Signature Bank (NASDAQ:SBNY) downgraded by TheStreet


TheStreet cut shares of Signature Bank (NASDAQ: SBNYGet a rating) from an ab grade to a c+ grade in a research report published Wednesday morning, TheStreetRatingsTable reports.

A number of other research companies have also published reports on SBNY recently. Stephens cut his price target on Signature Bank shares to $325.00 in a Friday, May 27 report. Piper Sandler cut its target price on Signature Bank from $375.00 to $325.00 and set an overweight rating for the company in a Friday, May 20 report. Wells Fargo & Company lowered its price target on Signature Bank from $435.00 to $408.00 and set an overweight rating on the stock in a Wednesday, April 20 report. Goldman Sachs Group reduced its price target on Signature Bank from $377.00 to $265.00 and set a buy rating for the company in a research report on Tuesday, May 31. To finish, StockNews.com upgraded Signature Bank shares from a sell rating to a hold rating in a research report on Saturday, July 2. One investment analyst gave the stock a hold rating, thirteen gave the company a buy rating and one gave the company a strong buy rating. According to MarketBeat.com, the company currently has an average buy rating and consensus price target of $315.85.

Signature Bank trades up 4.4%

SBNY opened at $191.41 on Wednesday. The company has a market capitalization of $11.61 billion, a PE ratio of 11.20, a P/E/G ratio of 0.89 and a beta of 1.80. The company has a debt ratio of 0.37, a current ratio of 0.85 and a quick ratio of 0.84. Signature Bank has a fifty-two week low of $165.36 and a fifty-two week high of $374.76. The company’s 50-day moving average is $194.57 and its 200-day moving average is $268.96.

Signature Bank (NASDAQ: SBNYGet a rating) last released its quarterly earnings data on Tuesday, April 19. The bank reported EPS of $5.30 for the quarter, beating the consensus estimate of $4.31 by $0.99. The company posted revenue of $607.96 million in the quarter, versus a consensus estimate of $608.85 million. Signature Bank had a return on equity of 13.97% and a net margin of 43.29%. In the same period a year earlier, the company posted earnings of $3.24 per share. As a group, research analysts predict Signature Bank will post earnings per share of 22.33 for the current fiscal year.

Signature Bank announces dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 13. Shareholders of record on Friday, April 29 received a dividend of $0.56. This represents an annualized dividend of $2.24 and a dividend yield of 1.17%. The ex-dividend date was Thursday, April 28. Signature Bank’s dividend payout ratio (DPR) is currently 13.11%.

Institutional entries and exits

Hedge funds have recently been buying and selling shares of the company. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new position in Signature Bank stock in the first quarter worth $29,000. JCSD Capital LLC purchased a new stake in Signature Bank during Q1 worth approximately $29,000. Blume Capital Management Inc. bought a new position in Signature Bank in Q1 worth around $29,000. Quent Capital LLC increased its holdings in Signature Bank by 152.5% during the 1st quarter. Quent Capital LLC now owns 101 shares of the bank valued at $30,000 after buying 61 additional shares in the last quarter. Finally, Cambridge Trust Co. increased its position in Signature Bank shares by 1,018.2% during the first quarter. Cambridge Trust Co. now owns 123 shares of the bank valued at $36,000 after buying 112 additional shares during the period. 96.17% of the shares are currently held by hedge funds and other institutional investors.

Corporate Profile 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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