Several other brokerages also weighed in on SBNY. Morgan Stanley lowered its price target on Signature Bank from $508.00 to $428.00 and set an “overweight” rating for the company in a Monday, March 28 research report. Raymond James reduced his price target on Signature Bank from $400.00 to $350.00 in a Monday May 16 research note. Stephens reduced his price target on Signature Bank to $325.00 in a Friday, May 27 research note. UBS Group lowered its price target on Signature Bank from $472.00 to $309.00 and set a “buy” rating on the stock in a Monday, June 6 report. Finally, Wells Fargo & Company lowered its price target on Signature Bank from $435.00 to $408.00 and set an “overweight” rating on the stock in a Wednesday, April 20 report. One analyst rated the stock with a hold rating, thirteen gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $347.31.
Shares of SBNY Stock opened at $178.06 on Wednesday. The stock has a market capitalization of $10.80 billion, a PE ratio of 10.42, a growth price-earnings ratio of 0.96 and a beta of 1.78. The company has a 50-day simple moving average of $230.37 and a 200-day simple moving average of $289.25. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt ratio of 0.37. Signature Bank has a 52-week low of $170.76 and a 52-week high of $374.76.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its quarterly results 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. Signature Bank had a return on equity of 13.97% and a net margin of 43.29%. The company posted revenue of $607.96 million in the quarter, compared to $608.85 million expected by analysts. In the same quarter a year earlier, the company posted EPS of $3.24. Sell-side analysts expect Signature Bank to post earnings per share of 22.15 for the current fiscal year.
Hedge funds have recently been buying and selling shares of the company. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new stake in Signature Bank stock during Q1 valued at approximately $29,000. JCSD Capital LLC acquired a new stake in Signature Bank stock during Q1 valued at approximately $29,000. Blume Capital Management Inc. acquired a new stake in Signature Bank stock during Q1 worth approximately $29,000. Quent Capital LLC increased its position in Signature Bank shares by 152.5% during the 1st quarter. Quent Capital LLC now owns 101 shares of the bank worth $30,000 after buying 61 additional shares in the last quarter. Finally, Cambridge Trust Co. increased its position in Signature Bank shares by 1,018.2% during the first quarter. Cambridge Trust Co. now owns 123 shares of the bank worth $36,000 after buying 112 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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