TD Asset Management Inc. holds a $10.42 million equity position in Signature Bank (NASDAQ:SBNY)
TD Asset Management Inc. reduced its holdings in Signature Bank (NASDAQ: SBNY – Get a rating) by 33.8% in Q1, according to the company in its latest 13F filing with the Securities & Exchange Commission. The institutional investor held 35,487 shares of the bank after selling 18,123 shares during the period. TD Asset Management Inc.’s holdings in Signature Bank were worth $10,415,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also increased or reduced their stakes in the stock. State Street Corp increased its position in Signature Bank by 53.1% during the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank worth $981,706,000 after buying an additional 1,052,338 shares last quarter. Capital International Investors acquired a new position in Signature Bank during Q4 worth approximately $599,227,000. Invesco Ltd. increased its position in Signature Bank by 31.7% during the 4th quarter. Invesco Ltd. now owns 1,474,903 shares of the bank worth $477,086,000 after purchasing an additional 354,746 shares last quarter. Geode Capital Management LLC increased its stake in Signature Bank by 50.3% during the 4th quarter. Geode Capital Management LLC now owns 1,164,486 shares of the bank worth $375,710,000 after purchasing an additional 389,849 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Signature Bank by 86.3% during the 4th quarter. Bank of America Corp DE now owns 913,508 shares of the bank worth $295,492,000 after purchasing an additional 423,228 shares in the last quarter. Institutional investors and hedge funds own 96.17% of the company’s shares.
Signature Bank Price Performance
NASDAQ SBNY opened at $186.08 on Wednesday. The company has a 50-day simple moving average of $187.13 and a 200-day simple moving average of $241.34. Signature Bank has a 52-week low of $165.36 and a 52-week high of $374.76. The company has a debt ratio of 0.27, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market capitalization of $11.28 billion, a price/earnings ratio of 9.91, a PEG ratio of 0.92 and a beta of 1.74.
Signature Bank (NASDAQ: SBNY – Get a rating) last released its results on Tuesday, July 19. The bank reported earnings per share (EPS) of $5.26 for the quarter, beating analyst consensus estimates of $5.05 by $0.21. Signature Bank had a return on equity of 15.02% and a net margin of 43.86%. In the same quarter a year earlier, the company posted earnings of $3.57 per share. Analysts expect Signature Bank to post earnings per share of 21.77 for the current fiscal year.
Signature Bank Dividend Announcement
The company also recently declared 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 a dividend of $2.24 on an annualized basis and a yield of 1.20%. The ex-dividend date was Thursday, July 28. Signature Bank’s dividend payout ratio (DPR) is currently 11.93%.
Changes to analyst ratings
Several brokerages have weighed in on SBNY. Morgan Stanley lowered its price target on Signature Bank from $262.00 to $247.00 and set an “overweight” rating for the company in a Wednesday, July 20 report. Wells Fargo & Company lowered its price target on Signature Bank to $280.00 in a Friday, July 22 report. Maxim Group lowered its price target on Signature Bank from $450.00 to $425.00 and set a “buy” rating for the company in a Wednesday, July 20 report. UBS Group lowered its price target on Signature Bank from $309.00 to $288.00 and set a “buy” rating for the company in a Wednesday July 27 report. Finally, Goldman Sachs Group lowered its price target on Signature Bank from $377.00 to $265.00 and set a “buy” rating for the company in a Tuesday, May 31 report. One equity research analyst has assigned the stock a hold rating, thirteen have issued a buy rating and one has assigned the company’s stock a high buy rating. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $298.69.
Corporate Profile Signature Bank
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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