AE Wealth Management LLC holds $851,000 stake in Signature Bank (NASDAQ:SBNY)
AE Wealth Management LLC increased its position in Signature Bank (NASDAQ: SBNY – Get a rating) by 264.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund held 2,901 shares of the bank after buying an additional 2,105 shares during the period. AE Wealth Management LLC’s holdings in Signature Bank were worth $851,000 at the end of the last quarter.
Several other institutional investors and hedge funds have also increased or reduced their stake in the company. IFM Investors Pty Ltd increased its position in Signature Bank shares by 35.2% in the first quarter. IFM Investors Pty Ltd now owns 8,738 shares in the bank valued at $2,565,000 after buying an additional 2,275 shares in the last quarter. Pennsylvania Capital Management Inc. ADV increased its position in Signature Bank shares by 44.4% in the first quarter. Pennsylvania Capital Management Inc. ADV now owns 3,253 shares of the bank valued at $955,000 after buying an additional 1,000 shares in the last quarter. The Alaska State Department of Revenue increased its stake in Signature Bank by 0.6% during the first quarter. The Alaska State Department of Revenue now owns 8,827 shares of the bank worth $2,590,000 after buying 50 more shares in the last quarter. Gateway Investment Advisers LLC increased its stake in Signature Bank by 49.6% during the 1st quarter. Gateway Investment Advisers LLC now owns 25,932 shares of the bank worth $7,611,000 after buying 8,603 additional shares in the last quarter. Finally, Redpoint Investment Management Pty Ltd acquired a new stake in Signature Bank during the 1st quarter for a value of approximately $370,000. 96.17% of the shares are held by institutional investors.
Several research companies have recently weighed in on SBNY. Stephens lowered his price target on Signature Bank to $325.00 in a Friday, May 27 report. Morgan Stanley lowered its price target on Signature Bank from $508.00 to $428.00 and set an “overweight” rating for the company in a Monday, March 28 report. Wedbush lowered its price target on Signature Bank from $415.00 to $375.00 and set a “buy” rating for the company in a Wednesday, April 20 report. StockNews.com upgraded Signature Bank from a “sell” to a “hold” rating in a research note on Saturday, July 2. Finally, JPMorgan Chase & Co. lowered its price target on Signature Bank from $460.00 to $300.00 and set an “overweight” rating on the stock in a Friday, July 1 research note. One equity research analyst has assigned the stock a hold rating, thirteen have assigned a buy rating and one has assigned the company’s stock a high buy rating. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $331.54.
SBNY Stock opened at $185.88 on Thursday. The stock has a market capitalization of $11.27 billion, a P/E ratio of 10.88, a growth price/earnings ratio of 0.87 and a beta of 1.80. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt ratio of 0.37. Signature Bank has a 12-month low of $165.36 and a 12-month high of $374.76. The company has a 50-day moving average price of $202.82 and a 200-day moving average price of $275.20.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its results on Tuesday, April 19. The bank reported EPS of $5.30 for the quarter, beating analyst consensus estimates of $4.31 by $0.99. The company posted revenue of $607.96 million in the quarter, compared to $608.85 million expected by analysts. Signature Bank had a net margin of 43.29% and a return on equity of 13.97%. In the same quarter a year earlier, the company had earned earnings per share of $3.24. As a group, equity analysts predict Signature Bank will post EPS of 22.19 for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, May 13. Shareholders of record on Friday, April 29 received a dividend of $0.56. The ex-dividend date was Thursday, April 28. This represents a dividend of $2.24 on an annualized basis and a dividend yield of 1.21%. Signature Bank’s dividend payout ratio (DPR) is currently 13.11%.
Signature banking profile (Get a rating)
Signature Bank provides commercial banking products and services. It accepts various deposit products, including checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, certificates of deposit, and other cash management products. The Company offers various loan products including commercial and industrial loans, real estate loans and letters of credit.
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