Signature Bank (NASDAQ: SBNY- Get a rating) saw its target price lowered by investment analysts to Wells Fargo and company from $280.00 to $250.00 in a research note published Thursday, Benzinga reports. The company currently has an “overweight” rating on the bank’s shares. Wells Fargo and companyThe stock’s price target suggests a potential upside of 55.51% from the stock’s previous close.
Several other equity research analysts have also recently released reports on the company. StockNews.com upgraded Signature Bank from a “sell” rating to a “hold” rating in a report released Monday, August 15. TheStreet downgraded Signature Bank from a ‘b’ rating to a ‘c+’ rating in a Wednesday, July 13 research report. Compass Point lowered its price target on Signature Bank to $210.00 in a Thursday, September 29 research report. Raymond James lowered his price target on Signature Bank from $305.00 to $286.00 in a Wednesday, July 20 research report. Finally, Maxim Group lowered its price target on Signature Bank from $450.00 to $425.00 and set a “buy” rating for the company in a Wednesday, July 20 research report. One equity research analyst gave the stock a hold rating, thirteen gave the stock a buy rating and one gave the stock a strong buy rating. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $258.00.
Signature Bank Price Performance
NASDAQ:SBNY opened at $160.76 on Thursday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt ratio of 0.27. The company’s 50-day simple moving average is $178.64 and its two-hundred-day simple moving average is $208.21. The stock has a market capitalization of $10.12 billion, a PE ratio of 8.56, a P/E/G ratio of 0.80 and a beta of 1.71. Signature Bank has a 52 week minimum of $146.00 and a 52 week maximum of $374.76.
Signature Bank (NASDAQ: SBNY- Get a rating) last released its quarterly results on Tuesday, July 19. The bank reported EPS of $5.26 for the quarter, beating consensus analyst estimates of $5.06 by $0.20. Signature Bank had a return on equity of 15.02% and a net margin of 43.86%. The company posted revenue of $686.77 million for the quarter, compared to $686.62 million expected by analysts. During the same period last year, the company earned earnings per share of $3.57. As a group, analysts expect Signature Bank to post EPS of 21.69 for the current fiscal year.
Signature Bank Institutional Trading
A number of large investors have recently changed their holdings in the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings of Signature Bank shares by 1.1% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 3,893 shares in the bank valued at $1,143,000 after buying 43 additional shares during the period. Allworth Financial LP increased its stake in Signature Bank by 28.7% in the first quarter. Allworth Financial LP now owns 193 shares in the bank worth $57,000 after buying 43 more shares last quarter. The Alaska State Department of Revenue increased its stake in Signature Bank by 0.6% in 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. Atria Investments LLC increased its stake in Signature Bank by 1.0% in the first quarter. Atria Investments LLC now owns 5,111 shares of the bank worth $1,500,000 after buying 51 additional shares in the last quarter. Finally, Kestra Advisory Services LLC increased its stake in Signature Bank by 4.9% in the first quarter. Kestra Advisory Services LLC now owns 1,231 shares of the bank worth $361,000 after buying 58 more shares in the last quarter. Hedge funds and other institutional investors own 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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