Assenagon Asset Management SA buys new shares in Signature Bank (NASDAQ:SBNY)
Assenagon Asset Management SA took a new stake in Signature Bank (NASDAQ: SBNY – Get a rating) in the first quarter, according to its latest filing with the Securities & Exchange Commission. The company purchased 9,937 shares of the bank, valued at approximately $2,916,000.
Other large investors have also recently increased or reduced their stake in the company. Spire Wealth Management acquired a new stake in Signature Bank during Q4 worth approximately $178,000. Veriti Management LLC acquired a new stake in Signature Bank stock during the fourth quarter worth approximately $273,000. Community Capital Management LLC increased its position in Signature Bank shares by 0.6% during the fourth quarter. Community Capital Management LLC now owns 8,200 shares of the bank worth $2,636,000 after buying 50 more shares in the last quarter. Spirit of America Management Corp NY increased its position in Signature Bank shares by 0.7% during the fourth quarter. Spirit of America Management Corp NY now owns 10,575 shares of the bank worth $3,421,000 after buying 75 more shares last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its position in Signature Bank by 12.9% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 6,617 shares of the bank valued at $2,141,000 after acquiring an additional 757 shares during the period. Hedge funds and other institutional investors hold 96.17% of the company’s shares.
Several brokerages have recently released reports on SBNY. 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. Morgan Stanley lowered its price target on Signature Bank from $300.00 to $262.00 and set an “overweight” rating on the stock in a research report Tuesday. Goldman Sachs Group lowered 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 report. Piper Sandler lowered her price target on Signature Bank from $375.00 to $325.00 and set an “overweight” rating on the stock in a research report on Friday, May 20. Finally, Compass Point lowered its price target on Signature Bank from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Friday, June 10. One research analyst gave the stock a hold rating, thirteen gave the company a buy rating and one gave the company a strong buy rating. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $315.85.
Shares of SBNY opened at $188.89 on Wednesday. Signature Bank has a 12-month low of $165.36 and a 12-month high of $374.76. The stock’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 PE ratio of 11.05, a P/E/G ratio of 0.91 and a beta of 1.80. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt ratio of 0.37.
Signature Bank (NASDAQ: SBNY – Get a rating) last announced its quarterly results on Tuesday, April 19. The bank reported EPS 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 analyst estimates of $608.85 million. Signature Bank had a return on equity of 13.97% and a net margin of 43.29%. During the same quarter of the previous year, the company achieved EPS of $3.24. On average, sell-side analysts expect Signature Bank to post an EPS of 22.33 for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 13. Shareholders of record on Friday, April 29 received a dividend of $0.56 per share. This represents an annualized dividend of $2.24 and a dividend yield of 1.19%. The ex-dividend date was Thursday, April 28. Signature Bank’s dividend payout ratio (DPR) is 13.11%.
About 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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