North Point Portfolio Managers Corp OH cut its stake in Signature Bank (NASDAQ:SBNY) by 0.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 55,606 shares of the bank’s stock after selling 381 shares during the period. North Point Portfolio Managers Corp OH’s holdings in Signature Bank were worth $6,719,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Pearl River Capital LLC acquired a new stake in Signature Bank in the first quarter valued at $44,000. Machina Capital S.A.S. increased its stake in Signature Bank by 362.6% during the second quarter. Machina Capital S.A.S. now owns 458 shares of the bank’s stock valued at $55,000 after purchasing an additional 359 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Signature Bank during the first quarter valued at $81,000. ETF Managers Group LLC increased its stake in Signature Bank by 11.1% during the first quarter. ETF Managers Group LLC now owns 1,015 shares of the bank’s stock valued at $130,000 after purchasing an additional 101 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new stake in Signature Bank during the second quarter valued at $126,000. 92.27% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have weighed in on the stock. Wedbush lowered shares of Signature Bank from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $140.00 to $130.00 in a research note on Wednesday, May 15th. ValuEngine lowered shares of Signature Bank from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. FIG Partners lowered shares of Signature Bank from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 18th. Raymond James upgraded shares of Signature Bank from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company from $142.00 to $143.00 in a research note on Monday, July 8th. Finally, Morgan Stanley lowered their target price on shares of Signature Bank from $146.00 to $145.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Signature Bank has an average rating of “Buy” and a consensus target price of $145.67.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings results on Thursday, July 18th. The bank reported $2.72 EPS for the quarter, topping the consensus estimate of $2.71 by $0.01. The business had revenue of $334.88 million during the quarter, compared to analyst estimates of $333.25 million. Signature Bank had a net margin of 32.59% and a return on equity of 13.61%. During the same quarter in the prior year, the firm earned $2.83 earnings per share. Sell-side analysts anticipate that Signature Bank will post 10.88 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st were given a dividend of $1.12 per share. The ex-dividend date was Wednesday, July 31st. This represents a $4.48 annualized dividend and a dividend yield of 3.75%. Signature Bank’s dividend payout ratio is currently 19.86%.
Signature Bank Company 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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