Summit Creek Advisors LLC Sells 878 Shares of Signature Bank (NASDAQ:SBNY)

Summit Creek Advisors LLC reduced its position in Signature Bank (NASDAQ:SBNYGet Rating) by 26.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,458 shares of the bank’s stock after selling 878 shares during the quarter. Summit Creek Advisors LLC’s holdings in Signature Bank were worth $721,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Capital International Investors bought a new stake in shares of Signature Bank in the 4th quarter worth approximately $599,227,000. State Street Corp increased its stake in shares of Signature Bank by 53.1% in the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank’s stock worth $981,706,000 after buying an additional 1,052,338 shares during the period. Norges Bank purchased a new position in shares of Signature Bank in the fourth quarter worth $185,605,000. Bank of America Corp DE increased its stake in shares of Signature Bank by 86.3% in the fourth quarter. Bank of America Corp DE now owns 913,508 shares of the bank’s stock worth $295,492,000 after buying an additional 423,228 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Signature Bank by 50.3% in the fourth quarter. Geode Capital Management LLC now owns 1,164,486 shares of the bank’s stock worth $375,710,000 after buying an additional 389,849 shares during the period. 96.17% of the stock is currently owned by institutional investors.

Signature Bank Stock Performance

Shares of NASDAQ SBNY traded up $0.93 during midday trading on Friday, hitting $187.28. 402,038 shares of the company’s stock traded hands, compared to its average volume of 1,005,133. Signature Bank has a 1 year low of $165.36 and a 1 year high of $374.76. The stock has a market capitalization of $11.35 billion, a price-to-earnings ratio of 9.97, a price-to-earnings-growth ratio of 0.90 and a beta of 1.73. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a fifty day moving average of $190.35 and a 200 day moving average of $251.88.

Signature Bank (NASDAQ:SBNYGet Rating) last released its earnings results on Tuesday, July 19th. The bank reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.05 by $0.21. Signature Bank had a net margin of 43.86% and a return on equity of 15.02%. During the same period last year, the business posted $3.57 earnings per share. On average, analysts forecast that Signature Bank will post 21.81 earnings per share for the current year.

Signature Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Friday, July 29th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend is Thursday, July 28th. Signature Bank’s dividend payout ratio (DPR) is currently 11.93%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SBNY shares. Raymond James reduced their price objective on shares of Signature Bank from $305.00 to $286.00 in a research report on Wednesday, July 20th. StockNews.com raised shares of Signature Bank from a “sell” rating to a “hold” rating in a research report on Thursday, July 28th. Maxim Group reduced their price objective on shares of Signature Bank from $450.00 to $425.00 and set a “buy” rating on the stock in a research report on Wednesday, July 20th. Stephens reduced their price objective on shares of Signature Bank to $240.00 in a research report on Friday, July 22nd. Finally, Piper Sandler reduced their target price on shares of Signature Bank from $375.00 to $325.00 and set an “overweight” rating on the stock in a research report on Friday, May 20th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $298.69.

Signature Bank Profile

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Signature Bank provides commercial banking products and services. It accepts various deposit products, including checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, certificates of deposit, and other cash management products. The company provides various lending products comprising commercial and industrial loans, real estate loans, and letters of credit.

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

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