Signature Bank (NASDAQ: SBNY – Get a rating) was the target of a sharp drop in short interest during the month of July. As of July 31, there was short interest totaling 1,670,000 shares, down 24.1% from the July 15 total of 2,200,000 shares. Based on an average daily trading volume of 1,090,000 shares, the short interest ratio is currently 1.5 days.
Signature Bank trades up 2.2%
Shares of Signature Bank rose $4.35 on Friday, hitting $206.41. 322,596 shares of the company were traded, with an average volume of 976,947. The stock has a fifty-day moving average price of $188.42 and a 200-day moving average price of $247.29. The company has a market cap of $12.51 billion, a price-to-earnings ratio of 10.99, a growth price-to-earnings ratio of 0.98, and a beta of 1.73. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt ratio of 0.27. Signature Bank has a fifty-two week low of $165.36 and a fifty-two week high of $374.76.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its quarterly results on Tuesday, July 19. The bank reported earnings per share of $5.26 for the quarter, beating consensus analyst estimates 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 quarter of the previous year, the company achieved EPS of $3.57. On average, analysts expect Signature Bank to post EPS of 21.8 for the current year.
Signature Bank announces dividend
The company also recently declared a quarterly dividend, which was paid on Friday, August 12. Shareholders of record on Friday, July 29 received a dividend of $0.56 per share. The ex-dividend date was Thursday, July 28. This represents a dividend of $2.24 on an annualized basis and a dividend yield of 1.09%. Signature Bank’s dividend payout ratio is 11.93%.
Changes to analyst ratings
SBNY has been the subject of a number of recent research reports. JPMorgan Chase & Co. lowered its price target on Signature Bank shares from $460.00 to $300.00 and set an “overweight” rating for the company in a Friday, July 1 research report. StockNews.com upgraded Signature Bank from a “sell” rating to a “hold” rating in a report released Thursday, July 28. Wedbush reduced its price target on Signature Bank from $415.00 to $375.00 and placed a “buy” rating on the stock in a Wednesday, April 20 research note. Goldman Sachs Group cut its price target on Signature Bank from $377.00 to $265.00 and set a “buy” rating on the stock in a Tuesday, May 31 research note. Finally, Raymond James reduced his target price on Signature Bank from $305.00 to $286.00 in a Wednesday July 20 research note. One investment analyst gave the stock a hold rating, thirteen gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $298.69.
Institutional entries and exits
A number of institutional investors and hedge funds have recently changed their holdings in the company. Woodmont Investment Counsel LLC increased its holdings of Signature Bank shares by 41.2% during the second quarter. Woodmont Investment Counsel LLC now owns 6,368 shares of the bank valued at $1,141,000 after buying 1,858 additional shares last quarter. Renaissance Technologies LLC bought a new position in Signature Bank in the second quarter worth approximately $3,165,000. Vanguard Custom Indexing Management LLC increased its stake in Signature Bank by 48.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,531 shares of the bank valued at $633,000 after buying 1,159 additional shares in the last quarter. Ensign Peak Advisors Inc increased its stake in Signature Bank by 0.8% in the second quarter. Ensign Peak Advisors Inc now owns 19,214 shares of the bank valued at $3,443,000 after buying an additional 150 shares last quarter. Finally, LPL Financial LLC increased its stake in Signature Bank by 14.3% in the second quarter. LPL Financial LLC now owns 19,426 shares of the bank valued at $3,481,000 after purchasing an additional 2,431 shares last quarter. Hedge funds and other institutional investors hold 96.17% of the company’s shares.
About Signature Bank
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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