DekaBank Deutsche Girozentrale increased its stake in Signature Bank (NASDAQ: SBNY – Get a rating) by 5.4% in the first quarter, HoldingsChannel.com reports. The company held 5,233 shares of the bank after buying an additional 268 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Signature Bank were worth $1,609,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also changed their holdings in SBNY. Capital International Investors acquired a new equity stake in Signature Bank in the fourth quarter valued at approximately $599,227,000. State Street Corp increased its holdings of Signature Bank shares by 53.1% in the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank valued at $981,706,000 after buying an additional 1,052,338 shares last quarter. Norges Bank acquired a new stake in shares of Signature Bank in the fourth quarter valued at approximately $185,605,000. Bank of America Corp DE increased its stake in Signature Bank by 86.3% during the fourth quarter. Bank of America Corp DE now owns 913,508 shares of the bank worth $295,492,000 after acquiring an additional 423,228 shares during the period. Finally, Geode Capital Management LLC increased its stake in Signature Bank by 50.3% during the 4th quarter. Geode Capital Management LLC now owns 1,164,486 shares of the bank worth $375,710,000 after acquiring an additional 389,849 shares during the period. Institutional investors and hedge funds own 96.17% of the company’s shares.
Analyst upgrades and downgrades
A number of analysts have commented on SBNY shares. Compass Point lowered its target price on Signature Bank shares from $350.00 to $300.00 and set a “buy” rating for the company in a Friday, June 10 report. UBS Group lowered its price target on Signature Bank shares from $472.00 to $309.00 and set a “buy” rating for the company in a Monday, June 6 report. Keefe, Bruyette & Woods lowered their target price on Signature Bank shares from $300.00 to $285.00 in a report on Tuesday. JPMorgan Chase & Co. lowered its price target on Signature Bank shares from $460.00 to $300.00 and set an “overweight” rating for the company in a Friday, July 1 report. Finally, Stephens cut his price target on Signature Bank shares to $325.00 in a Friday, May 27 research report. One analyst gave the stock a sell rating, thirteen issued a buy rating and one issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $314.79.
Signature Bank is trading down 3.2%
Shares of NASDAQ: SBNY opened at $181.57 on Friday. The company’s 50-day moving average price is $193.19 and its two-hundred-day moving average price is $265.22. The company has a debt ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.84. Signature Bank has a one-year low of $165.36 and a one-year high of $374.76. The stock has a market capitalization of $11.01 billion, a PE ratio of 9.67, a growth price-earnings ratio of 0.89 and a beta of 1.80.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its quarterly results on Tuesday, July 19. The bank reported EPS of $5.26 for the quarter, beating the consensus estimate of $5.05 by $0.21. Signature Bank had a net margin of 43.86% and a return on equity of 15.02%. In the same quarter a year earlier, the company posted EPS of $3.57. On average, stock analysts expect Signature Bank to post an EPS of 22.05 for the current fiscal year.
Signature Bank Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, August 12. Shareholders of record on Friday, July 29 will receive a dividend of $0.56 per share. The ex-dividend date is Thursday, July 28. This represents an annualized dividend of $2.24 and a dividend yield of 1.23%. Signature Bank’s dividend payout ratio is currently 11.93%.
Corporate Profile 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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