Signature Bank (NASDAQ:SBNY) was the target of a large drop in short interest in September. As of September 30th, there was short interest totalling 844,900 shares, a drop of 15.5% from the August 30th total of 1,000,000 shares. Currently, 1.5% of the shares of the stock are sold short. Based on an average daily volume of 389,100 shares, the days-to-cover ratio is currently 2.2 days.

A number of large investors have recently modified their holdings of the business. BlackRock Inc. grew its holdings in Signature Bank by 0.4% during the 2nd quarter. BlackRock Inc. now owns 5,312,628 shares of the bank’s stock worth $641,980,000 after acquiring an additional 20,404 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Signature Bank by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 4,871,753 shares of the bank’s stock valued at $588,702,000 after purchasing an additional 100,830 shares during the last quarter. FMR LLC boosted its stake in shares of Signature Bank by 8.1% in the 1st quarter. FMR LLC now owns 2,662,132 shares of the bank’s stock valued at $340,939,000 after purchasing an additional 198,908 shares during the last quarter. William Blair Investment Management LLC boosted its stake in shares of Signature Bank by 2,477.1% in the 2nd quarter. William Blair Investment Management LLC now owns 881,975 shares of the bank’s stock valued at $106,578,000 after purchasing an additional 847,751 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH boosted its stake in shares of Signature Bank by 2.3% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 670,173 shares of the bank’s stock valued at $80,984,000 after purchasing an additional 14,963 shares during the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:SBNY traded up $1.05 during mid-day trading on Tuesday, reaching $118.67. 218,294 shares of the company were exchanged, compared to its average volume of 425,040. Signature Bank has a 12 month low of $98.54 and a 12 month high of $137.93. The company has a fifty day moving average of $118.26 and a 200 day moving average of $122.05. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 1.26. The stock has a market cap of $6.45 billion, a PE ratio of 10.52, a PEG ratio of 1.01 and a beta of 1.36.

Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.01. Signature Bank had a net margin of 32.59% and a return on equity of 13.61%. The firm had revenue of $334.88 million for the quarter, compared to analyst estimates of $333.25 million. During the same quarter in the prior year, the firm earned $2.83 EPS. On average, equities research analysts anticipate that Signature Bank will post 10.87 EPS for the current fiscal year.

A number of equities research analysts recently issued reports on SBNY shares. BidaskClub upgraded shares of Signature Bank from a “sell” rating to a “hold” rating in a research report on Saturday, September 14th. Raymond James upgraded shares of Signature Bank from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $142.00 to $143.00 in a research report on Monday, July 8th. Morgan Stanley dropped their target price on shares of Signature Bank from $146.00 to $145.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. ValuEngine upgraded shares of Signature Bank from a “strong sell” rating to a “sell” rating in a research report on Thursday, October 10th. Finally, Wells Fargo & Co dropped their target price on shares of Signature Bank from $150.00 to $140.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $143.22.

About Signature Bank

Signature Bank provides various business and personal banking products and services. It accepts various deposit products, including commercial checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, interest-bearing and non-interest-bearing checking accounts, certificates of deposit, time deposits, and other cash management products.

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