Signature Bank (NASDAQ:SBNY) Receives Consensus “Moderate Buy” Recommendation From Brokerages
Shares of Signature Bank (NASDAQ:SBNY – Get Rating) have been assigned a consensus rating of “moderate buy” by the seventeen brokerages that currently cover the company, MarketBeat reports. Two equity research analysts gave the stock a hold rating, nine assigned a buy rating and one issued a strong buy rating for the company. The 12-month average price target among brokers who have hedged the stock over the past year is $227.50.
Several equity research analysts weighed in on the stock. Maxim Group lowered its price target on Signature Bank shares from $425.00 to $350.00 in a Wednesday, October 19 research report. Keefe, Bruyette & Woods cut Signature Bank shares from an “outperform” rating to a “market perform” rating and set a price target of $185.00 for the company. in a Wednesday, October 19 research report. Goldman Sachs Group lowered its price target on Signature Bank shares from $216.00 to $176.00 and set a “buy” rating for the company in a research report on Friday, September 30. UBS Group lowered its price target on Signature Bank shares from $309.00 to $288.00 and set a “buy” rating for the company in a Wednesday, July 27 research report. Finally, Compass Point lowered its price target on Signature Bank shares to $180.00 in a Thursday, October 20 research report.
Signature Bank Price Performance
Signature Bank shares opened at $132.03 on Friday. Signature Bank has a 52-week low of $129.96 and a 52-week high of $374.76. The stock has a market capitalization of $8.31 billion, a price-to-earnings ratio of 6.45, a growth price-to-earnings ratio of 0.68 and a beta of 1.67. The company has a fifty-day moving average of $153.78 and a 200-day moving average of $179.52. The company has a debt ratio of 0.26, a quick ratio of 0.82 and a current ratio of 0.82.
Signature Bank (NASDAQ:SBNY – Get Rating) last reported quarterly earnings data on Tuesday, October 18. The bank reported earnings per share (EPS) of $5.57 for the quarter, beating consensus analyst estimates of $5.44 by $0.13. Signature Bank had a net margin of 41.55% and a return on equity of 16.49%. In the same period a year earlier, the company posted earnings per share of $3.88. Equity research analysts expect Signature Bank to post EPS of 21.51 for the current year.
Signature Bank announces dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, November 10. Investors of record on Friday, October 28 received a dividend of $0.56. The ex-dividend date was Thursday, October 27. This represents an annualized dividend of $2.24 and a dividend yield of 1.70%. Signature Bank’s payout ratio is 10.94%.
Institutional entries and exits
Several institutional investors have recently changed their holdings in SBNY. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new stake in Signature Bank during Q1 valued at approximately $29,000. JCSD Capital LLC acquired a new stake in Signature Bank during Q1 valued at approximately $29,000. Blume Capital Management Inc. acquired a new stake in Signature Bank during Q1 worth approximately $29,000. Quent Capital LLC increased its stake 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 stake in Signature Bank by 1,018.2% during the 1st quarter. Cambridge Trust Co. now owns 123 shares of the bank valued at $36,000 after buying 112 more shares in the last quarter. 98.62% of the shares are currently held by institutional investors.
Corporate Profile Signature Bank
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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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