Signature Bank (SBNY) Cut to “Strong Sell” at BidaskClub

BidaskClub downgraded shares of Signature Bank (NASDAQ:SBNY) from a sell rating to a strong sell rating in a research note released on Friday, July 27th.

SBNY has been the subject of several other research reports. BMO Capital Markets lowered shares of Signature Bank from an outperform rating to a market perform rating and set a $171.00 target price for the company. in a research note on Friday, July 20th. Wells Fargo & Co upgraded shares of Signature Bank from a market perform rating to an outperform rating in a research note on Friday, April 20th. ValuEngine lowered shares of Signature Bank from a sell rating to a strong sell rating in a research note on Monday, June 11th. Jefferies Financial Group reiterated a buy rating and set a $161.00 target price on shares of Signature Bank in a research note on Friday, April 20th. Finally, TheStreet lowered shares of Signature Bank from a b rating to a c+ rating in a research note on Friday, April 20th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. The company has an average rating of Buy and a consensus target price of $152.40.

Shares of NASDAQ SBNY traded down $0.23 during trading on Friday, reaching $111.55. 262,406 shares of the stock were exchanged, compared to its average volume of 887,252. Signature Bank has a twelve month low of $108.89 and a twelve month high of $161.92. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 1.22. The stock has a market cap of $6.15 billion, a P/E ratio of 10.93, a PEG ratio of 0.93 and a beta of 1.02.

Signature Bank (NASDAQ:SBNY) last posted its earnings results on Thursday, July 19th. The bank reported $2.83 EPS for the quarter, topping analysts’ consensus estimates of $2.80 by $0.03. The business had revenue of $326.63 million for the quarter, compared to analysts’ expectations of $334.00 million. Signature Bank had a net margin of 26.76% and a return on equity of 13.84%. During the same period in the previous year, the company posted $2.21 earnings per share. research analysts expect that Signature Bank will post 11.18 EPS for the current fiscal year.

The business also recently disclosed an annual dividend, which will be paid on Wednesday, August 15th. Investors of record on Wednesday, August 1st will be issued a $0.56 dividend. This represents a yield of 0.47%. The ex-dividend date of this dividend is Tuesday, July 31st. Signature Bank’s payout ratio is currently 25.14%.

Hedge funds have recently bought and sold shares of the stock. Lord Abbett & CO. LLC lifted its holdings in Signature Bank by 102.1% in the 1st quarter. Lord Abbett & CO. LLC now owns 880,623 shares of the bank’s stock valued at $125,005,000 after acquiring an additional 444,826 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Signature Bank in the 2nd quarter valued at about $43,307,000. Fort Washington Investment Advisors Inc. OH lifted its holdings in Signature Bank by 47.4% in the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 450,861 shares of the bank’s stock valued at $64,000,000 after acquiring an additional 145,083 shares during the last quarter. FMR LLC lifted its holdings in Signature Bank by 6.1% in the 2nd quarter. FMR LLC now owns 2,075,478 shares of the bank’s stock valued at $265,413,000 after acquiring an additional 119,540 shares during the last quarter. Finally, Epoch Investment Partners Inc. lifted its holdings in Signature Bank by 13.3% in the 1st quarter. Epoch Investment Partners Inc. now owns 1,011,913 shares of the bank’s stock valued at $143,641,000 after acquiring an additional 118,792 shares during the last quarter. 95.52% of the stock is owned by institutional investors and hedge funds.

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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