Signature Bank (NASDAQ: SBNY- Get a rating) – Wedbush equity research analysts raised their fiscal year 2024 earnings estimates for Signature Bank shares in a research report released Wednesday, September 28. Wedbush analyst D. Chiaverini now expects the bank to earn $26.95 per share for the year, up from his previous forecast of $26.90. Wedbush currently has an “Outperform” rating and a price target of $225.00 on the stock. The consensus estimate for Signature Bank’s current annual earnings is $21.68 per share.
Signature Bank (NASDAQ: SBNY- Get a rating) last released its 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 in the quarter, versus a consensus estimate of $686.62 million. In the same quarter of the previous year, the company achieved EPS of $3.57.
A number of other research firms also weighed in on SBNY. UBS Group lowered its price target on Signature Bank shares from $309.00 to $288.00 and placed a “buy” rating on the stock in a Wednesday July 27 research note. Jefferies Financial Group cut its price target on Signature Bank shares from $248.00 to $205.00 and set a “buy” rating for the company in a Thursday, September 8 research note. Morgan Stanley lowered its price target on Signature Bank shares from $262.00 to $247.00 and set an “overweight” rating for the company in a Wednesday, July 20 research report. Raymond James lowered its price target on Signature Bank shares from $305.00 to $286.00 in a Wednesday, July 20 report. Finally, JPMorgan Chase & Co. lowered its price target on Signature Bank shares from $460.00 to $300.00 and set an “overweight” rating for the company in a Friday, July 1 report. One analyst gave the stock a hold rating, thirteen gave the company a buy rating and one gave the company a high buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $275.46.
Signature Bank is trading down 1.4%
SBNY opened at $152.88 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt ratio of 0.27. The stock has a market capitalization of $9.62 billion, a PE ratio of 8.14, a growth price-earnings ratio of 0.75 and a beta of 1.72. The company has a fifty-day moving average of $180.24 and a 200-day moving average of $213.18. Signature Bank has a 12-month low of $146.00 and a 12-month high of $374.76.
Signature Bank Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 12. Investors of record on Friday, July 29 received a dividend of $0.56 per share. The ex-dividend date was Thursday, July 28. This represents a dividend of $2.24 on an annualized basis and a yield of 1.47%. Signature Bank’s dividend payout ratio is currently 11.93%.
Institutional entries and exits
Hedge funds and other institutional investors have recently changed their stock holdings. Private Trust Co. NA acquired a new stake in Signature Bank stock in Q2 valued at approximately $32,000. Brown Advisory Inc. bought a new stake in Signature Bank stock in the second quarter worth $324,000. Royal London Asset Management Ltd. increased its position in Signature Bank shares by 9.1% in the second quarter. Royal London Asset Management Ltd. now owns 17,855 shares of the bank valued at $3,200,000 after purchasing an additional 1,491 shares during the period. Amundi increased its position in Signature Bank by 50.5% during the second quarter. Amundi now owns 430,010 shares of the bank valued at $78,840,000 after acquiring an additional 144,352 shares during the period. Finally, Legal & General Group Plc increased its position in Signature Bank by 8.4% during the second quarter. Legal & General Group Plc now owns 342,514 shares in the bank valued at $61,382,000 after acquiring an additional 26,584 shares during the period. 98.62% of the shares are currently held by hedge funds and other institutional investors.
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 offers various loan products including commercial and industrial loans, real estate loans and letters of credit.
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