Chemical Bank Purchases Shares of 1,925 Signature Bank (SBNY)
Chemical Bank purchased a new stake in Signature Bank (NASDAQ:SBNY) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,925 shares of the bank’s stock, valued at approximately $277,000.
Other large investors also recently made changes to their positions in the company. Prudential Financial Inc. grew its position in Signature Bank by 2.0% in the first quarter. Prudential Financial Inc. now owns 133,366 shares of the bank’s stock valued at $19,790,000 after acquiring an additional 2,656 shares during the period. Macquarie Group Ltd. grew its position in Signature Bank by 112.1% in the first quarter. Macquarie Group Ltd. now owns 181,749 shares of the bank’s stock valued at $26,970,000 after acquiring an additional 96,074 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its position in Signature Bank by 41.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 359,859 shares of the bank’s stock valued at $51,650,000 after acquiring an additional 105,237 shares during the period. Bank of America Corp DE grew its position 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 valued at $42,973,000 after acquiring an additional 6,293 shares during the period. Finally, Mackenzie Financial Corp grew its position in Signature Bank by 1.2% in the first quarter. Mackenzie Financial Corp now owns 440,010 shares of the bank’s stock valued at $65,293,000 after acquiring an additional 5,379 shares during the period. Hedge funds and other institutional investors own 95.80% of the company’s stock.
A number of brokerages have weighed in on SBNY. Morgan Stanley lowered their price target on Signature Bank from $164.00 to $150.00 and set an “overweight” rating on the stock in a research report on Friday. Hovde Group upgraded Signature Bank from an “underperform” rating to a “market perform” rating and set a $132.00 price target on the stock in a research report on Monday, September 11th. Jefferies Group LLC reiterated a “buy” rating and issued a $145.00 price target (down from $169.00) on shares of Signature Bank in a research report on Thursday, September 7th. ValuEngine cut Signature Bank from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, BidaskClub cut Signature Bank from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $162.43.
Signature Bank (NASDAQ SBNY) opened at 118.92 on Friday. The firm has a 50-day moving average price of $129.78 and a 200-day moving average price of $140.44. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of 19.05 and a beta of 0.97. Signature Bank has a 1-year low of $113.53 and a 1-year high of $164.23.
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 Zacks’ consensus estimate of $2.22 by ($0.01). Signature Bank had a return on equity of 12.61% and a net margin of 23.62%. The company had revenue of $316.79 million for the quarter, compared to the consensus estimate of $324.44 million. During the same quarter last year, the business earned $1.90 EPS. On average, analysts expect that Signature Bank will post $7.22 earnings per share for the current fiscal year.
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Signature Bank 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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