Texas Permanent School Fund reduced its holdings in Signature Bank (NASDAQ: SBNY – Get an assessment) by 2.7% during the 1st quarter, according to the company in its latest filing with the Securities & Exchange Commission. The institutional investor held 8,137 shares of the bank after selling 226 shares during the period. The Texas Permanent School Fund’s holdings in Signature Bank were worth $2,388,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently changed their holdings in SBNY. Commonwealth Equity Services LLC increased its holdings of Signature Bank shares by 45.5% in Q4. Commonwealth Equity Services LLC now owns 1,509 shares of the bank valued at $488,000 after acquiring 472 additional shares last quarter. CWM LLC purchased a new stake in Signature Bank stock in Q4 valued at approximately $72,000. Fifth Third Bancorp increased its holdings of Signature Bank shares by 36.2% in the fourth quarter. Fifth Third Bancorp now owns 418 shares of the bank valued at $135,000 after acquiring 111 additional shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings of Signature Bank shares by 22.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 3,044 shares of the bank valued at $985,000 after acquiring 562 additional shares last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new equity stake in Signature Bank in Q4 valued at approximately $48,318,000. Hedge funds and other institutional investors hold 96.17% of the company’s shares.
Analysts set new price targets
Several analysts have weighed in on the company. JPMorgan Chase & Co. lowered its price target on Signature Bank from $460.00 to $300.00 and set an “overweight” rating on the stock in a Friday, July 1 report. Compass Point cut its price target on Signature Bank from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Friday, June 10. Morgan Stanley cut its price target on Signature Bank from $262.00 to $247.00 and set an “overweight” rating on the stock in a Wednesday July 20 research report. StockNews.com upgraded Signature Bank from a “sell” to a “hold” rating in a Thursday, July 28 research report. Finally, Goldman Sachs Group cut its price target on Signature Bank from $377.00 to $265.00 and set a “buy” rating on the stock in a Tuesday, May 31 research report. One financial analyst gave the stock a hold rating, thirteen issued a buy rating and one issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $298.69.
Signature Bank Price Performance
Shares of SBNY Stock opened at $197.14 on Thursday. The company has a market capitalization of $11.95 billion, a P/E ratio of 10.50, a P/E/G ratio of 0.90 and a beta of 1.74. Signature Bank has a fifty-two week low of $165.36 and a fifty-two week high of $374.76. The company’s 50-day moving average price is $189.02 and its 200-day moving average price is $248.79. The company has a debt ratio of 0.27, a quick ratio of 0.82 and a current ratio of 0.83.
Signature Bank (NASDAQ: SBNY – Get an assessment) last released its quarterly earnings data on Tuesday, July 19. The bank reported earnings per share of $5.26 for the quarter, beating analysts’ consensus estimate of $5.05 by $0.21. Signature Bank had a return on equity of 15.02% and a net margin of 43.86%. During the same period last year, the company posted EPS of $3.57. On average, equity research analysts expect Signature Bank to post earnings per share of 21.81 for the current year.
Signature Bank Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, August 12. Shareholders of record on Friday, July 29 will receive a dividend of $0.56. This represents a dividend of $2.24 on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Thursday, July 28. Signature Bank’s payout ratio is currently 11.93%.
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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