Signature Bank (NASDAQ:SBNY) Lowered to “Sell” at StockNews.com

StockNews.com cut shares of Signature Bank (NASDAQ:SBNYGet Rating) from a hold rating to a sell rating in a research note issued to investors on Thursday morning.

Several other analysts have also recently commented on SBNY. Janney Montgomery Scott upgraded Signature Bank from a neutral rating to a buy rating in a report on Wednesday, January 19th. Stephens boosted their price target on Signature Bank from $380.00 to $415.00 and gave the company an overweight rating in a research note on Wednesday, January 19th. Morgan Stanley dropped their price target on Signature Bank from $508.00 to $428.00 and set an overweight rating on the stock in a research note on Monday, March 28th. Wells Fargo & Company dropped their price target on Signature Bank from $435.00 to $408.00 and set an overweight rating on the stock in a research note on Wednesday, April 20th. Finally, The Goldman Sachs Group boosted their price target on Signature Bank from $387.00 to $429.00 and gave the company a buy rating in a research note on Wednesday, January 19th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of $381.08.

Shares of NASDAQ:SBNY traded down $9.04 during midday trading on Thursday, hitting $236.93. 5,843 shares of the stock were exchanged, compared to its average volume of 755,536. The stock has a market capitalization of $14.37 billion, a price-to-earnings ratio of 14.39, a P/E/G ratio of 1.24 and a beta of 1.78. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.84 and a current ratio of 0.85. The business’s 50-day moving average price is $287.22 and its 200 day moving average price is $311.49. Signature Bank has a 12 month low of $223.96 and a 12 month high of $374.76.

Signature Bank (NASDAQ:SBNYGet Rating) last announced its earnings results on Tuesday, April 19th. The bank reported $4.63 EPS for the quarter, beating the consensus estimate of $4.31 by $0.32. Signature Bank had a return on equity of 13.97% and a net margin of 43.29%. During the same period in the previous year, the firm earned $3.24 EPS. As a group, sell-side analysts expect that Signature Bank will post 21.45 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 13th. Stockholders of record on Friday, April 29th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Thursday, April 28th. Signature Bank’s payout ratio is 13.11%.

Large investors have recently modified their holdings of the company. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new position in shares of Signature Bank during the first quarter worth approximately $29,000. Northwestern Mutual Wealth Management Co. raised its position in Signature Bank by 103.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 161 shares of the bank’s stock valued at $52,000 after buying an additional 82 shares during the last quarter. Allworth Financial LP raised its position in Signature Bank by 28.7% in the 1st quarter. Allworth Financial LP now owns 193 shares of the bank’s stock valued at $57,000 after buying an additional 43 shares during the last quarter. JTC Employer Solutions Trustee Ltd purchased a new stake in Signature Bank in the 3rd quarter valued at $53,000. Finally, Trust Co. of Vermont purchased a new stake in Signature Bank in the 4th quarter valued at $65,000. 96.17% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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