Signature Bank (NASDAQ:SBNY – Get Rating) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 2,330,000 shares, a growth of 44.7% from the October 31st total of 1,610,000 shares. Based on an average daily trading volume, of 945,000 shares, the short-interest ratio is presently 2.5 days.
Wall Street Analyst Weigh In
Several equities analysts have commented on SBNY shares. The Goldman Sachs Group decreased their price target on shares of Signature Bank from $216.00 to $176.00 and set a “buy” rating for the company in a research report on Friday, September 30th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Signature Bank from $256.00 to $205.00 and set a “buy” rating for the company in a research report on Thursday, October 20th. Keefe, Bruyette & Woods cut shares of Signature Bank from an “outperform” rating to a “market perform” rating and set a $185.00 price objective for the company. in a research report on Wednesday, October 19th. Jefferies Financial Group decreased their price objective on shares of Signature Bank from $248.00 to $205.00 and set a “buy” rating for the company in a research report on Thursday, September 8th. Finally, Wells Fargo & Company decreased their price objective on shares of Signature Bank from $280.00 to $250.00 and set an “overweight” rating for the company in a research report on Thursday, October 6th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $227.50.
Institutional Trading of Signature Bank
Institutional investors have recently added to or reduced their stakes in the stock. Frontier Capital Management Co. LLC purchased a new stake in Signature Bank during the second quarter worth about $9,616,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Signature Bank by 9.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,941 shares of the bank’s stock worth $2,624,000 after buying an additional 784 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Signature Bank by 17.1% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 35,956 shares of the bank’s stock worth $6,444,000 after buying an additional 5,248 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in Signature Bank by 16.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 17,520 shares of the bank’s stock worth $3,140,000 after buying an additional 2,523 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Signature Bank by 11.1% in the second quarter. US Bancorp DE now owns 11,477 shares of the bank’s stock valued at $2,057,000 after purchasing an additional 1,147 shares in the last quarter. Hedge funds and other institutional investors own 98.62% of the company’s stock.
Signature Bank Stock Performance
Shares of Signature Bank stock traded down $1.46 on Thursday, reaching $138.04. 812,450 shares of the stock were exchanged, compared to its average volume of 953,749. Signature Bank has a 1-year low of $129.96 and a 1-year high of $374.76. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.26. The business has a fifty day moving average price of $147.64 and a two-hundred day moving average price of $174.31. The firm has a market capitalization of $8.69 billion, a PE ratio of 6.75, a PEG ratio of 0.66 and a beta of 1.67.
Signature Bank (NASDAQ:SBNY – Get Rating) last issued its quarterly earnings results on Tuesday, October 18th. The bank reported $5.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.44 by $0.13. Signature Bank had a net margin of 41.55% and a return on equity of 16.49%. During the same quarter last year, the business earned $3.88 EPS. As a group, research analysts anticipate that Signature Bank will post 21.49 earnings per share for the current fiscal year.
Signature Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Friday, October 28th were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend was Thursday, October 27th. Signature Bank’s dividend payout ratio is currently 10.94%.
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.