Signature Bank Stock (NASDAQ: SBNY – Get a rating) earned an average “moderate buy” rating from the sixteen brokerages that currently cover the company, MarketBeat reports. An investment analyst rated the stock with a hold recommendation and ten gave the company a buy recommendation. The 12-month average price target among brokers who have covered the stock over the past year is $299.83.
Several analysts have released reports on SBNY shares. JPMorgan Chase & Co. lowered its price target on Signature Bank from $460.00 to $300.00 and set an “overweight” rating on the stock in a research report on Friday July 1. Compass Point cut its price target on Signature Bank from $350.00 to $300.00 and set a “buy” rating for the company in a Friday, June 10 report. StockNews.com upgraded Signature Bank from a “sell” rating to a “hold” rating in a report released Monday, August 15. Wells Fargo & Company cut its price target on Signature Bank to $280.00 in a Friday, July 22 report. Finally, Stephens reduced his price target on Signature Bank to $240.00 in a Friday, July 22 report.
Signature Bank shares fall 0.3%
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NASDAQ:SBNY shares opened at $171.28 on Monday. Signature Bank has a 52-week low of $165.36 and a 52-week high of $374.76. The stock has a market capitalization of $10.39 billion, a P/E ratio of 9.12, a price-to-earnings growth ratio of 0.86 and a beta of 1.73. The company’s 50-day moving average is $187.76 and its 200-day moving average is $234.43. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt ratio of 0.27.
Signature Bank (NASDAQ: SBNY- Get a rating) last announced its results on Tuesday, July 19. The bank reported earnings per share (EPS) of $5.26 for the quarter, beating the consensus estimate 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 a year earlier, the company posted EPS of $3.57. Sell-side analysts expect Signature Bank to post an EPS of 21.77 for the current year.
Signature Bank Dividend Announcement
The company also recently announced 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. This represents a dividend of $2.24 on an annualized basis and a dividend yield of 1.31%. The ex-dividend date was Thursday, July 28. Signature Bank’s dividend payout ratio (DPR) is currently 11.93%.
Institutional investors weigh in on Signature Bank
Institutional investors have recently changed their stake in the company. Price T Rowe Associates Inc. MD increased its holdings in Signature Bank by 56.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 5,244,799 shares of the bank worth $939,920,000 after purchasing an additional 1,900,674 shares in the last quarter. Capital International Investors purchased a new stake in Signature Bank stock during Q4 valued at approximately $599,227,000. State Street Corp increased its position in Signature Bank shares 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 purchasing an additional 1,052,338 shares during the period. Bank of America Corp DE increased its position in Signature Bank shares by 72.7% during the 1st quarter. 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. Finally, Norges Bank purchased a new stake in Signature Bank stock during Q4 valued at approximately $185,605,000. 98.62% of the shares are currently held by institutional investors and hedge funds.
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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