Jefferies Financial Group Comments on Signature Bank’s FY2023 Earnings (NASDAQ:SBNY)

Signature Bank (NASDAQ:SBNYGet Rating) – Stock analysts at Jefferies Financial Group lowered their FY2023 earnings estimates for Signature Bank in a research report issued on Wednesday, July 20th. Jefferies Financial Group analyst C. Haire now forecasts that the bank will post earnings of $23.60 per share for the year, down from their prior forecast of $25.45. The consensus estimate for Signature Bank’s current full-year earnings is $22.11 per share. Jefferies Financial Group also issued estimates for Signature Bank’s Q4 2023 earnings at $6.17 EPS.

Signature Bank (NASDAQ:SBNYGet Rating) last released its quarterly earnings data on Tuesday, July 19th. The bank reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $5.05 by $0.21. Signature Bank had a net margin of 43.86% and a return on equity of 15.02%. During the same period in the prior year, the firm earned $3.57 earnings per share.

Several other equities analysts also recently issued reports on SBNY. StockNews.com downgraded shares of Signature Bank from a “hold” rating to a “sell” rating in a report on Wednesday. Wedbush reduced their price target on shares of Signature Bank from $415.00 to $375.00 and set a “buy” rating for the company in a report on Wednesday, April 20th. Morgan Stanley reduced their price target on shares of Signature Bank from $262.00 to $247.00 and set an “overweight” rating for the company in a report on Wednesday. UBS Group reduced their price target on shares of Signature Bank from $472.00 to $309.00 and set a “buy” rating for the company in a report on Monday, June 6th. Finally, The Goldman Sachs Group reduced their price target on shares of Signature Bank from $377.00 to $265.00 and set a “buy” rating for the company in a report on Tuesday, May 31st. One equities research analyst has rated the stock with a sell rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Signature Bank has a consensus rating of “Moderate Buy” and a consensus target price of $300.31.

Signature Bank Stock Performance

Signature Bank stock opened at $175.89 on Friday. The company has a market cap of $10.66 billion, a PE ratio of 9.37, a P/E/G ratio of 0.89 and a beta of 1.80. The company has a fifty day moving average price of $192.68 and a two-hundred day moving average price of $264.11. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.84. Signature Bank has a 12 month low of $165.36 and a 12 month high of $374.76.

Institutional Investors Weigh In On Signature Bank

Several hedge funds and other institutional investors have recently bought and sold shares of SBNY. Capital International Investors bought a new stake in Signature Bank in the fourth quarter worth about $599,227,000. State Street Corp raised its position in Signature Bank by 53.1% in the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank’s stock worth $981,706,000 after acquiring an additional 1,052,338 shares in the last quarter. Bank of America Corp DE raised its position in Signature Bank by 72.7% in the first quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank’s stock worth $462,910,000 after acquiring an additional 663,755 shares in the last quarter. Norges Bank purchased a new stake in Signature Bank during the fourth quarter valued at about $185,605,000. Finally, Brown Brothers Harriman & Co. raised its holdings in shares of Signature Bank by 3,956,857.1% during the first quarter. Brown Brothers Harriman & Co. now owns 553,974 shares of the bank’s stock valued at $162,586,000 after acquiring an additional 553,960 shares during the period. 96.17% of the stock is currently owned by institutional investors.

Signature Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Friday, July 29th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 1.27%. The ex-dividend date is Thursday, July 28th. Signature Bank’s dividend payout ratio (DPR) is presently 11.93%.

About Signature Bank

(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.

Further Reading

Earnings History and Estimates for Signature Bank (NASDAQ:SBNY)

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