Signature Bank (NASDAQ:SBNY – Get Rating) – Stock analysts at Wedbush lifted their Q2 2022 earnings estimates for Signature Bank in a research report issued on Tuesday, May 17th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $4.85 per share for the quarter, up from their prior estimate of $4.14. Wedbush has a “Buy” rating and a $375.00 price target on the stock. Wedbush also issued estimates for Signature Bank’s Q3 2022 earnings at $5.45 EPS, Q4 2022 earnings at $5.95 EPS, FY2022 earnings at $21.55 EPS, Q1 2023 earnings at $6.22 EPS, Q2 2023 earnings at $6.94 EPS, Q3 2023 earnings at $7.14 EPS, Q4 2023 earnings at $7.29 EPS and FY2023 earnings at $27.60 EPS.
SBNY has been the subject of a number of other reports. StockNews.com upgraded Signature Bank from a “sell” rating to a “hold” rating in a research note on Friday, May 13th. JPMorgan Chase & Co. lifted their price target on Signature Bank from $440.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday, April 20th. Morgan Stanley lowered their price objective on Signature Bank from $508.00 to $428.00 and set an “overweight” rating for the company in a research note on Monday, March 28th. Raymond James lowered their price target on shares of Signature Bank from $400.00 to $350.00 in a report on Monday. Finally, Wells Fargo & Company cut their price target on Signature Bank from $435.00 to $408.00 and set an “overweight” rating on the stock in a report on Wednesday, April 20th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $377.92.
Signature Bank (NASDAQ:SBNY – Get Rating) last posted its earnings results on Tuesday, April 19th. The bank reported $5.30 EPS for the quarter, topping analysts’ consensus estimates of $4.31 by $0.99. The firm had revenue of $607.96 million during the quarter, compared to analysts’ expectations of $608.85 million. Signature Bank had a net margin of 43.29% and a return on equity of 13.97%. During the same quarter in the prior year, the business earned $3.24 earnings per share.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley lifted its stake in Signature Bank by 50.4% in the 2nd quarter. Morgan Stanley now owns 227,257 shares of the bank’s stock worth $55,826,000 after purchasing an additional 76,141 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Signature Bank by 380.8% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,808 shares of the bank’s stock valued at $1,309,000 after purchasing an additional 3,808 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in Signature Bank by 61.3% during the third quarter. O Shaughnessy Asset Management LLC now owns 263 shares of the bank’s stock valued at $72,000 after purchasing an additional 100 shares during the last quarter. Citigroup Inc. grew its stake in Signature Bank by 1,789.0% in the 3rd quarter. Citigroup Inc. now owns 53,252 shares of the bank’s stock worth $14,500,000 after buying an additional 50,433 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in shares of Signature Bank by 1.5% in the 3rd quarter. California Public Employees Retirement System now owns 128,894 shares of the bank’s stock worth $35,095,000 after buying an additional 1,945 shares during the last quarter. 96.17% of the stock is owned by institutional investors.
The company also recently announced a quarterly dividend, which was paid on Friday, May 13th. Shareholders of record on Friday, April 29th were paid a $0.56 dividend. The ex-dividend date of this dividend was Thursday, April 28th. This represents a $2.24 annualized dividend and a dividend yield of 1.19%. Signature Bank’s payout ratio is presently 13.11%.
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.
- Get a free copy of the StockNews.com research report on Signature Bank (SBNY)
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