Signature Bank (SBNY) Rating Lowered to Underperform at Hovde Group
Signature Bank (NASDAQ:SBNY) was downgraded by equities research analysts at Hovde Group from a “market perform” rating to an “underperform” rating in a report issued on Monday.
A number of other research analysts have also weighed in on the company. Deutsche Bank AG reaffirmed a “buy” rating and set a $153.00 target price on shares of Signature Bank in a report on Friday, October 21st. FBR & Co reduced their target price on Signature Bank from $155.00 to $140.00 and set an “outperform” rating for the company in a report on Friday, October 21st. BMO Capital Markets lowered Signature Bank from an “outperform” rating to a “market perform” rating and set a $128.00 target price for the company. in a report on Friday, October 21st. Barclays PLC raised Signature Bank from an “equal weight” rating to an “overweight” rating and reduced their target price for the company from $150.00 to $139.00 in a report on Wednesday, September 28th. Finally, Zacks Investment Research raised Signature Bank from a “sell” rating to a “hold” rating in a report on Friday, September 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Signature Bank currently has a consensus rating of “Buy” and an average price target of $151.81.
Signature Bank (NASDAQ:SBNY) opened at 148.02 on Monday. The stock has a 50 day moving average price of $122.35 and a 200 day moving average price of $124.23. The firm has a market cap of $8.08 billion, a P/E ratio of 20.41 and a beta of 0.78. Signature Bank has a 1-year low of $113.53 and a 1-year high of $163.15.
Signature Bank (NASDAQ:SBNY) last posted its earnings results on Thursday, October 20th. The company reported $2.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.07. Signature Bank had a return on equity of 12.70% and a net margin of 29.21%. During the same quarter last year, the firm posted $1.88 earnings per share. On average, analysts anticipate that Signature Bank will post $7.35 EPS for the current year.
A number of hedge funds have recently made changes to their positions in SBNY. FSI Group LLC acquired a new position in Signature Bank during the second quarter valued at about $1,249,000. Geode Capital Management LLC boosted its position in Signature Bank by 14.1% in the first quarter. Geode Capital Management LLC now owns 344,653 shares of the company’s stock valued at $46,891,000 after buying an additional 42,459 shares during the period. Redwood Investments LLC boosted its position in Signature Bank by 4.7% in the second quarter. Redwood Investments LLC now owns 154,227 shares of the company’s stock valued at $19,266,000 after buying an additional 6,993 shares during the period. Trinity Street Asset Management LLP boosted its position in Signature Bank by 34.4% in the second quarter. Trinity Street Asset Management LLP now owns 222,232 shares of the company’s stock valued at $27,761,000 after buying an additional 56,902 shares during the period. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Signature Bank during the first quarter valued at about $661,000. Hedge funds and other institutional investors own 93.49% of the company’s stock.
Signature Bank Company Profile
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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