Vanguard Group Inc. increased its holdings in shares of Signature Bank (NASDAQ:SBNY – Get Rating) by 15.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,171,793 shares of the bank’s stock after acquiring an additional 980,520 shares during the period. Vanguard Group Inc. owned approximately 11.40% of Signature Bank worth $1,082,941,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its position in shares of Signature Bank by 56.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 5,244,799 shares of the bank’s stock worth $939,920,000 after purchasing an additional 1,900,674 shares in the last quarter. State Street Corp grew its stake in shares of Signature Bank by 1.8% in the first quarter. State Street Corp now owns 3,090,146 shares of the bank’s stock worth $906,927,000 after acquiring an additional 55,225 shares during the last quarter. Alecta Tjanstepension Omsesidigt increased its holdings in shares of Signature Bank by 5.7% during the third quarter. Alecta Tjanstepension Omsesidigt now owns 2,780,000 shares of the bank’s stock valued at $419,697,000 after acquiring an additional 150,000 shares in the last quarter. Brown Brothers Harriman & Co. raised its position in shares of Signature Bank by 66.9% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 924,774 shares of the bank’s stock worth $165,729,000 after purchasing an additional 370,800 shares during the last quarter. Finally, EdgePoint Investment Group Inc. bought a new position in Signature Bank in the 3rd quarter worth about $126,846,000. Hedge funds and other institutional investors own 93.62% of the company’s stock.
Signature Bank Trading Down 22.9 %
Shares of Signature Bank stock opened at $70.00 on Monday. Signature Bank has a 1-year low of $61.37 and a 1-year high of $328.88. The company’s fifty day simple moving average is $120.39 and its 200-day simple moving average is $137.58. 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 stock has a market capitalization of $4.41 billion, a PE ratio of 3.37, a P/E/G ratio of 0.50 and a beta of 1.66.
Signature Bank Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, February 10th. Investors of record on Friday, January 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 4.00%. This is a positive change from Signature Bank’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Thursday, January 26th. Signature Bank’s dividend payout ratio is currently 13.47%.
Analysts Set New Price Targets
SBNY has been the subject of a number of analyst reports. Raymond James cut shares of Signature Bank from a “strong-buy” rating to a “market perform” rating in a report on Wednesday, December 7th. JPMorgan Chase & Co. cut their target price on Signature Bank from $200.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 13th. Stephens cut Signature Bank from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $150.00 to $145.00 in a research note on Wednesday, January 18th. Maxim Group lowered their price target on Signature Bank from $250.00 to $200.00 in a report on Wednesday, January 18th. Finally, Morgan Stanley reduced their price objective on Signature Bank from $132.00 to $124.00 and set an “equal weight” rating for the company in a report on Wednesday, January 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $186.29.
Signature Bank Profile
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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