Victory Capital Management Inc. increased its position in Signature Bank (NASDAQ: SBNY – Get a rating) by 86.9% during the first quarter, Holdings Channel.com reports. The company held 86,250 shares of the bank after purchasing an additional 40,100 shares during the period. Victory Capital Management Inc.’s holdings in Signature Bank were worth $20,894,000 when it last filed with the SEC.
Other major investors have also recently changed their positions in the company. State Street Corp increased its holdings of Signature Bank shares by 53.1% in the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank valued at $981,706,000 after purchasing an additional 1,052,338 shares during the period. Chevy Chase Trust Holdings Inc. acquired a new position in Signature Bank stock in Q4 valued at approximately $11,762,000. EAM Global Investors LLC increased its holdings of Signature Bank shares by 98.4% in Q4. EAM Global Investors LLC now owns 9,680 shares of the bank valued at $3,131,000 after purchasing an additional 4,802 shares during the period. Metis Global Partners LLC acquired a new position in Signature Bank stock in Q1 worth approximately $282,000. Finally, Envestnet Asset Management Inc. increased its stake in Signature Bank shares by 20.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 70,646 shares of the bank valued at $20,734,000 after purchasing an additional 12,193 shares during the period. Institutional investors and hedge funds own 96.17% of the company’s shares.
Analysts set new price targets
A number of research companies have recently commented on SBNY. TheStreet downgraded Signature Bank from a ‘b’ rating to a ‘c+’ rating in a Wednesday, July 13 report. JPMorgan Chase & Co. lowered its price target on Signature Bank from $460.00 to $300.00 and set an “overweight” rating on the stock in a Friday July 1 report. Maxim Group lowered its price target on Signature Bank from $450.00 to $425.00 and set a “buy” rating on the stock in a Wednesday, July 20 report. Stephens lowered his price target on Signature Bank to $240.00 in a Friday July 22 report. Finally, Wells Fargo & Company lowered its price target on Signature Bank to $280.00 in a Friday, July 22 report. One investment analyst gave the stock a hold rating, thirteen gave the stock a buy rating and one gave the stock a high buy rating. According to data from MarketBeat.com, Signature Bank currently has a consensus buy rating and a consensus target price of $298.69.
Signature Bank shares fall 1.2%
SBNY opened at $186.35 on Friday. Signature Bank has a 1-year minimum of $165.36 and a 1-year maximum of $374.76. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt ratio of 0.27. The stock has a market capitalization of $11.30 billion, a price/earnings ratio of 9.92, a P/E/G ratio of 0.89 and a beta of 1.73. The company has a 50-day moving average of $190.83 and a 200-day moving average of $253.05.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its quarterly earnings data on Tuesday, July 19. The bank reported earnings per share of $5.26 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%. In the same period a year earlier, the company had earned earnings per share of $3.57. As a group, sell-side analysts expect Signature Bank to post earnings per share of 21.81 for the current year.
Signature Bank Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, August 12. Investors of record on Friday, July 29 will receive a dividend of $0.56. The ex-dividend date is Thursday July 28. This represents an annualized dividend of $2.24 and a yield of 1.20%. Signature Bank’s dividend payout ratio (DPR) is currently 11.93%.
Signature banking profile
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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