MetLife Investment Management LLC reduced its holdings in shares of Signature Bank (NASDAQ:SBNY – Get Rating) by 1.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 16,814 shares of the bank’s stock after selling 248 shares during the period. MetLife Investment Management LLC’s holdings in Signature Bank were worth $2,539,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in Signature Bank by 56.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 5,244,799 shares of the bank’s stock valued at $939,920,000 after purchasing an additional 1,900,674 shares in the last quarter. Vanguard Group Inc. raised its position in Signature Bank by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 6,161,104 shares of the bank’s stock valued at $1,808,223,000 after purchasing an additional 378,308 shares in the last quarter. Brown Brothers Harriman & Co. raised its position in Signature Bank by 66.9% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 924,774 shares of the bank’s stock valued at $165,729,000 after purchasing an additional 370,800 shares in the last quarter. Capital Research Global Investors bought a new stake in Signature Bank during the 1st quarter valued at $105,631,000. Finally, Parnassus Investments LLC raised its position in Signature Bank by 47.8% during the 2nd quarter. Parnassus Investments LLC now owns 1,007,985 shares of the bank’s stock valued at $180,641,000 after purchasing an additional 325,936 shares in the last quarter. 93.62% of the stock is owned by institutional investors.
Signature Bank Stock Down 1.8 %
Shares of SBNY stock opened at $114.21 on Friday. Signature Bank has a 1-year low of $106.81 and a 1-year high of $350.53. The stock’s fifty day moving average price is $122.41 and its 200 day moving average price is $144.49. The company has a debt-to-equity ratio of 1.48, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market cap of $7.19 billion, a price-to-earnings ratio of 5.50, a price-to-earnings-growth ratio of 0.82 and a beta of 1.64.
Signature Bank Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, February 10th. Shareholders of record on Friday, January 27th were given a dividend of $0.70 per share. The ex-dividend date was Thursday, January 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.45%. This is a boost from Signature Bank’s previous quarterly dividend of $0.56. Signature Bank’s payout ratio is currently 13.47%.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the company. Wells Fargo & Company decreased their target price on Signature Bank from $250.00 to $185.00 and set an “overweight” rating for the company in a research report on Thursday, December 15th. JPMorgan Chase & Co. decreased their target price on Signature Bank from $200.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, December 13th. StockNews.com downgraded Signature Bank from a “hold” rating to a “sell” rating in a report on Wednesday, January 18th. Raymond James downgraded Signature Bank from a “strong-buy” rating to a “market perform” rating in a report on Wednesday, December 7th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Signature Bank from $205.00 to $137.00 in a report on Wednesday, December 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Signature Bank currently has an average rating of “Moderate Buy” and an average target price of $186.29.
About Signature Bank
Signature Bank engages in the provision of commercial banking services. It operates through the Commercial Banking and Specialty Finance segments. The Commercial Banking segment consists of commercial real estate lending, commercial and industrial lending, and commercial deposit gathering activities.
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