Maryland State Pension and Retirement System Increases Holdings in Signature Bank (NASDAQ:SBNY)
Maryland State Retirement & Pension System increased its stake in Signature Bank (NASDAQ: SBNY – Get a rating) by 5.0% in the first quarter, Participation channel reports. The institutional investor held 4,745 shares of the bank after acquiring 226 additional shares during the quarter. Maryland State Retirement & Pension System’s holdings in Signature Bank were worth $1,393,000 when it last filed with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently changed their holdings in SBNY. Northwestern Mutual Wealth Management Co. increased its stake in Signature Bank shares by 103.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 161 shares of the bank worth $52,000 after buying 82 more shares in the last quarter. Trust Co. of Vermont acquired a new position in Signature Bank in Q4 worth approximately $65,000. CWM LLC acquired a new position in Signature Bank in Q4 worth approximately $72,000. National Bank of Canada FI acquired a new position in Signature Bank in the 4th quarter worth approximately $82,000. Finally, USA Financial Portformulas Corp acquired a new position in Signature Bank in Q4 worth around $88,000. Hedge funds and other institutional investors hold 96.17% of the company’s shares.
A number of stock analysts have weighed in on SBNY shares recently. Piper Sandler cut its price target on Signature Bank from $375.00 to $325.00 and set an “overweight” rating for the company in a Friday, May 20 report. Wedbush reduced its target price 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” rating to a “hold” rating in a Wednesday, June 15 report. Morgan Stanley cut its target price on Signature Bank from $508.00 to $428.00 and set an “overweight” rating for the company in a Monday, March 28 report. Finally, Stephens reduced his price target on Signature Bank to $325.00 in a Friday, May 27 report. 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, Signature Bank currently has an average buy rating and consensus target price of $347.31.
SBNY opened at $177.67 on Thursday. Signature Bank has a 52-week low of $165.36 and a 52-week high of $374.76. The company has a fifty-day simple moving average of $218.76 and a 200-day simple moving average of $283.66. The company has a market capitalization of $10.77 billion, a P/E ratio of 10.40, a P/E/G ratio of 0.82 and a beta of 1.78. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt ratio of 0.37.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its quarterly results on Tuesday, April 19. The bank reported EPS of $5.30 for the quarter, beating the consensus estimate of $4.31 by $0.99. Signature Bank had a return on equity of 13.97% and a net margin of 43.29%. 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 posted earnings per share of $3.24. Sell-side analysts expect Signature Bank to post earnings per share of 22.15 for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, May 13. Investors 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 yield of 1.26%. Signature Bank’s dividend payout ratio (DPR) is currently 13.11%.
About Signature Bank (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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