Signature Bank (NASDAQ:SBNY) Expected to Post Quarterly Sales of $339.41 Million

Equities research analysts expect that Signature Bank (NASDAQ:SBNY) will post sales of $339.41 million for the current quarter, according to Zacks. Sixteen analysts have provided estimates for Signature Bank’s earnings. The highest sales estimate is $344.20 million and the lowest is $334.30 million. Signature Bank posted sales of $329.34 million during the same quarter last year, which suggests a positive year over year growth rate of 3.1%. The company is scheduled to report its next quarterly earnings results on Thursday, October 17th.

According to Zacks, analysts expect that Signature Bank will report full-year sales of $1.35 billion for the current year, with estimates ranging from $1.34 billion to $1.36 billion. For the next year, analysts anticipate that the firm will report sales of $1.47 billion, with estimates ranging from $1.42 billion to $1.51 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Signature Bank.

Signature Bank (NASDAQ:SBNY) last released its quarterly earnings data on Thursday, July 18th. The bank reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.01. The firm had revenue of $334.88 million during 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 quarter in the previous year, the company posted $2.83 earnings per share.

A number of equities analysts have commented on SBNY shares. BidaskClub downgraded shares of Signature Bank from a “buy” rating to a “hold” rating in a report on Friday, August 9th. Wedbush downgraded shares of Signature Bank from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $140.00 to $130.00 in a report on Wednesday, May 15th. Morgan Stanley decreased their price objective on shares of Signature Bank from $146.00 to $145.00 and set an “overweight” rating for the company in a report on Monday, August 5th. ValuEngine raised shares of Signature Bank from a “strong sell” rating to a “sell” rating in a report on Friday. Finally, BMO Capital Markets decreased their price objective on shares of Signature Bank from $132.00 to $128.00 and set a “market perform” rating for the company in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $145.67.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of Signature Bank by 0.4% during the second quarter. BlackRock Inc. now owns 5,312,628 shares of the bank’s stock valued at $641,980,000 after acquiring an additional 20,404 shares during the period. Vanguard Group Inc. lifted its holdings in Signature Bank by 2.1% in the second quarter. Vanguard Group Inc. now owns 4,871,753 shares of the bank’s stock worth $588,702,000 after purchasing an additional 100,830 shares during the period. FMR LLC lifted its holdings in Signature Bank by 8.1% in the first quarter. FMR LLC now owns 2,662,132 shares of the bank’s stock worth $340,939,000 after purchasing an additional 198,908 shares during the period. Alecta Pensionsforsakring Omsesidigt lifted its holdings in Signature Bank by 4.0% in the first quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,630,000 shares of the bank’s stock worth $336,850,000 after purchasing an additional 100,000 shares during the period. Finally, William Blair Investment Management LLC raised its position in Signature Bank by 2,477.1% in the second quarter. William Blair Investment Management LLC now owns 881,975 shares of the bank’s stock worth $106,578,000 after acquiring an additional 847,751 shares in the last quarter. 92.27% of the stock is owned by institutional investors.

Signature Bank stock traded up $3.55 during mid-day trading on Tuesday, reaching $119.41. The company’s stock had a trading volume of 228,100 shares, compared to its average volume of 366,009. The firm has a market cap of $6.40 billion, a price-to-earnings ratio of 10.59, a PEG ratio of 0.99 and a beta of 1.35. The business has a 50 day moving average price of $123.38 and a 200-day moving average price of $126.25. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 1.26. Signature Bank has a twelve month low of $98.54 and a twelve month high of $137.93.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st were issued a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend was Wednesday, July 31st. Signature Bank’s dividend payout ratio (DPR) is 19.86%.

About Signature Bank

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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Earnings History and Estimates for Signature Bank (NASDAQ:SBNY)

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