Signature Bank (NASDAQ:SBNY) PT Lowered to $375.00 at Wedbush

Signature Bank (NASDAQ:SBNY – Get Rating) had its target price reduced by Wedbush from $415.00 to $375.00 in a research note issued on Wednesday, The Fly reports. The brokerage currently has a “buy” rating on the bank’s stock. Wedbush’s price target suggests a potential upside of 30.94% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. StockNews.com started coverage on shares of Signature Bank in a research note on Thursday, March 31st. They issued a “hold” rating for the company. The Goldman Sachs Group raised their price objective on shares of Signature Bank from $387.00 to $429.00 and gave the company a “buy” rating in a research note on Wednesday, January 19th. Janney Montgomery Scott upgraded shares of Signature Bank from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 19th. Raymond James reduced their price objective on shares of Signature Bank from $430.00 to $400.00 and set a “strong-buy” rating for the company in a research note on Wednesday. Finally, Morgan Stanley reduced their price objective on shares of Signature Bank from $508.00 to $428.00 and set an “overweight” rating for the company in a research note on Monday, March 28th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $373.69.

Shares of SBNY stock traded down $1.81 during mid-day trading on Wednesday, hitting $286.39. The stock had a trading volume of 22,758 shares, compared to its average volume of 926,235. Signature Bank has a fifty-two week low of $216.00 and a fifty-two week high of $374.76. The firm has a market cap of $17.36 billion, a PE ratio of 19.17, a PEG ratio of 1.37 and a beta of 1.77. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.88 and a quick ratio of 0.88. The company’s 50-day simple moving average is $306.96 and its 200-day simple moving average is $315.01.

Signature Bank (NASDAQ:SBNY – Get Rating) last released its earnings results on Tuesday, April 19th. The bank reported $4.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.31 by $0.32. Signature Bank had a net margin of 39.74% and a return on equity of 12.66%. During the same period in the previous year, the firm posted $3.24 earnings per share. On average, analysts expect that Signature Bank will post 20.4 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Signature Bank by 2.5% during the third quarter. BlackRock Inc. now owns 5,285,183 shares of the bank’s stock worth $1,439,050,000 after buying an additional 129,769 shares in the last quarter. State Street Corp grew its holdings in shares of Signature Bank by 53.1% during the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank’s stock worth $981,706,000 after buying an additional 1,052,338 shares in the last quarter. Capital International Investors purchased a new stake in shares of Signature Bank during the fourth quarter worth about $599,227,000. Invesco Ltd. grew its holdings in shares of Signature Bank by 31.7% during the fourth quarter. Invesco Ltd. now owns 1,474,903 shares of the bank’s stock worth $477,086,000 after buying an additional 354,746 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Signature Bank by 50.3% during the fourth quarter. Geode Capital Management LLC now owns 1,164,486 shares of the bank’s stock worth $375,710,000 after buying an additional 389,849 shares in the last quarter. Institutional investors and hedge funds own 93.77% of the company’s stock.

Signature Bank Company Profile (Get 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 provides various lending products comprising commercial and industrial loans, real estate loans, and letters of credit.

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