Signature Bank (NASDAQ:SBNY) Sets New 12-Month High at $270.01

Signature Bank (NASDAQ:SBNY) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $270.01 and last traded at $269.37, with a volume of 10386 shares. The stock had previously closed at $262.80.

A number of research firms have weighed in on SBNY. Piper Sandler upped their target price on Signature Bank from $270.00 to $313.00 and gave the stock an “overweight” rating in a research report on Friday, June 25th. Credit Suisse Group upped their target price on Signature Bank from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Thursday, July 22nd. Stephens increased their price objective on Signature Bank from $280.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, June 17th. Jefferies Financial Group began coverage on Signature Bank in a research report on Friday, September 10th. They set a “buy” rating and a $305.00 price objective for the company. Finally, UBS Group reiterated a “buy” rating on shares of Signature Bank in a research report on Friday, July 9th. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $273.88.

The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $14.12 billion, a price-to-earnings ratio of 20.77, a P/E/G ratio of 1.95 and a beta of 2.02. The company’s 50-day simple moving average is $248.67 and its 200 day simple moving average is $242.33.

Signature Bank (NASDAQ:SBNY) last posted its earnings results on Monday, July 19th. The bank reported $3.57 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.13 by $0.44. The firm had revenue of $480.59 million for the quarter, compared to the consensus estimate of $467.43 million. Signature Bank had a net margin of 34.08% and a return on equity of 11.80%. During the same period in the prior year, the business posted $2.21 earnings per share. On average, equities analysts expect that Signature Bank will post 14.21 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Friday, July 30th were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date was Thursday, July 29th. Signature Bank’s dividend payout ratio (DPR) is 22.49%.

A number of hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its holdings in Signature Bank by 12.8% during the second quarter. Bank of America Corp DE now owns 482,305 shares of the bank’s stock valued at $118,478,000 after acquiring an additional 54,579 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in Signature Bank by 27.4% during the second quarter. Parametric Portfolio Associates LLC now owns 116,971 shares of the bank’s stock valued at $28,734,000 after acquiring an additional 25,143 shares during the period. Comerica Bank boosted its holdings in Signature Bank by 4.9% during the second quarter. Comerica Bank now owns 87,744 shares of the bank’s stock valued at $20,922,000 after acquiring an additional 4,125 shares during the period. MARSHALL WACE ASIA Ltd boosted its holdings in Signature Bank by 43.3% during the second quarter. MARSHALL WACE ASIA Ltd now owns 199,836 shares of the bank’s stock valued at $49,090,000 after acquiring an additional 60,336 shares during the period. Finally, Morgan Stanley boosted its holdings in Signature Bank by 50.4% during the second quarter. Morgan Stanley now owns 227,257 shares of the bank’s stock valued at $55,826,000 after acquiring an additional 76,141 shares during the period.

About Signature Bank (NASDAQ:SBNY)

Signature Bank engages in the provision of commercial banking services. It operates through the Commercial Banking and Specialty Finance segments. The Commercial Banking segment comprises of commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities.

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