Signature Bank (NASDAQ: SBNY- Get a rating) was downgraded by investment analysts Keefe, Bruyette & Woods from an “outperforming” rating to a “market performance” rating in a research note released Wednesday to investors, Briefing.com reports. They currently have a $185.00 price target on the bank’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 17.62% from the stock’s previous close.
Several other research analysts also recently commented on SBNY. Goldman Sachs Group lowered its price target on Signature Bank from $216.00 to $176.00 and set a “buy” rating for the company in a research note on Friday, September 30. Piper Sandler reduced her target price on Signature Bank shares to $220.00 in a Wednesday, Oct. 5 research note. JPMorgan Chase & Co. cut its price target on Signature Bank shares from $460.00 to $300.00 and set an “overweight” rating on the stock in a Friday, July 1 report. Stephens lowered his price target on Signature Bank shares to $240.00 in a Friday, July 22 report. Finally, Morgan Stanley cut 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. Two investment analysts gave the stock a hold rating, twelve gave the company a buy rating and one gave the company a high buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “moderate buy” and an average target price of $243.92.
Signature Bank Stock up 2.8%
NASDAQ:SBNY shares opened at $157.29 on Wednesday. The company has a market capitalization of $9.90 billion, a PE ratio of 8.38, a growth price-earnings ratio of 0.71 and a beta of 1.70. Signature Bank has a 1-year minimum of $141.12 and a 1-year maximum of $374.76. The company has a debt ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.82. The company’s 50-day moving average is $172.47 and its two-hundred-day moving average is $197.80.
Signature Bank (NASDAQ: SBNY- Get a rating) last reported results on Tuesday, October 18. The bank reported earnings per share (EPS) of $5.57 for the quarter, beating analyst consensus estimates of $5.44 by $0.13. Signature Bank had a net margin of 43.86% and a return on equity of 15.02%. In the same quarter last year, the company posted EPS of $3.88. Analysts predict Signature Bank will post an EPS of 21.6 for the current year.
Signature Bank Institutional Trading
Several large investors have recently changed their holdings in SBNY. Norges Bank acquired a new stake in Signature Bank during the 4th quarter at a value of $185,605,000. Pacer Advisors Inc. increased its stake in Signature Bank shares by 354.9% during the first quarter. Pacer Advisors Inc. now owns 22,229 shares of the bank valued at $6,524,000 after acquiring 17,342 additional shares in the last quarter. First Hawaiian Bank increased its position in Signature Bank by 17.2% during the 1st quarter. First Hawaiian Bank now owns 1,214 shares of the bank worth $356,000 after buying 178 additional shares in the last quarter. Maryland State Retirement & Pension System increased its stake in Signature Bank by 5.0% in the 1st quarter. Maryland State Retirement & Pension System now owns 4,745 shares of the bank valued at $1,393,000 after buying 226 additional shares in the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC bought a new position in Signature Bank in Q1 worth around $257,000. 98.62% of the shares are currently held by institutional investors and hedge funds.
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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