Signature Bank (NASDAQ:SBNY) has been assigned an average rating of “Buy” from the thirteen analysts that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $137.38.
Several research firms recently weighed in on SBNY. Stephens assumed coverage on shares of Signature Bank in a research report on Monday, October 28th. They set an “overweight” rating for the company. Morgan Stanley decreased their target price on shares of Signature Bank from $145.00 to $143.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. JPMorgan Chase & Co. set a $138.00 target price on shares of Signature Bank and gave the company a “buy” rating in a report on Friday, September 6th. Hovde Group upgraded shares of Signature Bank from a “market perform” rating to an “outperform” rating and set a $140.00 target price for the company in a research report on Wednesday. Finally, BidaskClub raised shares of Signature Bank from a “sell” rating to a “hold” rating in a report on Saturday, September 14th.
A number of large investors have recently added to or reduced their stakes in the stock. Mirova raised its stake in Signature Bank by 125,743.4% during the second quarter. Mirova now owns 179,956 shares of the bank’s stock worth $21,746,000 after acquiring an additional 179,813 shares in the last quarter. Bbva USA Bancshares Inc. grew its holdings in shares of Signature Bank by 4.8% during the 2nd quarter. Bbva USA Bancshares Inc. now owns 2,770 shares of the bank’s stock valued at $334,000 after purchasing an additional 126 shares during the last quarter. Mackenzie Financial Corp increased its position in Signature Bank by 7.5% during the 2nd quarter. Mackenzie Financial Corp now owns 502,749 shares of the bank’s stock worth $60,752,000 after purchasing an additional 35,073 shares in the last quarter. IFM Investors Pty Ltd increased its position in Signature Bank by 5.3% during the 2nd quarter. IFM Investors Pty Ltd now owns 2,964 shares of the bank’s stock worth $358,000 after purchasing an additional 148 shares in the last quarter. Finally, Provident Investment Management Inc. lifted its stake in Signature Bank by 2.7% in the 2nd quarter. Provident Investment Management Inc. now owns 211,421 shares of the bank’s stock valued at $25,548,000 after purchasing an additional 5,603 shares during the last quarter. 91.61% of the stock is currently owned by institutional investors and hedge funds.
Signature Bank (NASDAQ:SBNY) last released its earnings results on Thursday, October 17th. The bank reported $2.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.05. Signature Bank had a return on equity of 13.09% and a net margin of 31.37%. The company had revenue of $334.00 million for the quarter, compared to analyst estimates of $339.14 million. During the same period in the prior year, the firm posted $2.84 EPS. On average, equities analysts anticipate that Signature Bank will post 10.81 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 1st were given a dividend of $0.56 per share. The ex-dividend date was Thursday, October 31st. This represents a $2.24 annualized dividend and a dividend yield of 1.79%. Signature Bank’s dividend payout ratio is currently 19.86%.
Signature Bank Company 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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