Signature Bank (NASDAQ: SBNY- Get a rating) had its price target reduced by research analysts to JPMorgan Chase & Co. from $460.00 to $300.00 in a research note released Friday to investors, Fly reports. JPMorgan Chase & Co.The target stock price would indicate a potential upside of 67.40% from the current stock price.
Several other brokerages have also recently weighed in on SBNY. Morgan Stanley cut its price target on Signature Bank from $508.00 to $428.00 and set an “overweight” rating on the stock in a Monday, March 28 report. Goldman Sachs Group cut its price target on Signature Bank from $377.00 to $265.00 and set a “buy” rating on the stock in a Tuesday, May 31 report. StockNews.com downgraded Signature Bank from a “hold” rating to a “sell” rating in a Friday, June 24 report. Wedbush cut its price target on Signature Bank from $415.00 to $375.00 and set a “buy” rating on the stock in a Wednesday, April 20 report. Finally, UBS Group lowered its price target on Signature Bank from $472.00 to $309.00 and set a “buy” rating on the stock in a Monday, June 6 report. One analyst rated the stock with a sell rating, thirteen gave the company a buy rating and one gave the company a strong buy rating. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $331.54.
SBNY opened at $179.21 on Friday. The stock’s 50-day moving average price is $208.26 and its 200-day moving average price is $278.45. Signature Bank has a 12-month low of $165.36 and a 12-month high of $374.76. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt ratio of 0.37. The company has a market capitalization of $10.87 billion, a price/earnings ratio of 10.49, a PEG ratio of 0.91 and a beta of 1.78.
Signature Bank (NASDAQ: SBNY- Get a rating) last released its quarterly results on Tuesday, April 19. The bank reported earnings per share of $5.30 for the quarter, beating the consensus estimate of $4.31 by $0.99. Signature Bank had a return on equity of 13.97% and a net margin of 43.29%. The company posted revenue of $607.96 million for the quarter, versus a consensus estimate of $608.85 million. In the same quarter of the previous year, the company achieved EPS of $3.24. On average, research analysts expect Signature Bank to post earnings per share of 22.14 for the current year.
A number of large investors have recently increased or reduced their stakes in SBNY. LPL Financial LLC increased its stake in Signature Bank by 40.0% during the third quarter. LPL Financial LLC now owns 14,304 shares of the bank worth $3,895,000 after purchasing an additional 4,086 shares in the last quarter. Janus Henderson Group PLC bought a new position in Signature Bank during Q3 for a value of approximately $1,606,000. UBS Asset Management Americas Inc. increased its position in Signature Bank by 1.3% during the third quarter. UBS Asset Management Americas Inc. now owns 93,201 shares of the bank worth $25,377,000 after acquiring an additional 1,166 shares during the period. Segall Bryant & Hamill LLC increased its position in Signature Bank by 3.1% in the third quarter. Segall Bryant & Hamill LLC now owns 7,055 shares of the bank worth $1,917,000 after acquiring 214 additional shares during the period. Finally, DNB Asset Management AS increased its position in Signature Bank by 1.4% during the 4th quarter. DNB Asset Management AS now owns 53,796 shares in the bank worth $17,401,000 after acquiring an additional 764 shares during the period. Hedge funds and other institutional investors hold 96.17% of the company’s shares.
Corporate Profile Signature Bank (Get a rating)
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.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Signature Bank right now?
Before you consider Signature Bank, you’ll want to hear this.
MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes hold…and Signature Bank wasn’t on the list.
Although Signature Bank currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here