Signature Bank (NASDAQ:SBNY) Cut to Strong Sell at ValuEngine

ValuEngine lowered shares of Signature Bank (NASDAQ:SBNY) from a sell rating to a strong sell rating in a research report released on Wednesday morning, ValuEngine reports.

Several other equities analysts have also commented on SBNY. Wells Fargo & Co decreased their price objective on shares of Signature Bank from $150.00 to $140.00 and set an outperform rating on the stock in a report on Wednesday, October 2nd. BidaskClub upgraded shares of Signature Bank from a sell rating to a hold rating in a report on Saturday, September 14th. Morgan Stanley decreased their price objective on shares of Signature Bank from $146.00 to $145.00 and set an overweight rating on the stock in a report on Monday, August 5th. JPMorgan Chase & Co. set a $138.00 price objective on shares of Signature Bank and gave the stock a buy rating in a report on Friday, September 6th. Finally, Raymond James upgraded shares of Signature Bank from an outperform rating to a strong-buy rating and upped their price objective for the stock from $142.00 to $143.00 in a report on Monday, July 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Signature Bank has a consensus rating of Buy and a consensus price target of $143.22.

Shares of SBNY stock traded up $0.52 during trading hours on Wednesday, hitting $119.21. The company had a trading volume of 16,991 shares, compared to its average volume of 337,777. The company’s fifty day moving average is $118.31 and its 200 day moving average is $121.99. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.00 and a quick ratio of 0.99. Signature Bank has a fifty-two week low of $98.54 and a fifty-two week high of $137.93. The stock has a market capitalization of $6.45 billion, a PE ratio of 10.57, a price-to-earnings-growth 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 the consensus estimate 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 period in the prior year, the business posted $2.83 EPS. Equities analysts forecast that Signature Bank will post 10.86 earnings per share for the current year.

Institutional investors have recently added to or reduced their stakes in the business. Mirova lifted its holdings in Signature Bank by 125,743.4% during the 2nd quarter. Mirova now owns 179,956 shares of the bank’s stock worth $21,746,000 after buying an additional 179,813 shares in the last quarter. Bbva USA Bancshares Inc. increased its position in shares of Signature Bank by 4.8% in the 2nd quarter. Bbva USA Bancshares Inc. now owns 2,770 shares of the bank’s stock valued at $334,000 after purchasing an additional 126 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of Signature Bank by 7.5% in the 2nd quarter. Mackenzie Financial Corp now owns 502,749 shares of the bank’s stock valued at $60,752,000 after purchasing an additional 35,073 shares during the last quarter. IFM Investors Pty Ltd increased its position in shares of Signature Bank by 5.3% in the 2nd quarter. IFM Investors Pty Ltd now owns 2,964 shares of the bank’s stock valued at $358,000 after purchasing an additional 148 shares during the last quarter. Finally, Provident Investment Management Inc. increased its position in shares of Signature Bank by 2.7% in the 2nd quarter. Provident Investment Management Inc. now owns 211,421 shares of the bank’s stock valued at $25,548,000 after purchasing an additional 5,603 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

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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