Signature Bank (NASDAQ:SBNY) Receives Consensus Buy Rating From Brokers
Signature Bank Shares (NASDAQ: SBNY – Get a rating) have obtained a consensus “Buy” recommendation from the fifteen brokerages that cover the stock, market beat reports. One investment analyst rated the stock with a hold recommendation, thirteen gave the company a buy recommendation and one gave the company a strong buy recommendation. The 12-month average price target among analysts who have reported on the stock in the past year is $381.08.
Several analysts have recently released reports on the company. Janney Montgomery Scott upgraded Signature Bank from a ‘neutral’ rating to a ‘buy’ rating in a Wednesday, January 19 report. Compass Point reiterated a “buy” rating on Signature Bank shares in a Tuesday, January 18 report. Morgan Stanley cut its price target on Signature Bank from $508.00 to $428.00 and set an “overweight” rating for the company in a Monday, March 28 report. Wells Fargo & Company lowered its price target on Signature Bank shares from $435.00 to $408.00 and set an “overweight” rating on the stock in a Wednesday, April 20 research report. To finish, StockNews.com alleged coverage of Signature Bank shares in a Thursday, March 31 research report. They have placed a “holding” rating on the stock.
Major investors have recently changed their stake in the company. Northwestern Mutual Wealth Management Co. increased its position in Signature Bank shares by 103.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 161 shares of the bank valued at $52,000 after buying 82 more shares in the last quarter. JTC Employer Solutions Trustee Ltd acquired a new stake in Signature Bank during the third quarter worth approximately $53,000. Allworth Financial LP increased its position in Signature Bank by 28.7% in the first quarter. Allworth Financial LP now owns 193 shares in the bank worth $57,000 after buying 43 more shares last quarter. Trust Co. of Vermont acquired a new stake in Signature Bank during the fourth quarter worth approximately $65,000. Finally, First Horizon Advisors Inc. increased its position in Signature Bank by 180.5% during the third quarter. First Horizon Advisors Inc. now owns 1,310 shares of the bank worth $69,000 after buying 843 additional shares in the last quarter. 96.17% of the shares are currently held by institutional investors.
SBNY opened at $248.63 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt ratio of 0.37. Signature Bank has a 12-month low of $223.96 and a 12-month high of $374.76. The stock has a fifty-day moving average of $292.12 and a 200-day moving average of $312.68. The company has a market capitalization of $15.08 billion, a P/E ratio of 14.55, a PEG ratio of 1.19 and a beta of 1.77.
Signature Bank (NASDAQ: SBNY – Get a rating) last reported its quarterly earnings data on Tuesday, April 19. The bank reported earnings per share (EPS) of $4.63 for the quarter, beating Thomson Reuters consensus estimate of $4.31 by $0.32. Signature Bank had a return on equity of 13.97% and a net margin of 43.29%. In the same quarter last year, the company earned earnings per share of $3.24. On average, analysts expect Signature Bank to post earnings per share of 21.45 for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 13. Shareholders of record on Friday, April 29 will receive a dividend of $0.56. This represents an annualized dividend of $2.24 and a dividend yield of 0.90%. The ex-date of this dividend is Thursday, April 28. Signature Bank’s dividend payout ratio is currently 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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