South Dakota Investment Council grew its position in shares of Signature Bank (NASDAQ:SBNY) by 19.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,600 shares of the bank’s stock after purchasing an additional 3,200 shares during the quarter. South Dakota Investment Council’s holdings in Signature Bank were worth $2,368,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in SBNY. William Blair Investment Management LLC increased its position in shares of Signature Bank by 2,477.1% during the second quarter. William Blair Investment Management LLC now owns 881,975 shares of the bank’s stock worth $106,578,000 after buying an additional 847,751 shares during the period. MARSHALL WACE ASIA Ltd acquired a new stake in Signature Bank during the 1st quarter worth about $78,514,000. JPMorgan Chase & Co. grew its holdings in Signature Bank by 92.5% during the 1st quarter. JPMorgan Chase & Co. now owns 596,342 shares of the bank’s stock worth $76,374,000 after acquiring an additional 286,634 shares during the period. FMR LLC raised its position in shares of Signature Bank by 8.1% in the 1st quarter. FMR LLC now owns 2,662,132 shares of the bank’s stock worth $340,939,000 after acquiring an additional 198,908 shares in the last quarter. Finally, Strycker View Capital LLC bought a new position in shares of Signature Bank in the 2nd quarter worth about $15,588,000. Hedge funds and other institutional investors own 92.97% of the company’s stock.
Signature Bank stock traded down $1.19 during midday trading on Wednesday, reaching $120.09. The stock had a trading volume of 14,059 shares, compared to its average volume of 355,220. The company has a fifty day moving average price of $119.69 and a two-hundred day moving average price of $124.40. Signature Bank has a 12 month low of $98.54 and a 12 month high of $137.93. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $6.58 billion, a P/E ratio of 10.63, a PEG ratio of 1.03 and a beta of 1.37.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st were given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date was Wednesday, July 31st. Signature Bank’s payout ratio is 19.86%.
Several equities research analysts recently commented on the company. BMO Capital Markets cut their target price on Signature Bank from $132.00 to $128.00 and set a “market perform” rating on the stock in a research report on Thursday, May 30th. JPMorgan Chase & Co. set a $138.00 target price on Signature Bank and gave the stock a “buy” rating in a report on Friday, September 6th. Morgan Stanley dropped their price target on Signature Bank from $146.00 to $145.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Wedbush cut Signature Bank from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $140.00 to $130.00 in a report on Wednesday, May 15th. Finally, BidaskClub downgraded shares of Signature Bank from a “hold” rating to a “sell” rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Signature Bank currently has an average rating of “Hold” and an average price target of $144.33.
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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