Signature Bank (NASDAQ:SBNY) had its price target lowered by stock analysts at Morgan Stanley from $164.00 to $150.00 in a research report issued on Friday. The brokerage presently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price objective points to a potential upside of 26.14% from the stock’s current price.

SBNY has been the topic of several other research reports. BidaskClub lowered Signature Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Jefferies Group LLC reissued a “buy” rating and issued a $145.00 target price (down previously from $169.00) on shares of Signature Bank in a research note on Thursday, September 7th. Wedbush reissued an “outperform” rating and issued a $165.00 target price on shares of Signature Bank in a research note on Tuesday, June 27th. ValuEngine lowered Signature Bank from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Bank of America Corporation reissued a “buy” rating and issued a $175.00 target price on shares of Signature Bank in a research note on Thursday, May 25th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $162.43.

Shares of Signature Bank (NASDAQ:SBNY) opened at 118.92 on Friday. The firm has a market cap of $6.43 billion, a P/E ratio of 19.05 and a beta of 0.97. Signature Bank has a 12-month low of $113.53 and a 12-month high of $164.23. The firm’s 50-day moving average price is $129.78 and its 200 day moving average price is $140.44.

Signature Bank (NASDAQ:SBNY) last released its earnings results on Wednesday, July 19th. The bank reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.01). Signature Bank had a net margin of 23.62% and a return on equity of 12.61%. The company had revenue of $316.79 million during the quarter, compared to analyst estimates of $324.44 million. During the same period in the previous year, the company posted $1.90 EPS. On average, equities analysts expect that Signature Bank will post $7.22 earnings per share for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in Signature Bank by 6,271.9% in the 1st 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 last quarter. Vanguard Group Inc. raised its position in Signature Bank by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 4,277,955 shares of the bank’s stock valued at $614,014,000 after buying an additional 54,545 shares during the last quarter. Capital Research Global Investors raised its position in Signature Bank by 2.6% in the 2nd quarter. Capital Research Global Investors now owns 2,894,365 shares of the bank’s stock valued at $415,428,000 after buying an additional 72,806 shares during the last quarter. State Street Corp raised its position in Signature Bank by 0.4% in the 2nd quarter. State Street Corp now owns 2,624,668 shares of the bank’s stock valued at $376,718,000 after buying an additional 9,285 shares during the last quarter. Finally, Alecta Pensionsforsakring Omsesidigt raised its position in Signature Bank by 7.8% in the 2nd quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,341,200 shares of the bank’s stock valued at $336,032,000 after buying an additional 168,772 shares during the last quarter. 95.80% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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