Signature Bank (SBNY) Stock Rating Lowered by BidaskClub
BidaskClub downgraded shares of Signature Bank (NASDAQ:SBNY) from a hold rating to a sell rating in a research note released on Thursday, July 13th.
SBNY has been the topic of a number of other reports. UBS AG downgraded shares of Signature Bank from a strong-buy rating to an outperform rating in a research note on Thursday, April 6th. FBR & Co reaffirmed an outperform rating and issued a $170.00 target price (down from $180.00) on shares of Signature Bank in a research note on Saturday, April 22nd. Piper Jaffray Companies reaffirmed a neutral rating and issued a $157.00 target price (down from $167.00) on shares of Signature Bank in a research note on Saturday, April 22nd. Jefferies Group LLC reaffirmed a buy rating and issued a $169.00 target price on shares of Signature Bank in a research note on Wednesday, June 28th. Finally, Morgan Stanley raised their target price on shares of Signature Bank from $160.00 to $170.00 and gave the company an overweight rating in a research note on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $167.85.
Signature Bank (NASDAQ SBNY) opened at 135.90 on Thursday. The company has a market cap of $7.35 billion, a PE ratio of 21.77 and a beta of 0.95. The firm has a 50 day moving average price of $138.97 and a 200 day moving average price of $146.42. Signature Bank has a 12-month low of $113.53 and a 12-month high of $164.23.
Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.22 by $0.01. Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. The firm had revenue of $316.79 million during the quarter, compared to analysts’ expectations of $324.44 million. During the same period in the previous year, the company posted $1.90 earnings per share. On average, analysts anticipate that Signature Bank will post $7.23 earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Signature Bank by 6,271.9% in the first quarter. BlackRock Inc. now owns 4,730,210 shares of the bank’s stock valued at $701,915,000 after buying an additional 4,655,975 shares during the period. Alecta Pensionsforsakring Omsesidigt boosted its stake in Signature Bank by 14.9% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,172,428 shares of the bank’s stock valued at $322,367,000 after buying an additional 281,228 shares during the period. Wedge Capital Management L L P NC bought a new stake in Signature Bank during the second quarter valued at $37,330,000. Nordea Investment Management AB boosted its stake in Signature Bank by 1,668.6% in the first quarter. Nordea Investment Management AB now owns 268,964 shares of the bank’s stock valued at $39,912,000 after buying an additional 253,756 shares during the period. Finally, Clearbridge Investments LLC boosted its stake in Signature Bank by 42.3% in the first quarter. Clearbridge Investments LLC now owns 834,302 shares of the bank’s stock valued at $123,802,000 after buying an additional 248,022 shares during the period. Institutional investors and hedge funds own 97.32% of the company’s stock.
About Signature Bank
Signature Bank is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area. Its segments include Commercial Banking and Specialty Finance. It offers a range of business and personal banking products and services. Its specialty finance subsidiary, Signature Financial LLC (Signature Financial), provides equipment finance and leasing services.
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