Signature Bank (SBNY) Shares Bought by State Treasurer State of Michigan

State Treasurer State of Michigan raised its holdings in shares of Signature Bank (NASDAQ:SBNY) by 3.5% in the third quarter, Holdings Channel reports. The institutional investor owned 20,500 shares of the bank’s stock after buying an additional 700 shares during the quarter. State Treasurer State of Michigan’s holdings in Signature Bank were worth $2,354,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of SBNY. Legal & General Group Plc raised its stake in shares of Signature Bank by 14.5% in the first quarter. Legal & General Group Plc now owns 106,926 shares of the bank’s stock valued at $15,178,000 after purchasing an additional 13,564 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Signature Bank by 3.1% in the first quarter. Principal Financial Group Inc. now owns 233,610 shares of the bank’s stock valued at $33,161,000 after purchasing an additional 6,973 shares in the last quarter. Tandem Investment Advisors Inc. raised its stake in shares of Signature Bank by 18.0% in the second quarter. Tandem Investment Advisors Inc. now owns 11,334 shares of the bank’s stock valued at $1,449,000 after purchasing an additional 1,727 shares in the last quarter. Alecta Pensionsforsakring Omsesidigt raised its stake in shares of Signature Bank by 2.0% in the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,490,700 shares of the bank’s stock valued at $318,361,000 after purchasing an additional 49,500 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Signature Bank by 34.5% in the second quarter. State of Alaska Department of Revenue now owns 6,280 shares of the bank’s stock valued at $802,000 after purchasing an additional 1,610 shares in the last quarter. Institutional investors own 94.60% of the company’s stock.

Signature Bank stock opened at $109.90 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.96 and a quick ratio of 0.95. Signature Bank has a 52-week low of $105.43 and a 52-week high of $161.92. The firm has a market cap of $6.16 billion, a price-to-earnings ratio of 10.40, a P/E/G ratio of 0.94 and a beta of 1.02.

Signature Bank (NASDAQ:SBNY) last released its quarterly earnings data on Thursday, October 18th. The bank reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.01. Signature Bank had a return on equity of 14.34% and a net margin of 27.66%. The firm had revenue of $329.34 million during the quarter, compared to analyst estimates of $331.77 million. During the same period in the prior year, the company posted $2.29 earnings per share. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. Equities analysts anticipate that Signature Bank will post 11.15 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.24 annualized dividend and a yield of 2.04%. Signature Bank’s dividend payout ratio is currently 25.14%.

SBNY has been the subject of a number of recent research reports. ValuEngine upgraded Signature Bank from a “strong sell” rating to a “sell” rating in a research note on Friday, September 14th. Wells Fargo & Co restated a “buy” rating and issued a $135.00 target price on shares of Signature Bank in a research note on Monday, October 1st. Morgan Stanley cut their target price on Signature Bank from $155.00 to $145.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 24th. BidaskClub upgraded Signature Bank from a “strong sell” rating to a “sell” rating in a research note on Friday, September 7th. Finally, Hovde Group upgraded Signature Bank from a “market perform” rating to an “outperform” rating and cut their target price for the company from $144.00 to $133.00 in a research note on Wednesday, August 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. Signature Bank presently has an average rating of “Hold” and an average price target of $145.00.

Signature Bank Profile

Signature Bank provides various business and personal banking products and services. It accepts various deposit products, including commercial checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, interest-bearing and non-interest-bearing checking accounts, certificates of deposit, time deposits, and other cash management products.

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Institutional Ownership by Quarter for Signature Bank (NASDAQ:SBNY)

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