Mercer Global Advisors Inc. ADV increased its holdings of Signature Bank (NASDAQ: SBNY – Get a rating) by 239.4% in Q1, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor held 8,101 shares of the bank after acquiring an additional 5,714 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Signature Bank were worth $2,378,000 when it last filed with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently increased or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Signature Bank shares by 1.1% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 3,893 shares in the bank valued at $1,143,000 after buying 43 more shares in the last quarter. Allworth Financial LP increased its position in Signature Bank by 28.7% during the first quarter. Allworth Financial LP now owns 193 shares in the bank worth $57,000 after acquiring 43 more shares in the last quarter. M&T Bank Corp increased its position in Signature Bank by 3.0% during the fourth quarter. M&T Bank Corp now owns 1,603 shares in the bank worth $518,000 after acquiring 47 more shares in the last quarter. The Alaska State Department of Revenue increased its position in Signature Bank by 0.6% in the first quarter. The Alaska State Department of Revenue now owns 8,827 shares of the bank worth $2,590,000 after acquiring 50 more shares in the last quarter. Finally, Atria Investments LLC increased its position in Signature Bank by 1.0% during the first quarter. Atria Investments LLC now owns 5,111 shares of the bank worth $1,500,000 after acquiring 51 additional shares in the last quarter. Institutional investors and hedge funds own 96.17% of the company’s shares.

Analysts set new price targets

A number of analysts have recently released reports on SBNY shares. Wells Fargo & Company lowered its target price on Signature Bank shares to $280.00 in a Friday, July 22 research report. Jefferies Financial Group cut its price target on Signature Bank shares from $352.00 to $267.00 in a Monday, July 11 research report. Maxim Group cut its price target on Signature Bank shares from $450.00 to $425.00 and set a “buy” rating on the stock in a Wednesday, July 20 research report. Piper Sandler cut her price target on Signature Bank shares from $375.00 to $325.00 and set an “overweight” rating on the stock in a Friday, May 20 research note. Finally, UBS Group reduced its price target on Signature Bank shares from $309.00 to $288.00 and placed a “buy” rating on the stock in a Wednesday, July 27 research note. One stock research analyst gave the stock a hold rating, thirteen gave the company a buy rating and one gave the company a high buy rating. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $298.69.

Signature Bank Price Performance

SBNY opened at $185.37 on Tuesday. The company has a fifty-day simple moving average of $186.97 and a 200-day simple moving average of $241.73. The company has a market capitalization of $11.24 billion, a price-earnings ratio of 9.87, a PEG ratio of 0.92 and a beta of 1.74. Signature Bank has a 12-month low of $165.36 and a 12-month high of $374.76. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt ratio of 0.27.

Signature Bank (NASDAQ: SBNY – Get a rating) last reported quarterly earnings data on Tuesday, July 19. The bank reported earnings per share of $5.26 for the quarter, beating the consensus estimate of $5.05 by $0.21. Signature Bank had a net margin of 43.86% and a return on equity of 15.02%. In the same quarter last year, the company posted earnings per share of $3.57. Equity research analysts expect Signature Bank to post EPS of 21.77 for the current fiscal year.

Signature Bank announces dividend

The company also recently disclosed 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 an annualized dividend of $2.24 and a yield of 1.21%. The ex-dividend date was Thursday, July 28. Signature Bank’s dividend payout ratio is currently 11.93%.

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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