave the company a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $258.00.
Signature Bank Price Performance
SBNY shares opened at $148.45 on Thursday. The stock’s fifty-day moving average is $175.28 and its 200-day moving average is $202.72. The stock has a market capitalization of $9.34 billion, a PE ratio of 7.90, a PEG ratio of 0.74 and a beta of 1.71. Signature Bank has a 52 week minimum of $146.00 and a 52 week maximum of $374.76. The company has a debt ratio of 0.27, a quick ratio of 0.82 and a current ratio of 0.83.
Signature Bank (NASDAQ: SBNY- Get a rating) last announced its results on Tuesday, July 19. The bank reported EPS of $5.26 for the quarter, beating the consensus estimate of $5.06 by $0.20. The company posted revenue of $686.77 million for the quarter, versus $686.62 million expected by analysts. Signature Bank had a return on equity of 15.02% and a net margin of 43.86%. In the same quarter a year earlier, the company had earned earnings per share of $3.57.
Signature Bank Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 12. Shareholders of record on Friday, July 29 received a dividend of $0.56 per share. This represents an annualized dividend of $2.24 and a dividend yield of 1.51%. The ex-dividend date was Thursday, July 28. Signature Bank’s dividend payout ratio (DPR) is 11.93%.
Institutional entries and exits
Several institutional investors have recently changed their positions in the stock. Price T Rowe Associates Inc. MD increased its stake in Signature Bank shares by 56.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 5,244,799 shares of the bank worth $939,920,000 after acquiring an additional 1,900,674 shares during the period. Capital International Investors increased its stake in Signature Bank shares by 72.7% during the 1st quarter. Capital International Investors now owns 3,198,719 shares of the bank worth $939,240,000 after acquiring an additional 1,346,224 shares during the period. Bank of America Corp DE increased its stake in Signature Bank shares by 72.7% during the 1st quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank worth $462,910,000 after acquiring an additional 663,755 shares during the period. Norges Bank purchased a new stock position in Signature Bank during Q4 for a value of approximately $185,605,000. Finally, Brown Brothers Harriman & Co. increased its stake in Signature Bank shares by 3,956,857.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 553,974 shares of the bank worth $162,586,000 after acquiring an additional 553,960 shares during the period. Institutional investors and hedge funds own 98.62% of the company’s shares.
About Signature Bank
Signature Bank provides commercial banking products and services. It accepts various deposit products, including checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, certificates of deposit, and other cash management products. The Company offers various loan products including commercial and industrial loans, real estate loans and letters of credit.
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