Tocqueville Asset Management L.P. Sells 5,075 Shares of Signature Bank (SBNY)
Tocqueville Asset Management L.P. decreased its position in shares of Signature Bank (NASDAQ:SBNY) by 5.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 93,876 shares of the company’s stock after selling 5,075 shares during the period. Tocqueville Asset Management L.P. owned 0.17% of Signature Bank worth $11,727,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in SBNY. Moody Lynn & Lieberson LLC boosted its position in shares of Signature Bank by 1.0% in the second quarter. Moody Lynn & Lieberson LLC now owns 3,623 shares of the company’s stock worth $453,000 after buying an additional 35 shares during the period. First Citizens Bank & Trust Co. boosted its position in shares of Signature Bank by 7.0% in the second quarter. First Citizens Bank & Trust Co. now owns 2,818 shares of the company’s stock worth $352,000 after buying an additional 184 shares during the period. Quantitative Systematic Strategies LLC bought a new position in shares of Signature Bank during the second quarter worth about $222,000. Whittier Trust Co. boosted its position in shares of Signature Bank by 1.2% in the second quarter. Whittier Trust Co. now owns 14,683 shares of the company’s stock worth $1,834,000 after buying an additional 179 shares during the period. Finally, Montag & Caldwell LLC boosted its position in shares of Signature Bank by 0.3% in the second quarter. Montag & Caldwell LLC now owns 6,557 shares of the company’s stock worth $819,000 after buying an additional 20 shares during the period. 92.92% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Signature Bank (NASDAQ:SBNY) traded down 0.03% during trading on Friday, reaching $117.35. 555,718 shares of the company were exchanged. The company’s 50-day moving average is $118.68 and its 200 day moving average is $126.75. Signature Bank has a 1-year low of $114.01 and a 1-year high of $163.15. The firm has a market capitalization of $6.30 billion, a PE ratio of 15.19 and a beta of 0.91.
Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $1.90 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.97 by $0.07. Signature Bank had a return on equity of 12.89% and a net margin of 32.08%. During the same quarter in the previous year, the business earned $1.77 earnings per share. Equities research analysts expect that Signature Bank will post $8.01 EPS for the current fiscal year.
Several research firms recently issued reports on SBNY. Barclays PLC raised Signature Bank from an “equal weight” rating to an “overweight” rating and cut their target price for the stock from $150.00 to $139.00 in a research note on Wednesday, September 28th. Zacks Investment Research raised Signature Bank from a “sell” rating to a “hold” rating in a research note on Friday, September 16th. Jefferies Group cut their target price on Signature Bank from $150.00 to $149.00 and set a “buy” rating on the stock in a research note on Friday, September 9th. FBR & Co cut their target price on Signature Bank from $167.00 to $155.00 and set an “outperform” rating on the stock in a research note on Thursday, July 21st. Finally, JPMorgan Chase & Co. reissued a “buy” rating on shares of Signature Bank in a research note on Saturday, July 9th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Signature Bank currently has an average rating of “Buy” and an average target price of $156.75.
About Signature Bank
Signature Bank (the Bank) is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area, including those in Manhattan, Brooklyn, Westchester, Long Island, Queens, the Bronx, Staten Island and Connecticut. The Bank offers a range of business and personal banking products and services.
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