Shares of Signature Bank (NASDAQ:SBNY – Get Rating) have earned an average rating of “Moderate Buy” from the sixteen brokerages that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $299.83.
Several analysts have issued reports on SBNY shares. JPMorgan Chase & Co. dropped their target price on Signature Bank from $460.00 to $300.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Compass Point decreased their price objective on Signature Bank from $350.00 to $300.00 and set a “buy” rating for the company in a report on Friday, June 10th. StockNews.com upgraded Signature Bank from a “sell” rating to a “hold” rating in a report on Monday, August 15th. Wells Fargo & Company decreased their price objective on Signature Bank to $280.00 in a report on Friday, July 22nd. Finally, Stephens decreased their price objective on Signature Bank to $240.00 in a report on Friday, July 22nd.
Signature Bank Stock Down 0.3 %
Shares of NASDAQ:SBNY opened at $171.28 on Monday. Signature Bank has a 52-week low of $165.36 and a 52-week high of $374.76. The stock has a market cap of $10.39 billion, a P/E ratio of 9.12, a price-to-earnings-growth ratio of 0.86 and a beta of 1.73. The business’s 50 day moving average is $187.76 and its 200 day moving average is $234.43. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.27.
Signature Bank (NASDAQ:SBNY – Get Rating) last announced its earnings results on Tuesday, July 19th. The bank reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.05 by $0.21. Signature Bank had a return on equity of 15.02% and a net margin of 43.86%. During the same quarter in the previous year, the firm posted $3.57 EPS. Sell-side analysts predict that Signature Bank will post 21.77 EPS for the current year.
Signature Bank Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, July 29th were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date was Thursday, July 28th. Signature Bank’s dividend payout ratio (DPR) is presently 11.93%.
Institutional Investors Weigh In On Signature Bank
Institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its holdings in Signature Bank by 56.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 5,244,799 shares of the bank’s stock worth $939,920,000 after buying an additional 1,900,674 shares during the last quarter. Capital International Investors purchased a new stake in shares of Signature Bank during the 4th quarter valued at approximately $599,227,000. State Street Corp raised its position in shares of Signature Bank by 53.1% during the 4th quarter. State Street Corp now owns 3,034,921 shares of the bank’s stock valued at $981,706,000 after buying an additional 1,052,338 shares during the period. Bank of America Corp DE raised its position in shares of Signature Bank by 72.7% during the 1st quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank’s stock valued at $462,910,000 after buying an additional 663,755 shares during the period. Finally, Norges Bank purchased a new stake in shares of Signature Bank during the 4th quarter valued at approximately $185,605,000. 98.62% of the stock is currently owned by institutional investors and hedge funds.
About Signature Bank
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.