Signature Bank (NASDAQ: SBNY – Get a rating) – Jefferies Financial Group dropped its second-quarter 2022 earnings estimates for Signature Bank in a research report released to customers and investors on Monday, July 11. Jefferies Financial Group analyst C. Haire now expects the bank to post earnings of $5.02 per share for the quarter, down from its previous estimate of $5.20. The consensus estimate of Signature Bank’s current annual earnings is $22.33 per share. Jefferies Financial Group also released estimates for Signature Bank Q4 2022 earnings at $6.15 EPS, FY2022 earnings at $22.55 EPS, Q1 2023 earnings at $5.97 EPS, Q2 2023 earnings at $6.14 EPS, Q3 2023 earnings at $6.50 EPS, Q4 2023 earnings at $6.84 EPS and Full Year 2023 earnings at $25.45 EPS.
A number of other research analysts have also recently released reports on the stock. Goldman Sachs Group lowered 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 research note. UBS Group lowered its price target on Signature Bank shares from $472.00 to $309.00 and set a “buy” rating on the stock in a Monday June 6 research note. StockNews.com upgraded Signature Bank shares from a “sell” to a “hold” rating in a research note on Saturday, July 2. Piper Sandler cut her price target on Signature Bank shares from $375.00 to $325.00 and set an “overweight” rating on the stock in a Friday, May 20 research note. Finally, Compass Point lowered its price target on Signature Bank shares from $350.00 to $300.00 and set a “buy” rating on the stock in a Friday, June 10 report. One equity research 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.com, Signature Bank has an average buy rating and an average price target of $315.85.
Shares of NASDAQ: SBNY opened at $188.85 on Thursday. The company’s 50-day simple moving average is $196.69 and its 200-day simple moving average is $270.88. The stock has a market capitalization of $11.45 billion, a price-to-earnings ratio of 11.05, a growth price-to-earnings ratio of 0.91 and a beta of 1.80. The company has a debt ratio of 0.37, a current ratio of 0.85 and a quick ratio of 0.84. 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 reported its quarterly earnings data on Tuesday, April 19. The bank reported earnings per share (EPS) of $5.30 for the quarter, beating consensus analyst estimates of $4.31 from $0.99. The company posted revenue of $607.96 million for the quarter, versus $608.85 million expected by analysts. Signature Bank had a net margin of 43.29% and a return on equity of 13.97%. During the same period last year, the company posted earnings per share of $3.24.
A number of hedge funds have recently changed their holdings in SBNY. Parkside Financial Bank & Trust increased its position in Signature Bank by 236.4% in the second quarter. Parkside Financial Bank & Trust now owns 148 shares of the bank worth $27,000 after buying 104 more shares last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new stake in Signature Bank in Q1 worth about $29,000. JCSD Capital LLC purchased a new stake in Signature Bank in Q1 worth approximately $29,000. Blume Capital Management Inc. bought a new position in Signature Bank stock during Q1 worth approximately $29,000. Finally, Quent Capital LLC increased its position in Signature Bank shares by 152.5% during the 1st quarter. Quent Capital LLC now owns 101 shares of the bank valued at $30,000 after acquiring 61 additional shares during the period. 96.17% of the shares are held by institutional investors and hedge funds.
The company also recently announced a quarterly dividend, which was paid on Friday, May 13. Investors of record on Friday, April 29 received a dividend of $0.56. The ex-dividend date was Thursday, April 28. This represents a dividend of $2.24 on an annualized basis and a dividend yield of 1.19%. Signature Bank’s dividend payout ratio is currently 13.11%.
Corporate Profile Signature Bank (Get a rating)
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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