Signature Bank (NASDAQ:SBNY) was upgraded by analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Monday, October 29th.
Other analysts have also recently issued reports about the company. Wells Fargo & Co reiterated a “buy” rating and issued a $135.00 target price on shares of Signature Bank in a report on Monday, October 1st. Piper Jaffray Companies reiterated a “buy” rating and issued a $145.00 target price on shares of Signature Bank in a report on Friday, July 20th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $150.00 target price on shares of Signature Bank in a report on Friday, July 20th. Maxim Group reiterated a “buy” rating and issued a $190.00 target price on shares of Signature Bank in a report on Thursday, October 18th. Finally, Morgan Stanley reduced their target price on Signature Bank from $145.00 to $135.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $141.92.
Signature Bank stock traded up $0.93 during midday trading on Monday, reaching $116.14. The company’s stock had a trading volume of 450,368 shares, compared to its average volume of 442,872. Signature Bank has a 52 week low of $105.43 and a 52 week high of $161.92. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 1.05. The stock has a market cap of $6.33 billion, a PE ratio of 13.03, a P/E/G ratio of 0.96 and a beta of 0.91.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings results on Thursday, October 18th. The bank reported $2.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.83 by $0.01. The company had revenue of $329.34 million for the quarter, compared to analysts’ expectations of $331.77 million. Signature Bank had a return on equity of 14.34% and a net margin of 27.66%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.29 earnings per share. As a group, analysts expect that Signature Bank will post 11.16 earnings per share for the current year.
Institutional investors and hedge funds have recently modified their holdings of the business. Paradigm Asset Management Co. LLC acquired a new position in shares of Signature Bank during the third quarter worth approximately $115,000. Endurance Wealth Management Inc. acquired a new position in shares of Signature Bank during the second quarter worth approximately $128,000. Qube Research & Technologies Ltd acquired a new position in shares of Signature Bank during the second quarter worth approximately $132,000. Zions Bancorporation acquired a new position in shares of Signature Bank during the second quarter worth approximately $160,000. Finally, Cerebellum GP LLC raised its position in shares of Signature Bank by 1,408.6% during the third quarter. Cerebellum GP LLC now owns 1,584 shares of the bank’s stock worth $182,000 after purchasing an additional 1,479 shares during the period.
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.
Featured Story: Stock Symbols and CUSIP Explained
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for Signature Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Signature Bank and related companies with MarketBeat.com's FREE daily email newsletter.