Signature Bank (NASDAQ: SBNY – Get a rating) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note released Tuesday to investors.

A number of other analysts also weighed in on SBNY. UBS Group cut its price target on Signature Bank shares from $472.00 to $309.00 and set a “buy” rating for the company in a research note on Monday. Wells Fargo & Company cut its price target on Signature Bank shares from $435.00 to $408.00 and set an “overweight” rating for the company in a Wednesday, April 20 research report. Raymond James cut his price target on Signature Bank shares from $400.00 to $350.00 in a Monday, May 16 research report. Morgan Stanley lowered its price target on Signature Bank shares from $508.00 to $428.00 and set an “overweight” rating on the stock in a Monday, March 28 report. Finally, Wedbush lowered its price target on Signature Bank shares from $415.00 to $375.00 and set a “buy” rating on the stock in a Wednesday, April 20 report. One analyst rated the stock with a sell rating, thirteen gave a buy rating and one gave the company a strong buy rating. According to MarketBeat.com, Signature Bank currently has an average rating of “Buy” and a consensus price target of $351.25.

Shares of SBNY Stock traded at $2.57 on Tuesday, hitting $225.92. 862,125 shares of the company were traded, compared to its average volume of 995,869. The company has a leverage ratio of 0.37, a quick ratio of 0.84 and a current ratio of 0.85. Signature Bank has a one-year minimum of $179.05 and a one-year maximum of $374.76. The company’s fifty-day simple moving average is $239.76 and its 200-day simple moving average is $294.01. The stock has a market capitalization of $13.70 billion, a price/earnings ratio of 13.22, a P/E/G ratio of 1.03 and a beta of 1.78.

Signature Bank (NASDAQ: SBNY – Get a rating) last announced its quarterly results on Tuesday, April 19. The bank reported earnings per share (EPS) of $5.30 for the quarter, beating consensus analyst estimates of $4.31 from $0.99. Signature Bank had a net margin of 43.29% and a return on equity of 13.97%. The company posted revenue of $607.96 million for the quarter, versus analyst estimates of $608.85 million. In the same quarter last year, the company achieved EPS of $3.24. As a group, sell-side analysts expect Signature Bank to post earnings per share of 22.21 for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Signature Bank by 1.1% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 3,893 shares in the bank worth $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 additional shares during the period. 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 of the bank worth $518,000 after acquiring 47 additional shares during the period. Community Capital Management LLC increased its holdings of Signature Bank shares by 0.6% in the fourth quarter. Community Capital Management LLC now owns 8,200 shares of the bank valued at $2,636,000 after purchasing 50 additional shares during the period. Finally, the Alaska State Department of Revenue increased its holdings of Signature Bank stock 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 purchasing 50 additional shares during the period. 96.17% 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.

See also

Get news and reviews for Signature Bank Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst notes for Signature Bank and related companies with MarketBeat.com’s FREE daily email newsletter.