Hawaii’s No. 1 Bank Adds Equity Position in Signature Bank (NASDAQ:SBNY)
First Hawaiian Bank removed its position in shares of Signature Bank (NASDAQ: SBNY – Get a rating) by 17.2% in the first quarter, according to the company in its latest filing with the Securities and Exchange Commission. The institutional investor owned 1,214 shares of the bank after purchasing an additional 178 shares during the period. First Hawaiian Bank’s holdings in Signature Bank were worth $356,000 when it last filed with the SEC.
Other large investors have also recently increased or reduced their stake in the company. Capital International Investors purchased a new position in Signature Bank stock during the fourth quarter worth approximately $599,227,000. State Street Corp increased its stake in Signature Bank by 53.1% in the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank worth $981,706,000 after buying an additional 1,052,338 shares in the last quarter. Norges Bank acquired a new stake in Signature Bank during the fourth quarter, valued at approximately $185,605,000. Bank of America Corp DE increased its stake in Signature Bank shares by 86.3% during the fourth quarter. Bank of America Corp DE now owns 913,508 shares of the bank valued at $295,492,000 after purchasing an additional 423,228 shares in the last quarter. Finally, Geode Capital Management LLC increased its equity stake in Signature Bank by 50.3% in the fourth quarter. Geode Capital Management LLC now owns 1,164,486 shares of the bank worth $375,710,000 after purchasing an additional 389,849 shares during the period. Institutional investors hold 96.17% of the company’s shares.
SBNY opened at $183.13 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt ratio of 0.37. The company has a market cap of $11.10 billion, a price-to-earnings ratio of 10.72, a growth price-to-earnings ratio of 0.83, and a beta of 1.78. The stock has a fifty-day simple moving average of $217.10 and a two-hundred-day simple moving average of $282.77. Signature Bank has a 12-month low of $165.36 and a 12-month high of $374.76.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its quarterly results on Tuesday, April 19. The bank reported earnings per share (EPS) of $5.30 for the quarter, beating the consensus estimate of $4.31 by $0.99. Signature Bank had a net margin of 43.29% and a return on equity of 13.97%. The company posted revenue of $607.96 million in the quarter, versus analyst estimates of $608.85 million. During the same period last year, the company achieved EPS of $3.24. On average, analysts expect Signature Bank to post an EPS of 22.15 for the current 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 per share. The ex-dividend date was Thursday, April 28. This represents an annualized dividend of $2.24 and a dividend yield of 1.22%. Signature Bank’s payout ratio is 13.11%.
Several stock analysts have recently released reports on the company. StockNews.com upgraded Signature Bank from a “sell” to a “hold” rating in a Wednesday, June 15 research report. Raymond James lowered his price target on Signature Bank shares from $400.00 to $350.00 in a Monday, May 16 report. Stephens cut his price target on Signature Bank shares to $325.00 in a Friday, May 27 report. JPMorgan Chase & Co. raised its price target on Signature Bank shares from $440.00 to $460.00 and gave the company an “overweight” rating in a Wednesday, April 20 research note. Finally, UBS Group reduced its price target on Signature Bank from $472.00 to $309.00 and placed a “buy” rating on the stock in a Monday June 6 research note. One analyst gave the stock a hold rating, thirteen gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $347.31.
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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