Signature Bank (NASDAQ:SBNY) Downgraded by ValuEngine

ValuEngine downgraded shares of Signature Bank (NASDAQ:SBNY) from a sell rating to a strong sell rating in a research report report published on Thursday, ValuEngine reports.

A number of other brokerages have also issued reports on SBNY. JPMorgan Chase & Co. raised shares of Signature Bank from a neutral rating to an overweight rating and increased their price objective for the company from $133.00 to $150.00 in a report on Thursday, April 4th. BMO Capital Markets decreased their target price on Signature Bank from $132.00 to $128.00 and set a market perform rating on the stock in a research note on Thursday, May 30th. BidaskClub raised Signature Bank from a hold rating to a buy rating in a research note on Wednesday, July 24th. Wedbush lowered Signature Bank from an outperform rating to a neutral rating and decreased their target price for the stock from $140.00 to $130.00 in a research note on Wednesday, May 15th. Finally, Morgan Stanley raised Signature Bank from an equal weight rating to an overweight rating and set a $146.00 target price on the stock in a research note on Monday, July 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $144.50.

Shares of SBNY stock traded down $1.51 during trading hours on Thursday, reaching $121.68. The stock had a trading volume of 511,575 shares, compared to its average volume of 389,745. The stock has a fifty day simple moving average of $122.45. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 1.21. Signature Bank has a 12 month low of $98.54 and a 12 month high of $137.93. The firm has a market capitalization of $6.81 billion, a price-to-earnings ratio of 10.79, a PEG ratio of 1.05 and a beta of 1.35.

Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $2.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.71 by $0.01. The business had revenue of $334.88 million for the quarter, compared to the consensus estimate of $333.25 million. Signature Bank had a net margin of 32.59% and a return on equity of 13.61%. During the same period in the previous year, the firm earned $2.83 EPS. As a group, equities analysts expect that Signature Bank will post 10.9 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st will be issued a $1.12 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $4.48 annualized dividend and a dividend yield of 3.68%. Signature Bank’s dividend payout ratio is currently 19.86%.

Several institutional investors and hedge funds have recently bought and sold shares of SBNY. MARSHALL WACE ASIA Ltd acquired a new position in Signature Bank during the first quarter worth $78,514,000. Norges Bank bought a new position in Signature Bank in the 4th quarter worth approximately $40,558,000. FMR LLC grew its holdings in Signature Bank by 14.9% in the 4th quarter. FMR LLC now owns 2,463,224 shares of the bank’s stock worth $253,244,000 after buying an additional 319,803 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Signature Bank by 92.5% in the 1st quarter. JPMorgan Chase & Co. now owns 596,342 shares of the bank’s stock worth $76,374,000 after buying an additional 286,634 shares in the last quarter. Finally, Columbus Circle Investors bought a new position in Signature Bank in the 1st quarter worth approximately $33,795,000. 92.27% 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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Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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