National Asset Management Inc. cuts its stock holdings in Signature Bank (NASDAQ:SBNY)
National Asset Management Inc. reduced its holdings of Signature Bank shares (NASDAQ: SBNY – Get a rating) by 24.4% during the first quarter, Participation channel reports. The company held 891 shares of the bank after selling 288 shares during the quarter. National Asset Management Inc.’s holdings in Signature Bank were worth $262,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of SBNY. Capital International Investors purchased a new stake in Signature Bank during the fourth quarter worth approximately $599,227,000. State Street Corp increased its stake in Signature Bank by 53.1% during the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank worth $981,706,000 after purchasing an additional 1,052,338 shares during the period. Norges Bank acquired a new stake in Signature Bank during the fourth quarter worth approximately $185,605,000. Bank of America Corp DE increased its stake in Signature Bank by 86.3% during the fourth quarter. Bank of America Corp DE now owns 913,508 shares of the bank worth $295,492,000 after purchasing an additional 423,228 shares during the period. Finally, Geode Capital Management LLC increased its stake in Signature Bank by 50.3% during 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. 96.17% of the shares are currently held by hedge funds and other institutional investors.
A Wall Street analyst gives his opinion
SBNY has been the subject of a number of recent research reports. Compass Point reduced its target price on Signature Bank shares from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Friday, June 10. Piper Sandler cut her price target on Signature Bank shares from $375.00 to $325.00 and set an “overweight” rating on the stock in a Friday, May 20 research note. Stephens lowered his price target on Signature Bank to $240.00 in a Friday July 22 report. Jefferies Financial Group lowered its price target on Signature Bank from $352.00 to $267.00 in a Monday, July 11 report. Finally, Maxim Group lowered its price target on Signature Bank from $450.00 to $425.00 and set a “buy” rating for the company in a Wednesday, July 20 report. A stock research analyst gave the stock a hold rating, thirteen gave the stock a buy rating and one gave the stock a strong buy rating. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $298.69.
Signature Bank trades up 0.1%
NASDAQ: SBNY opened at $185.57 on Friday. The stock has a fifty-day moving average price of $191.77 and a two-hundred-day moving average price of $258.04. The stock has a market capitalization of $11.25 billion, a price/earnings ratio of 9.88, a PEG ratio of 0.87 and a beta of 1.80. The company has a debt ratio of 0.27, a quick ratio of 0.82 and a current ratio of 0.83. Signature Bank has a 1-year minimum of $165.36 and a 1-year maximum of $374.76.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its quarterly earnings data on Tuesday, July 19. The bank reported earnings per share (EPS) of $5.26 for the quarter, beating the consensus estimate of $5.05 by $0.21. Signature Bank had a return on equity of 15.02% and a net margin of 43.86%. In the same period a year earlier, the company had earned earnings per share of $3.57. As a group, sell-side analysts expect Signature Bank to post earnings per share of 22.03 for the current fiscal year.
Signature Bank announces dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 12. Shareholders of record on Friday, July 29 will receive a dividend of $0.56. This represents an annualized dividend of $2.24 and a yield of 1.21%. The ex-date of this dividend is Thursday, July 28. Signature Bank’s payout ratio is 11.93%.
Signature banking profile
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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