Russell Investments Group Ltd. reduced its position in Signature Bank (NASDAQ: SBNY – Get a rating) by 2.5% in Q1, according to the company in its latest 13F filing with the Securities and Exchange Commission (SEC). The company held 37,833 shares of the bank after selling 975 shares during the period. Russell Investments Group Ltd. owned 0.06% of Signature Bank worth $11,102,000 at the end of the most recent reporting period.
Several other large investors have also recently changed their positions in SBNY. Capital International Investors acquired a new stake in Signature Bank stock in Q4 valued at approximately $599,227,000. State Street Corp increased its stake in 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 purchasing an additional 1,052,338 shares during the period. Norges Bank acquired a new stake in Signature Bank stock in Q4 valued at approximately $185,605,000. Bank of America Corp DE increased its position in Signature Bank by 86.3% in the fourth quarter. Bank of America Corp DE now owns 913,508 shares of the bank valued at $295,492,000 after acquiring an additional 423,228 shares last quarter. Finally, Geode Capital Management LLC increased its position in Signature Bank by 50.3% in the 4th quarter. Geode Capital Management LLC now owns 1,164,486 shares of the bank valued at $375,710,000 after acquiring 389,849 additional shares last quarter. 96.17% of the shares are currently held by institutional investors and hedge funds.
Performance of Signature Bank shares
NASDAQ: SBNY opened at $187.28 on Friday. The company has a market capitalization of $11.36 billion, a P/E ratio of 9.97, a P/E/G ratio of 0.91 and a beta of 1.73. The company has a fifty-day simple moving average of $190.35 and a two-hundred-day simple moving average of $251.88. The company has a debt ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.82. Signature Bank has a 1-year minimum of $165.36 and a 1-year maximum of $374.76.
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 consensus analyst estimates of $5.05 by $0.21. 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 posted EPS of $3.57. On average, analysts expect Signature Bank to post earnings per share of 21.81 for the current year.
Signature Bank Dividend Announcement
The company also recently declared 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 a dividend of $2.24 on an annualized basis and a dividend yield of 1.20%. Signature Bank’s dividend payout ratio is currently 11.93%.
Changes to analyst ratings
Several equity analysts have recently weighed in on SBNY shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on Signature Bank shares in a Wednesday, July 20 research report. UBS Group lowered its price target on Signature Bank shares from $309.00 to $288.00 and placed a “buy” rating on the stock in a Wednesday, July 27 research report. Jefferies Financial Group lowered its price target on Signature Bank shares from $352.00 to $267.00 in a Monday, July 11 research report. Raymond James lowered his price target on Signature Bank shares from $305.00 to $286.00 in a Wednesday, July 20 research report. Finally, Wells Fargo & Company lowered its price target on Signature Bank shares to $280.00 in a Friday, July 22 research report. An equity research analyst rated the stock with a hold rating, thirteen gave the company a buy rating and one gave the company a strong buy rating. According to MarketBeat.com, the stock 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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