Signature Bank (SBNY) Receives Average Rating of “Buy” from Brokerages
Shares of Signature Bank (NASDAQ:SBNY) have been assigned an average rating of “Buy” from the nineteen analysts that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and twelve have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $167.85.
A number of equities analysts have commented on SBNY shares. BidaskClub lowered Signature Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Wedbush reissued an “outperform” rating and issued a $165.00 price objective on shares of Signature Bank in a research note on Tuesday, June 27th. Morgan Stanley reissued an “overweight” rating and issued a $166.00 price objective (down previously from $170.00) on shares of Signature Bank in a research note on Friday, July 7th. Piper Jaffray Companies restated a “neutral” rating and set a $157.00 target price (down previously from $167.00) on shares of Signature Bank in a research report on Saturday, April 22nd. Finally, Keefe, Bruyette & Woods set a $164.00 target price on Signature Bank and gave the stock a “buy” rating in a research report on Monday, June 5th.
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A number of large investors have recently added to or reduced their stakes in the stock. Prudential Financial Inc. increased its stake in Signature Bank by 2.0% in the first quarter. Prudential Financial Inc. now owns 133,366 shares of the bank’s stock worth $19,790,000 after buying an additional 2,656 shares in the last quarter. Bank of America Corp DE increased its stake in Signature Bank by 2.2% in the first quarter. Bank of America Corp DE now owns 289,598 shares of the bank’s stock worth $42,973,000 after buying an additional 6,293 shares in the last quarter. Macquarie Group Ltd. increased its stake in Signature Bank by 112.1% in the first quarter. Macquarie Group Ltd. now owns 181,749 shares of the bank’s stock worth $26,970,000 after buying an additional 96,074 shares in the last quarter. Bank of Montreal Can increased its stake in Signature Bank by 38.5% in the first quarter. Bank of Montreal Can now owns 159,030 shares of the bank’s stock worth $23,599,000 after buying an additional 44,217 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in Signature Bank by 1.2% in the first quarter. Mackenzie Financial Corp now owns 440,010 shares of the bank’s stock worth $65,293,000 after buying an additional 5,379 shares in the last quarter. Institutional investors and hedge funds own 97.32% of the company’s stock.
Signature Bank (NASDAQ SBNY) opened at 128.47 on Friday. Signature Bank has a one year low of $113.53 and a one year high of $164.23. The stock’s 50 day moving average price is $137.92 and its 200-day moving average price is $145.74. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 20.58 and a beta of 0.95.
Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings data on Wednesday, July 19th. The bank reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by $0.01. The business had revenue of $316.79 million during the quarter, compared to analyst estimates of $324.44 million. Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. During the same period in the prior year, the firm posted $1.90 EPS. On average, equities research analysts anticipate that Signature Bank will post $7.23 earnings per share for the current fiscal year.
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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