Signature Bank (NASDAQ:SBNY) Coverage Initiated by Analysts at StockNews.com

Posted by on Apr 12th, 2023

Research analysts at StockNews.com started coverage on shares of Signature Bank (NASDAQ:SBNY – Get Rating) in a research note issued to investors on Wednesday. The firm set a “sell” rating on the bank’s stock.

Other equities research analysts have also issued reports about the company. Jefferies Financial Group lowered Signature Bank from a “buy” rating to a “hold” rating in a research note on Monday, January 9th. Bank of America boosted their price objective on Signature Bank from $8.00 to $10.00 in a report on Monday, April 3rd. Wells Fargo & Company restated an “overweight” rating on shares of Signature Bank in a research report on Monday, March 13th. Maxim Group cut their target price on Signature Bank from $250.00 to $200.00 in a research note on Wednesday, January 18th. Finally, JPMorgan Chase & Co. lowered their price target 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $174.53.

Signature Bank Stock Performance

Shares of NASDAQ:SBNY opened at $0.14 on Wednesday. The company has a market cap of $8.94 million, a price-to-earnings ratio of 0.01 and a beta of 1.51. The company has a 50-day moving average price of $82.86 and a 200-day moving average price of $115.95. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.48. Signature Bank has a 12 month low of $0.09 and a 12 month high of $296.97.

Signature Bank (NASDAQ:SBNY – Get Rating) last announced its earnings results on Tuesday, January 17th. The bank reported $4.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.92 by ($0.27). Signature Bank had a net margin of 36.03% and a return on equity of 16.76%. The company had revenue of $683.90 million for the quarter, compared to analysts’ expectations of $687.00 million. As a group, equities analysts anticipate that Signature Bank will post 14.47 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SBNY. Vanguard Group Inc. raised its holdings in Signature Bank by 15.8% during the 3rd quarter. Vanguard Group Inc. now owns 7,171,793 shares of the bank’s stock valued at $1,082,941,000 after buying an additional 980,520 shares during the period. State Street Corp raised its stake in Signature Bank by 1.8% in the first quarter. State Street Corp now owns 3,090,146 shares of the bank’s stock valued at $906,927,000 after buying an additional 55,225 shares during the last quarter. Alecta Tjanstepension Omsesidigt raised its stake in shares of Signature Bank by 5.7% in the third quarter. Alecta Tjanstepension Omsesidigt now owns 2,780,000 shares of the bank’s stock worth $419,697,000 after purchasing an additional 150,000 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Signature Bank by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 1,369,231 shares of the bank’s stock worth $157,496,000 after purchasing an additional 69,092 shares during the last quarter. Finally, Parnassus Investments LLC raised its position in Signature Bank by 1.1% during the fourth quarter. Parnassus Investments LLC now owns 1,309,587 shares of the bank’s stock valued at $150,891,000 after acquiring an additional 14,230 shares in the last quarter. 93.62% of the stock is currently owned by institutional investors.

Signature Bank Company Profile

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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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Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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