Signature Bank Inc (NASDAQ:SBNY) Sets New 1-Year Low After Analysts Downgrade

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Signature Bank (NASDAQ: SBNY – Get a rating) hit a new 52-week low in midday trading on Monday after Compass Point lowered its price target on the stock from $350.00 to $300.00. Compass Point currently has a buy rating on the stock. Signature Bank traded at $177.29 and last traded at $177.82, with volume traded at 8558 shares. The stock previously closed at $201.62.

Other analysts have also recently published research reports on the stock. Wedbush lowered its price target on Signature Bank shares from $415.00 to $375.00 and set a “buy” rating for the company in a Wednesday, April 20 report. Piper Sandler cut 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. UBS Group cut 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 research note. StockNews.com downgraded Signature Bank shares from a “hold” rating to a “sell” rating in a Tuesday, June 7 research note. Finally, Goldman Sachs Group cut its price target on Signature Bank shares from $377.00 to $265.00 and set a “buy” rating for the company in a Tuesday, May 31 research note. . One research analyst rated the stock with a sell rating, thirteen gave the stock a buy rating and one gave the stock a strong buy rating. Based on MarketBeat data, Signature Bank has an average rating of “Buy” and an average price target of $347.31.

A number of institutional investors have recently changed their positions in the company. Vanguard Group Inc. increased its position in Signature Bank by 6.5% during the first quarter. Vanguard Group Inc. now owns 6,161,104 shares of the bank valued at $1,808,223,000 after purchasing an additional 378,308 shares in the last quarter. BlackRock Inc. increased its position in Signature Bank by 7.1% during the first quarter. BlackRock Inc. now owns 4,682,876 shares of the bank valued at $1,374,378,000 after purchasing an additional 310,514 shares in the last quarter. Capital International Investors increased its position in Signature Bank by 72.7% during the first quarter. Capital International Investors now owns 3,198,719 shares of the bank valued at $939,240,000 after purchasing an additional 1,346,224 shares in the last quarter. State Street Corp raised its position in Signature Bank by 1.8% in the first quarter. State Street Corp now owns 3,090,146 shares of the bank valued at $906,927,000 after buying an additional 55,225 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Signature Bank shares by 72.7% in the 1st quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank worth $462,910,000 after acquiring an additional 663,755 shares in the last quarter. Institutional investors and hedge funds own 96.17% of the company’s shares.

The stock has a market capitalization of $10.61 billion, a P/E ratio of 10.39, a price-to-earnings growth ratio of 0.96 and a beta of 1.78. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt ratio of 0.37. The stock’s fifty-day moving average price is $234.76 and its two-hundred-day moving average price is $291.10.

Signature Bank (NASDAQ: SBNY – Get a rating) last reported its quarterly earnings data on Tuesday, April 19. The bank reported earnings per share of $5.30 for the quarter, beating analyst consensus estimates of $4.31 by $0.99. The company posted revenue of $607.96 million in the quarter, versus analyst estimates of $608.85 million. Signature Bank had a net margin of 43.29% and a return on equity of 13.97%. During the same period a year earlier, the company posted EPS of $3.24. As a group, analysts expect Signature Bank to post earnings per share of 22.15 for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 13. Shareholders 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 1.28%. Signature Bank’s payout ratio is 13.11%.

Corporate Profile Signature Bank (NASDAQ: SBNY)

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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