Signature Bank (NASDAQ:SBNY) Upgraded by ValuEngine to Sell

ValuEngine upgraded shares of Signature Bank (NASDAQ:SBNY) from a strong sell rating to a sell rating in a research report sent to investors on Friday morning, ValuEngine reports.

SBNY has been the topic of several other research reports. FIG Partners cut Signature Bank from an outperform rating to a market perform rating in a research note on Thursday, April 18th. BidaskClub cut Signature Bank from a buy rating to a hold rating in a research note on Friday, August 9th. Wedbush cut Signature Bank from an outperform rating to a neutral rating and dropped their price objective for the stock from $140.00 to $130.00 in a research note on Wednesday, May 15th. BMO Capital Markets dropped their price objective on Signature Bank from $132.00 to $128.00 and set a market perform rating on the stock in a research note on Thursday, May 30th. Finally, Morgan Stanley dropped their price objective on Signature Bank from $146.00 to $145.00 and set an overweight rating on the stock 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 assigned a buy rating and one has issued a strong buy rating to the company. Signature Bank currently has an average rating of Buy and an average target price of $145.67.

NASDAQ:SBNY traded up $3.55 during midday trading on Friday, hitting $119.41. The stock had a trading volume of 228,100 shares, compared to its average volume of 407,949. Signature Bank has a one year low of $98.54 and a one year high of $137.93. The company has a market capitalization of $6.46 billion, a price-to-earnings ratio of 10.59, a PEG ratio of 1.00 and a beta of 1.35. The stock has a 50-day moving average of $123.38 and a 200 day moving average of $126.25. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 1.26.

Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings data on Thursday, July 18th. The bank reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.01. Signature Bank had a return on equity of 13.61% and a net margin of 32.59%. The company had revenue of $334.88 million for the quarter, compared to analysts’ expectations of $333.25 million. During the same quarter in the prior year, the firm earned $2.83 earnings per share. On average, sell-side analysts anticipate that Signature Bank will post 10.88 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Thursday, August 1st were given a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend was Wednesday, July 31st. Signature Bank’s dividend payout ratio is currently 19.86%.

A number of institutional investors and hedge funds have recently made changes to their positions in SBNY. Pearl River Capital LLC acquired a new stake in Signature Bank during the 1st quarter worth about $44,000. Machina Capital S.A.S. grew its position in Signature Bank by 362.6% during the 2nd quarter. Machina Capital S.A.S. now owns 458 shares of the bank’s stock worth $55,000 after purchasing an additional 359 shares during the period. Meeder Asset Management Inc. acquired a new stake in Signature Bank during the 2nd quarter worth about $57,000. FTB Advisors Inc. grew its position in Signature Bank by 242.4% during the 2nd quarter. FTB Advisors Inc. now owns 493 shares of the bank’s stock worth $59,000 after purchasing an additional 349 shares during the period. Finally, Pinebridge Investments L.P. acquired a new stake in Signature Bank during the 2nd quarter worth about $73,000. 92.27% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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