South Dakota Investment Council boosted its stake in shares of Signature Bank (NASDAQ:SBNY) by 41.4% in the first quarter, HoldingsChannel.com reports. The firm owned 16,400 shares of the bank’s stock after purchasing an additional 4,800 shares during the quarter. South Dakota Investment Council’s holdings in Signature Bank were worth $2,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc lifted its holdings in shares of Signature Bank by 2.0% during the third quarter. Vanguard Group Inc now owns 4,726,790 shares of the bank’s stock worth $542,823,000 after buying an additional 94,200 shares in the last quarter. Alecta Pensionsforsakring Omsesidigt raised its stake in Signature Bank by 4.0% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,630,000 shares of the bank’s stock valued at $336,850,000 after purchasing an additional 100,000 shares in the last quarter. FMR LLC raised its stake in Signature Bank by 14.9% in the fourth quarter. FMR LLC now owns 2,463,224 shares of the bank’s stock valued at $253,244,000 after purchasing an additional 319,803 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Signature Bank by 35.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,641,375 shares of the bank’s stock valued at $168,750,000 after purchasing an additional 431,243 shares in the last quarter. Finally, Nordea Investment Management AB raised its stake in Signature Bank by 3.0% in the fourth quarter. Nordea Investment Management AB now owns 1,212,729 shares of the bank’s stock valued at $124,678,000 after purchasing an additional 35,731 shares in the last quarter. 94.17% of the stock is owned by hedge funds and other institutional investors.
NASDAQ SBNY traded up $0.17 during trading on Tuesday, hitting $123.14. 4,560 shares of the company’s stock were exchanged, compared to its average volume of 449,632. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.19. The company has a market cap of $6.98 billion, a price-to-earnings ratio of 10.87, a PEG ratio of 1.07 and a beta of 1.36. Signature Bank has a fifty-two week low of $98.54 and a fifty-two week high of $137.93.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Tuesday, April 30th. Signature Bank’s payout ratio is 19.86%.
A number of research firms recently commented on SBNY. Wedbush began coverage on Signature Bank in a research note on Tuesday, March 26th. They issued a “focus list” rating for the company. ValuEngine raised Signature Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Wells Fargo & Co boosted their price target on Signature Bank from $135.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, March 15th. JPMorgan Chase & Co. raised Signature Bank from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $133.00 to $150.00 in a research note on Thursday, April 4th. Finally, BidaskClub downgraded Signature Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, March 26th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Signature Bank has an average rating of “Buy” and a consensus price target of $141.89.
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Signature Bank Profile
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.
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