Signature Bank (NASDAQ:SBNY) Price target reduced to $267.00


Signature Bank (NASDAQ: SBNYGet a rating) saw its target price reduced by equity research analysts at Jefferies Financial Group from $352.00 to $267.00 in a research report released Monday to clients and investors, Fly reports. Jefferies Financial Group’s price target indicates upside potential of 41.35% from the stock’s previous close.

Several other brokerages have also recently weighed in on SBNY. JPMorgan Chase & Co. cut 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 report. Compass Point lowered its price target on Signature Bank from $350.00 to $300.00 and placed a “buy” rating on the stock in a Friday, June 10 report. Raymond James lowered his price target on Signature Bank shares from $350.00 to $305.00 and set a “strong buy” rating on the stock in a Monday, June 27 research note. StockNews.com upgraded Signature Bank shares from a “sell” to a “hold” rating in a research note on Saturday, July 2. Finally, Morgan Stanley cut its price target on Signature Bank shares from $508.00 to $428.00 and set an “overweight” rating on the stock in a Monday, March 28 research report. One investment analyst gave the stock a hold rating, thirteen gave the company a buy rating and one gave the company a high buy rating. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $315.85.

Shares of SBNY opened at $188.89 on Monday. The company’s 50-day moving average is $198.18 and its two-hundred-day moving average is $271.45. The company has a market capitalization of $11.45 billion, a P/E ratio of 11.05, a P/E/G ratio of 0.91 and a beta of 1.80. The company has a debt ratio of 0.37, a quick ratio of 0.84 and a current ratio of 0.85. Signature Bank has a fifty-two week low of $165.36 and a fifty-two week high of $374.76.

Signature Bank (NASDAQ: SBNYGet a rating) last announced its quarterly results on Tuesday, April 19. The bank reported earnings per share of $5.30 for the quarter, beating the consensus estimate of $4.31 by $0.99. The company posted revenue of $607.96 million for 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%. During the same period last year, the company achieved EPS of $3.24. Analysts expect Signature Bank to post an EPS of 22.33 for the current year.

Several hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. Capital International Investors bought a new position in Signature Bank during the fourth quarter, valued at 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 valued at $981,706,000 after buying an additional 1,052,338 shares in the last quarter. Bank of America Corp DE increased its stake in Signature Bank by 72.7% in Q1. Bank of America Corp DE now owns 1,577,263 shares of the bank valued at $462,910,000 after purchasing an additional 663,755 shares during the period. Norges Bank bought a new stake in Signature Bank in the 4th quarter valued at $185,605,000. Finally, Brown Brothers Harriman & Co. increased its holdings of Signature Bank shares by 3,956,857.1% in Q1. Brown Brothers Harriman & Co. now owns 553,974 shares of the bank worth $162,586,000 after buying an additional 553,960 shares in the last quarter. Institutional investors and hedge funds hold 96.17% of the company’s shares.

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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