Los Angeles Capital Management LLC reduced its position in Signature Bank (NASDAQ: SBNY – Get a rating) by 20.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund held 769 shares of the bank after selling 200 shares during the period. Los Angeles Capital Management LLC’s holdings in Signature Bank were worth $226,000 when it last filed with the Securities and Exchange Commission (SEC).
Several other institutional investors have also increased or reduced their stake in the company. State Street Corp increased its stake in Signature Bank by 53.1% during the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank valued at $981,706,000 after purchasing an additional 1,052,338 shares during the period. EAM Global Investors LLC increased its stake in Signature Bank to 98.4% during the fourth quarter. EAM Global Investors LLC now owns 9,680 shares of the bank valued at $3,131,000 after purchasing an additional 4,802 shares during the period. Metis Global Partners LLC bought a new position in Signature Bank during the first quarter valued at approximately $282,000. Envestnet Asset Management Inc. increased its stake in Signature Bank by 20.9% during the first quarter. Envestnet Asset Management Inc. now owns 70,646 shares of the bank valued at $20,734,000 after purchasing an additional 12,193 shares during the period. Finally, Nuveen Asset Management LLC increased its holdings in Signature Bank by 5.4% in the fourth quarter. Nuveen Asset Management LLC now owns 335,734 shares of the bank worth $108,600,000 after purchasing an additional 17,201 shares in the last quarter. Institutional investors hold 96.17% of the company’s shares.
Performance of Signature Bank shares
Signature Bank Stocks opened at $207.12 on Wednesday. The company has a 50-day simple moving average of $187.68 and a 200-day simple moving average of $245.58. Signature Bank has a 1-year minimum of $165.36 and a 1-year maximum of $374.76. The company has a debt ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market capitalization of $12.56 billion, a price-to-earnings ratio of 11.03, a growth price-to-earnings ratio of 1.00 and a beta of 1.74.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its quarterly results on Tuesday, July 19. The bank reported earnings per share 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%. During the same period a year earlier, the company posted earnings per share of $3.57. On average, analysts expect Signature Bank to post an EPS of 21.82 for the current year.
Signature Bank Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 12. Shareholders of record on Friday, July 29 received a dividend of $0.56. The ex-dividend date was Thursday, July 28. This represents an annualized dividend of $2.24 and a dividend yield of 1.08%. Signature Bank’s dividend payout ratio is currently 11.93%.
Analyst upgrades and downgrades
Several research companies have published reports on SBNY. Goldman Sachs Group cut its price target on Signature Bank shares from $377.00 to $265.00 and set a “buy” rating on the stock in a Tuesday, May 31 report. JPMorgan Chase & Co. cut its price target on Signature Bank shares from $460.00 to $300.00 and set an “overweight” rating on the stock in a Friday, July 1 report. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on Signature Bank shares in a Wednesday, July 20 report. TheStreet downgraded shares of Signature Bank from a ‘b’ rating to a ‘c+’ rating in a Wednesday, July 13 report. Finally, Piper Sandler lowered her price target on Signature Bank shares from $375.00 to $325.00 and set an “overweight” rating for the company in a Friday, May 20 research note. One equity research analyst rated the stock with a hold rating, thirteen gave the company a strong buy rating and one gave the company’s stock a strong buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $298.69.
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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