Signature Bank Stock (NASDAQ: SBNY – Get a rating) received an average “moderate buy” recommendation from the sixteen brokerages that currently cover the stock, MarketBeat reports. One analyst rated the stock with a hold recommendation and ten gave the company a buy recommendation. The year-over-year average target price among brokerages that have updated their coverage on the stock over the past year is $274.67.
A number of brokerages have weighed in on SBNY recently. Morgan Stanley lowered its price target on Signature Bank shares from $262.00 to $247.00 and set an “overweight” rating on the stock in a Wednesday, July 20 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 report. Raymond James lowered its price target on Signature Bank shares from $305.00 to $286.00 in a Wednesday, July 20 report. JPMorgan Chase & Co. lowered its price target on Signature Bank shares from $460.00 to $300.00 and set an “overweight” rating on the stock in a Friday, July 1 report. Finally, Wedbush lowered its price target on Signature Bank shares from $240.00 to $225.00 and set an “outperform” rating on the stock in a Wednesday, September 7 report.
Signature Bank shares fall 1.4%
NASDAQ:SBNY shares opened at $152.88 on Friday. The company has a 50-day moving average of $180.24 and a 200-day moving average of $213.18. Signature Bank has a one-year minimum of $146.00 and a one-year maximum of $374.76. The stock has a market capitalization of $9.62 billion, a price/earnings ratio of 8.14, a P/E/G ratio of 0.73 and a beta of 1.72. The company has a debt ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.82.
Signature Bank (NASDAQ: SBNY- Get a rating) last announced its quarterly results on Tuesday, July 19. The bank reported earnings per share of $5.26 for the quarter, beating consensus analyst estimates of $5.06 by $0.20. Signature Bank had a net margin of 43.86% and a return on equity of 15.02%. The company posted revenue of $686.77 million for the quarter, versus analyst estimates of $686.62 million. In the same quarter a year earlier, the company posted earnings per share of $3.57. On average, sell-side analysts expect Signature Bank to post earnings per share of 21.68 for the current year.
Signature Bank Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, August 12. Investors of record on Friday, July 29 received a dividend of $0.56 per share. The ex-dividend date was Thursday, July 28. This represents a dividend of $2.24 on an annualized basis and a dividend yield of 1.47%. Signature Bank’s payout ratio is currently 11.93%.
Institutional entries and exits
Institutional investors have recently changed their stock portfolios. HighTower Advisors LLC purchased a new stake in Signature Bank stock in the fourth quarter worth approximately $217,000. Rockefeller Capital Management LP increased its holdings of Signature Bank shares by 236.2% in the fourth quarter. Rockefeller Capital Management LP now owns 316 shares of the bank valued at $101,000 after buying 222 more shares in the last quarter. Blair William & Co. IL bought a new stake in Signature Bank stock in the fourth quarter worth about $281,000. LPL Financial LLC increased its holdings of Signature Bank shares by 3.3% in the fourth quarter. LPL Financial LLC now owns 14,772 shares of the bank valued at $4,778,000 after purchasing an additional 468 shares in the last quarter. Finally, Eaton Vance Management increased its holdings of Signature Bank shares by 1.7% in the fourth quarter. Eaton Vance Management now owns 3,731 shares of the bank valued at $1,087,000 after buying 64 more shares in the last quarter. Institutional investors and hedge funds own 98.62% of the company’s shares.
Corporate Profile 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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