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.

Institutional Ownership by Quarter for Signature Bank (NASDAQ:SBNY)

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