Signature Bank (NASDAQ: SBNY- Get a rating) had its target price reduced by Morgan Stanley research analysts from $244.00 to $223.00 in a research note released Wednesday, Target Stock Advisor reports. The brokerage currently has an “overweight” rating on the bank’s shares. Morgan Stanley’s target price would indicate a potential upside of 47.49% from the company’s previous close.
SBNY has been the subject of a number of other research reports. Jefferies Financial Group cut its price target on Signature Bank from $248.00 to $205.00 and placed a “buy” rating on the stock in a Thursday, September 8 research report. Piper Sandler lowered her price target on Signature Bank to $220.00 in a Wednesday, October 5 report. StockNews.com launched coverage on Signature Bank in a report on Wednesday, October 12. They issued a “hold” rating on the stock. Goldman Sachs Group lowered its price target on Signature Bank from $216.00 to $176.00 and placed a “buy” rating on the stock in a Friday, September 30 report. Finally, Wells Fargo & Company lowered its price target on Signature Bank from $280.00 to $250.00 and set an “overweight” rating on the stock in a Thursday, October 6 report. Two equity research analysts gave the stock a hold rating, twelve gave the company a buy rating and one gave the company a strong buy rating. According to data from MarketBeat.com, Signature Bank currently has an average rating of “Moderate Buy” and an average target price of $236.54.
Signature Bank is trading down 3.9%
Shares of NASDAQ SBNY traded at $6.09 at midday Wednesday, hitting $151.20. 32,413 shares of the company were traded, against an average volume of 699,133. The company has a market capitalization of $9.52 billion, a price-earnings ratio of 8.10, a PEG ratio of 0.71 and a beta of 1.70. The company has a debt ratio of 0.27, a quick ratio of 0.82 and a current ratio of 0.83. Signature Bank has a 52-week low of $141.12 and a 52-week high of $374.76. The company’s 50-day moving average is $172.47 and its 200-day moving average is $197.80.
Signature Bank (NASDAQ: SBNY- Get a rating) last reported results on Tuesday, October 18. The bank reported earnings per share (EPS) of $5.57 for the quarter, beating the consensus estimate of $5.44 by $0.13. Signature Bank had a return on equity of 15.02% and a net margin of 43.86%. In the same quarter last year, the company posted EPS of $3.88. Analysts expect Signature Bank to post EPS of 21.6 for the current fiscal year.
Hedge funds weigh on Signature Bank
Major investors have recently been buying and selling shares of the company. Parkside Financial Bank & Trust increased its position in Signature Bank by 236.4% during the second quarter. Parkside Financial Bank & Trust now owns 148 shares of the bank worth $27,000 after buying 104 more shares in the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new position in Signature Bank stock in Q1 worth about $29,000. JCSD Capital LLC bought a new position in Signature Bank stock in Q1 worth approximately $29,000. Blume Capital Management Inc. bought a new position in Signature Bank stock in Q1 worth approximately $29,000. Finally, Quent Capital LLC increased its stake in Signature Bank shares by 152.5% in the 1st quarter. Quent Capital LLC now owns 101 shares of the bank valued at $30,000 after buying 61 additional shares in the last quarter. Hedge funds and other institutional investors hold 98.62% of the company’s shares.
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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