Mirae Asset Global Investments Co. Ltd. reduced its position in Signature Bank shares (NASDAQ: SBNY – Get a rating) by 17.0% in the 1st quarter, according to its last Form 13F filed with the Securities and Exchange Commission. The company held 30,457 shares of the bank after selling 6,223 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.05% of Signature Bank worth $8,938,000 at the end of the last quarter.
A number of other hedge funds have also recently changed their holdings in the company. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new stake in Signature Bank during the first quarter worth approximately $29,000. Northwestern Mutual Wealth Management Co. increased its position in Signature Bank shares by 103.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 161 shares of the bank worth $52,000 after buying 82 more shares in the last quarter. Allworth Financial LP increased its stake in Signature Bank shares by 28.7% in Q1. Allworth Financial LP now owns 193 shares in the bank worth $57,000 after buying 43 more shares in the last quarter. Rockefeller Capital Management LP increased its position in Signature Bank by 236.2% during the fourth quarter. Rockefeller Capital Management LP now owns 316 shares of the bank valued at $101,000 after buying 222 more shares last quarter. Finally, CWM LLC increased its stake in Signature Bank by 59.4% during the first quarter. CWM LLC now owns 357 shares of the bank valued at $105,000 after buying 133 additional shares in the last quarter. Institutional investors hold 96.17% of the company’s shares.
Wall Street analysts predict growth
A number of research companies have recently commented on SBNY. Goldman Sachs Group cut its price target on Signature Bank from $377.00 to $265.00 and placed a “buy” rating on the stock in a Tuesday, May 31 research note. Wells Fargo & Company lowered its target price on Signature Bank shares to $280.00 in a Friday, July 22 report. Keefe, Bruyette & Woods reiterated an “outperform” rating on Signature Bank shares in a Wednesday, July 20 report. Piper Sandler lowered its 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 report. Finally, Morgan Stanley cut its target price on Signature Bank from $262.00 to $247.00 and set an “overweight” rating on the stock in a Wednesday, July 20 research note. One equity research analyst has assigned the stock a hold rating, thirteen have assigned a buy rating and one has assigned the company’s stock a high buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $298.69.
Signature Bank is trading down 5.8%
Shares of NASDAQ: SBNY opened at $189.96 on Friday. The stock’s 50-day simple moving average is $186.74 and its two-hundred-day simple moving average is $243.16. The stock has a market capitalization of $11.52 billion, a price/earnings ratio of 10.12, a PEG ratio of 0.97 and a beta of 1.73. Signature Bank has a 52-week low of $165.36 and a 52-week high 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 released its quarterly earnings data on Tuesday, July 19. The bank reported earnings per share (EPS) of $5.26 for the quarter, beating analyst consensus estimates 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 of the previous year, the company achieved EPS of $3.57. Analysts expect Signature Bank to post EPS of 21.77 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 1.18%. Signature Bank’s dividend payout ratio (DPR) is 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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