Signature Bank (NASDAQ: SBNY- Get a rating) – Analysts at Jefferies Financial Group raised their third-quarter 2022 earnings estimates for Signature Bank shares in a research report released Tuesday, October 11. Jefferies Financial Group analyst C. Haire now expects the bank to earn $5.73 per share for the quarter, up from his previous estimate of $5.66. Jefferies Financial Group has a “Buy” rating and a price target of $205.00 on the stock. Signature Bank’s current annual earnings consensus estimate is $21.59 per share. Jefferies Financial Group also released estimates for Signature Bank Q4 2022 earnings at $5.71 EPS, FY2022 earnings at $22.01 EPS, Q1 2023 earnings at $5.07 EPS, Q2 2023 earnings at $5.03 EPS, Q3 2023 earnings at $5.22 EPS, Q4 2023 earnings at $5.48 EPS and Full Year 2024 earnings at $22.10 EPS.
A number of other analysts have also recently released reports on the stock. Piper Sandler lowered her price target on Signature Bank shares to $220.00 in a Wednesday, October 5, report. Morgan Stanley lowered its price target on Signature Bank shares from $247.00 to $244.00 and set an “overweight” rating on the stock in a Wednesday, Oct. 5 report. StockNews.com alleged coverage of Signature Bank shares in a report released Wednesday. They have set a “holding” rating on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on Signature Bank shares in a Wednesday, July 20 report. Finally, Stephens lowered his price target on Signature Bank shares to $240.00 in a Friday, July 22 report. One analyst rated the stock with a hold rating, thirteen gave the company a buy rating and one gave the company a strong buy rating. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $258.00.
Performance of Signature Bank shares
NASDAQ SBNY shares opened at $153.79 on Friday. The company’s 50-day moving average price is $174.63 and its 200-day moving average price is $202.38. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt ratio of 0.27. The company has a market capitalization of $9.68 billion, a PE ratio of 8.19, a PEG ratio of 0.72 and a beta of 1.71. Signature Bank has a 52-week low of $141.30 and a 52-week high of $374.76.
Signature Bank (NASDAQ: SBNY- Get a rating) last reported quarterly earnings data on Tuesday, July 19. The bank reported EPS of $5.26 for the quarter, beating the consensus estimate of $5.06 by $0.20. Signature Bank had a net margin of 43.86% and a return on equity of 15.02%. The company posted revenue of $686.77 million for the quarter, versus a consensus estimate of $686.62 million. During the same period a year earlier, the company posted EPS of $3.57.
Institutional investors weigh in on Signature Bank
Institutional investors and hedge funds have recently increased or reduced their stake in the company. Frontier Capital Management Co. LLC acquired a new stake in Signature Bank during Q2, valued at approximately $9,616,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Signature Bank by 9.6% in Q1. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,941 shares of the bank valued at $2,624,000 after buying 784 additional shares last quarter. Metis Global Partners LLC acquired a new stake in Signature Bank during Q1 valued at approximately $282,000. Envestnet Asset Management Inc. increased its holdings in Signature Bank by 20.9% during the first quarter. Envestnet Asset Management Inc. now owns 70,646 shares of the bank valued at $20,734,000 after buying an additional 12,193 shares last quarter. Finally, Whittier Trust Co. increased its stake in Signature Bank by 1.7% during the second quarter. Whittier Trust Co. now owns 16,308 shares of the bank valued at $2,922,000 after buying 268 more shares last quarter. Institutional investors hold 98.62% of the company’s shares.
Signature Bank Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, August 12. Shareholders of record on Friday, July 29 received a dividend of $0.56 per share. This represents a dividend of $2.24 on an annualized basis and a yield of 1.46%. The ex-dividend date was Thursday, July 28. Signature Bank’s payout ratio is 11.93%.
Corporate Profile 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 offers various loan products including commercial and industrial loans, real estate loans and letters of credit.
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