Signature Bank (NASDAQ:SBNY) Price target cut to $309.00 by UBS Group analysts

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Signature Bank (NASDAQ: SBNYGet a rating) saw its price target lowered by UBS Group analysts from $472.00 to $309.00 in a research report released Monday to clients and investors, Fly reports. The UBS Group price target indicates an upside potential of 39.97% from the company’s current price.

Other research analysts have also released reports on the stock. JPMorgan Chase & Co. raised its price target on Signature Bank shares from $440.00 to $460.00 and gave the stock an “overweight” rating in a Wednesday, April 20 report. StockNews.com upgraded Signature Bank shares from a “sell” rating to a “hold” rating in a Friday, May 13 report. 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. 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 research report on Friday, May 20. Finally, Wells Fargo & Company lowered its price target on Signature Bank shares from $435.00 to $408.00 and set an “overweight” rating for the company in a Wednesday, April 20 research report. One equity research analyst rated the stock with a hold rating, thirteen gave the company’s stock a strong buy rating, and one gave the company’s stock a strong buy rating. Based on data from MarketBeat.com, Signature Bank currently has a consensus buy rating and a consensus target price of $351.25.

NASDAQ: SBNY opened at $220.76 on Monday. The company has a market cap of $13.39 billion, a price-to-earnings ratio of 12.76, a growth price-to-earnings ratio of 1.03, 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 company’s 50-day moving average is $243.16 and its two-hundred-day moving average is $295.26. Signature Bank has a 12-month low of $179.05 and a 12-month high of $374.76.

Signature Bank (NASDAQ: SBNYGet a rating) last reported results 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 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 of the previous year, the company achieved EPS of $3.24. On average, equity research analysts expect Signature Bank to post earnings per share of 22.21 for the current fiscal year.

Institutional investors have recently increased or reduced their stake in the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Signature Bank by 1.1% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 3,893 shares in the bank worth $1,143,000 after buying 43 more shares in the last quarter. Allworth Financial LP increased its stake in Signature Bank by 28.7% during the first quarter. Allworth Financial LP now owns 193 shares in the bank worth $57,000 after buying 43 more shares in the last quarter. M&T Bank Corp increased its stake in Signature Bank by 3.0% during the fourth quarter. M&T Bank Corp now owns 1,603 shares in the bank worth $518,000 after buying 47 more shares in the last quarter. Community Capital Management LLC increased its stake in Signature Bank by 0.6% during the fourth quarter. Community Capital Management LLC now owns 8,200 shares of the bank worth $2,636,000 after buying 50 more shares in the last quarter. Finally, the Alaska State Department of Revenue increased its stake in Signature Bank by 0.6% during the first quarter. The Alaska State Department of Revenue now owns 8,827 shares of the bank worth $2,590,000 after buying 50 more shares in the last quarter. Institutional investors hold 96.17% of the company’s shares.

About 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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