Signature Bank (NASDAQ: SBNY – Get a rating) – Equity researchers at Jefferies Financial Group cut their earnings per share (EPS) estimates for fiscal year 2022 for Signature Bank shares in a report released Wednesday, October 19. Jefferies Financial Group analyst C. Haire now expects the bank to post earnings of $21.40 per share for the year, down from its previous forecast of $22.01. Jefferies Financial Group has a “Buy” rating and a price target of $205.00 on the stock. The consensus estimate for Signature Bank’s current annual earnings is $21.57 per share. Jefferies Financial Group also released estimates for Signature Bank Q4 2022 earnings at $5.25 EPS, Q3 2023 earnings at $4.72 EPS, Q4 2023 earnings at $4.86 EPS, FY2023 earnings at $19.05 EPS, Q1 2024 earnings at $4.90 EPS, Q2 2024 earnings at $4.88 EPS, Q3 2024 earnings at $5.29 EPS and earnings of fiscal year 2024 at $20.60 EPS.

Signature Bank (NASDAQ: SBNY – Get a rating) last reported quarterly earnings data on Tuesday, October 18. The bank reported earnings per share of $5.57 for the quarter, beating the consensus estimate of $5.44 by $0.13. Signature Bank had a return on equity of 16.49% and a net margin of 41.55%. In the same quarter last year, the company posted EPS of $3.88.

A number of other stock analysts also commented on SBNY. Wells Fargo & Company cut its price target on Signature Bank from $280.00 to $250.00 and set an “overweight” rating on the stock in a Thursday, Oct. 6 research note. Keefe, Bruyette & Woods downgraded Signature Bank from an “outperform” rating to a “market performer” rating and set a price target of $185.00 for the stock. in a research note from Wednesday, October 19. Compass Point cut its price target on Signature Bank to $180.00 in a research note on Thursday. Piper Sandler reduced her price target on Signature Bank to $220.00 in a Wednesday, October 5 research note. Finally, Maxim Group reduced its price target on Signature Bank from $425.00 to $350.00 in a Wednesday, October 19 research note. Two equity research analysts 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $232.14.

Signature Bank Price Performance

Shares of SBNY Stock opened at $137.97 on Monday. The stock’s fifty-day simple moving average is $169.11 and its 200-day simple moving average is $194.91. The company has a debt ratio of 0.26, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $8.68 billion, a price/earnings ratio of 6.95, a P/E/G ratio of 0.69 and a beta of 1.71. Signature Bank has a one-year minimum of $135.10 and a one-year maximum of $374.76.

Signature Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 10. Shareholders of record on Friday, October 28 will receive a dividend of $0.56. The ex-dividend date is Thursday, October 27. This represents an annualized dividend of $2.24 and a dividend yield of 1.62%. Signature Bank’s dividend payout ratio (DPR) is currently 10.94%.

Institutional entries and exits

Several institutional investors and hedge funds have recently changed their holdings in SBNY. Redpoint Investment Management Pty Ltd acquired a new position in shares of Signature Bank during the first quarter worth approximately $370,000. 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 valued at $2,590,000 after buying 50 more shares in the last quarter. Pennsylvania Capital Management Inc. ADV increased its position in Signature Bank by 44.4% during the first quarter. Pennsylvania Capital Management Inc. ADV now owns 3,253 shares of the bank valued at $955,000 after buying an additional 1,000 shares in the last quarter. IFM Investors Pty Ltd increased its position in Signature Bank by 35.2% during the first quarter. IFM Investors Pty Ltd now owns 8,738 shares in the bank valued at $2,565,000 after buying an additional 2,275 shares in the last quarter. Finally, AE Wealth Management LLC increased its position in Signature Bank by 264.4% during the first quarter. AE Wealth Management LLC now owns 2,901 shares of the bank valued at $851,000 after buying 2,105 additional shares in the last quarter. 98.62% of the shares are held by institutional investors and hedge funds.

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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