Signature Bank (NASDAQ: SBNY – Get a rating) had its price target lowered by analysts at Raymond James from $286.00 to $228.00 in a report on Wednesday, Fly reports. Raymond James’ price target would point to a potential upside of 44.96% from the stock’s previous close.

A number of other equity research analysts also weighed in on the stock. Jefferies Financial Group lowered its price target on Signature Bank shares from $248.00 to $205.00 and set a “buy” rating on the stock in a Thursday, September 8 report. UBS Group lowered 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 report. Compass Point lowered its target price on Signature Bank shares to $210.00 in a Thursday, September 29 report. Piper Sandler lowered her target price on Signature Bank shares to $220.00 in a Wednesday, October 5 report. Finally, Keefe, Bruyette & Woods reiterated an “outperforming” rating on Signature Bank shares in a Wednesday, July 20 report. One investment analyst has assigned the stock a hold rating, thirteen have issued a buy rating and one has assigned the company a strong buy rating. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $251.62.

Signature Bank Price Performance

NASDAQ SBNY shares opened at $157.29 on Wednesday. The company’s 50-day moving average price is $172.47 and its 200-day moving average price is $197.80. Signature Bank has a 1-year minimum of $141.12 and a 1-year maximum of $374.76. The company has a market capitalization of $9.90 billion, a P/E ratio of 8.38, a P/E/G ratio of 0.71 and a beta of 1.70. 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, 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 net margin of 43.86% and a return on equity of 15.02%. In the same quarter last year, the company achieved EPS of $3.88. Equity research analysts expect Signature Bank to post earnings per share of 21.6 for the current fiscal year.

Signature Bank Institutional Trading

Several large investors have recently increased or reduced their stake in the company. Price T Rowe Associates Inc. MD increased its position in Signature Bank shares 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 during the period. Capital International Investors increased its position in Signature Bank shares by 72.7% in the first quarter. Capital International Investors now owns 3,198,719 shares of the bank worth $939,240,000 after purchasing an additional 1,346,224 shares during the period. Bank of America Corp DE increased its position in Signature Bank shares by 72.7% in the first quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank worth $462,910,000 after purchasing an additional 663,755 shares during the period. Norges Bank bought a new position in Signature Bank shares in the fourth quarter worth $185,605,000. Finally, Brown Brothers Harriman & Co. increased its holdings of Signature Bank shares by 3,956,857.1% in the first quarter. Brown Brothers Harriman & Co. now owns 553,974 shares of the bank worth $162,586,000 after buying an additional 553,960 shares last quarter. 98.62% of the shares are currently held by institutional investors.

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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