Signature Bank (NASDAQ: SBNY- Get a rating) was downgraded by equity research analysts to StockNews.com from a “hold” rating to a “sell” rating in a report released on Friday.
SBNY has been the subject of a number of other reports. JPMorgan Chase & Co. raised its price target on Signature Bank shares from $440.00 to $460.00 and gave the stock an “overweight” rating in a Wednesday, April 20 research note. Piper Sandler cut her price target on Signature Bank shares from $375.00 to $325.00 and gave the stock an “overweight” rating in a Friday, May 20 research note. Morgan Stanley lowered 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 note. Goldman Sachs Group lowered its price target on Signature Bank shares from $377.00 to $265.00 and set a “buy” rating on the stock in a Tuesday, May 31 research note. Finally, UBS Group lowered its price target on Signature Bank shares from $472.00 to $309.00 and placed a “buy” rating on the stock in a Monday June 6 research note. One research analyst rated the stock with a sell rating, thirteen gave the company a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $347.31.
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Signature Bank stock traded at $9.01 at midday Friday, hitting $192.14. The company had a trading volume of 1,142,515 shares, compared to an average volume of 1,021,557 shares. The company has a market capitalization of $11.65 billion, a P/E ratio of 11.24, a P/E/G ratio of 0.84 and a beta of 1.78. Signature Bank has a 12-month low of $165.36 and a 12-month high of $374.76. The company’s fifty-day simple moving average is $215.62 and its 200-day simple moving average is $281.90. The company has a debt ratio of 0.37, a current ratio of 0.85 and a quick ratio of 0.84.
Signature Bank (NASDAQ: SBNY- Get a rating) last released its quarterly results on Tuesday, April 19. The bank reported earnings per share of $5.30 for the quarter, beating consensus analyst estimates 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 for the quarter, versus analyst estimates of $608.85 million. During the same period last year, the company posted EPS of $3.24. On average, analysts expect Signature Bank to post EPS of 22.15 for the current fiscal year.
Institutional investors have recently been buying and selling shares of the stock. Capital International Investors acquired a new position in Signature Bank stock in the fourth quarter worth $599,227,000. State Street Corp increased its stake in Signature Bank shares by 53.1% in the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank worth $981,706,000 after acquiring an additional 1,052,338 shares last quarter. Bank of America Corp DE increased its stake in Signature Bank shares by 72.7% in the first quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank worth $462,910,000 after acquiring an additional 663,755 shares last quarter. Norges Bank acquired a new position in shares of Signature Bank in the fourth quarter worth $185,605,000. Finally, Brown Brothers Harriman & Co. increased its stake in Signature Bank shares by 3,956,857.1% in the first quarter. Brown Brothers Harriman & Co. now owns 553,974 shares of the bank worth $162,586,000 after acquiring an additional 553,960 shares last quarter. Hedge funds and other institutional investors 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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