Fmr LLC Raises Stake in Signature Bank (SBNY)

Fmr LLC increased its position in shares of Signature Bank (NASDAQ:SBNY) by 6.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,075,478 shares of the bank’s stock after purchasing an additional 119,540 shares during the quarter. Fmr LLC’s holdings in Signature Bank were worth $265,413,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. lifted its stake in shares of Signature Bank by 0.7% during the second quarter. BlackRock Inc. now owns 5,024,756 shares of the bank’s stock valued at $642,567,000 after acquiring an additional 37,351 shares during the period. Alecta Pensionsforsakring Omsesidigt lifted its stake in shares of Signature Bank by 2.0% during the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,490,700 shares of the bank’s stock valued at $318,361,000 after acquiring an additional 49,500 shares during the period. Wedge Capital Management L L P NC lifted its stake in shares of Signature Bank by 2.7% during the second quarter. Wedge Capital Management L L P NC now owns 673,068 shares of the bank’s stock valued at $86,072,000 after acquiring an additional 17,567 shares during the period. Fort Washington Investment Advisors Inc. OH lifted its stake in shares of Signature Bank by 26.2% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 569,131 shares of the bank’s stock valued at $72,780,000 after acquiring an additional 118,270 shares during the period. Finally, Massachusetts Financial Services Co. MA acquired a new position in shares of Signature Bank during the second quarter valued at $43,307,000. 94.60% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have recently issued reports on SBNY. ValuEngine raised Signature Bank from a “strong sell” rating to a “sell” rating in a research note on Monday. BidaskClub lowered Signature Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Barclays dropped their price objective on Signature Bank from $156.00 to $142.00 and set an “overweight” rating for the company in a report on Friday, July 20th. Wedbush dropped their price objective on Signature Bank from $144.00 to $131.00 and set a “neutral” rating for the company in a report on Friday, July 20th. Finally, Raymond James dropped their price objective on Signature Bank from $133.00 to $130.00 and set an “outperform” rating for the company in a report on Friday, October 19th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. Signature Bank presently has a consensus rating of “Hold” and an average target price of $145.00.



NASDAQ SBNY opened at $112.12 on Wednesday. The stock has a market capitalization of $5.94 billion, a P/E ratio of 12.58, a P/E/G ratio of 0.90 and a beta of 1.02. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 1.05. Signature Bank has a 12 month low of $105.43 and a 12 month high of $161.92.

Signature Bank (NASDAQ:SBNY) last released its quarterly earnings data on Thursday, October 18th. The bank reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.01. The business had revenue of $329.34 million during the quarter, compared to the consensus estimate of $331.77 million. Signature Bank had a return on equity of 14.34% and a net margin of 27.66%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.29 earnings per share. On average, equities research analysts predict that Signature Bank will post 11.15 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 1st will be issued a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.24 dividend on an annualized basis and a yield of 2.00%. Signature Bank’s dividend payout ratio is presently 25.14%.

About Signature Bank

Signature Bank provides various business and personal banking products and services. It accepts various deposit products, including commercial checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, interest-bearing and non-interest-bearing checking accounts, certificates of deposit, time deposits, and other cash management products.

Further Reading: Hedge Funds – How They Work For Investors

Want to see what other hedge funds are holding SBNY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Signature Bank (NASDAQ:SBNY).

Institutional Ownership by Quarter for Signature Bank (NASDAQ:SBNY)

Receive News & Ratings for Signature Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Signature Bank and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply