Alps Advisors Inc. Purchases New Stake in Signature Bank (SBNY)
Alps Advisors Inc. purchased a new stake in Signature Bank (NASDAQ:SBNY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,602 shares of the bank’s stock, valued at approximately $230,000.
Several other hedge funds have also recently bought and sold shares of SBNY. Quantbot Technologies LP purchased a new stake in Signature Bank during the first quarter valued at about $127,000. Israel Discount Bank of New York purchased a new stake in Signature Bank during the first quarter valued at about $148,000. Mn Services Vermogensbeheer B.V. raised its stake in Signature Bank by 4.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 1,440 shares of the bank’s stock valued at $200,000 after buying an additional 65 shares in the last quarter. Koch Industries Inc. purchased a new stake in Signature Bank during the first quarter valued at about $204,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Signature Bank during the first quarter valued at about $219,000. Institutional investors and hedge funds own 95.80% of the company’s stock.
Signature Bank (NASDAQ SBNY) opened at 128.54 on Thursday. Signature Bank has a 1-year low of $113.53 and a 1-year high of $164.23. The company has a market cap of $6.95 billion, a P/E ratio of 20.59 and a beta of 0.95. The stock’s 50 day moving average is $134.79 and its 200 day moving average is $143.71.
Signature Bank (NASDAQ:SBNY) last posted its quarterly earnings data on Wednesday, July 19th. The bank reported $2.21 EPS for the quarter, missing the consensus estimate of $2.22 by $0.01. The firm had revenue of $316.79 million for the quarter, compared to analysts’ expectations 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 previous year, the firm earned $1.90 earnings per share. Equities analysts anticipate that Signature Bank will post $7.23 earnings per share for the current fiscal year.
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SBNY has been the subject of several research reports. Jefferies Group LLC reissued a “buy” rating and issued a $169.00 price objective on shares of Signature Bank in a research note on Wednesday, June 28th. Bank of America Corporation reissued a “buy” rating and issued a $175.00 price objective on shares of Signature Bank in a research note on Thursday, May 25th. ValuEngine raised shares of Signature Bank from a “hold” rating to a “buy” rating in a research note on Thursday, May 11th. Keefe, Bruyette & Woods set a $164.00 price objective on shares of Signature Bank and gave the company a “buy” rating in a research note on Monday, June 5th. Finally, Maxim Group reissued a “buy” rating and issued a $175.00 price objective on shares of Signature Bank in a research note on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $167.85.
Signature Bank Company Profile
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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