Bank of America Corp DE Acquires 663,755 Shares of Signature Bank (NASDAQ:SBNY)

Bank of America Corp DE increased its holdings in Signature Bank (NASDAQ:SBNYGet Rating) by 72.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,577,263 shares of the bank’s stock after buying an additional 663,755 shares during the period. Bank of America Corp DE owned about 2.60% of Signature Bank worth $462,910,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of SBNY. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new position in Signature Bank in the first quarter worth $29,000. JCSD Capital LLC purchased a new position in Signature Bank in the first quarter worth $29,000. Blume Capital Management Inc. purchased a new position in Signature Bank in the first quarter worth $29,000. Quent Capital LLC grew its holdings in Signature Bank by 152.5% in the first quarter. Quent Capital LLC now owns 101 shares of the bank’s stock worth $30,000 after purchasing an additional 61 shares during the last quarter. Finally, Cambridge Trust Co. grew its holdings in Signature Bank by 1,018.2% in the first quarter. Cambridge Trust Co. now owns 123 shares of the bank’s stock worth $36,000 after purchasing an additional 112 shares during the last quarter. 98.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Signature Bank in a report on Wednesday, July 20th. TheStreet downgraded shares of Signature Bank from a “b” rating to a “c+” rating in a research report on Wednesday, July 13th. Morgan Stanley decreased their target price on shares of Signature Bank from $262.00 to $247.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. StockNews.com upgraded shares of Signature Bank from a “sell” rating to a “hold” rating in a research report on Monday, August 15th. Finally, The Goldman Sachs Group decreased their price objective on shares of Signature Bank from $377.00 to $265.00 and set a “buy” rating for the company in a research report on Tuesday, May 31st. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $282.38.

Signature Bank Stock Down 3.9 %

SBNY opened at $171.91 on Monday. Signature Bank has a twelve month low of $165.36 and a twelve month high of $374.76. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.27. The company has a 50-day moving average price of $185.40 and a 200 day moving average price of $220.61. The company has a market cap of $10.42 billion, a PE ratio of 9.15, a price-to-earnings-growth ratio of 0.83 and a beta of 1.72.

Signature Bank (NASDAQ:SBNYGet Rating) last announced its quarterly earnings data on Tuesday, July 19th. The bank reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the previous year, the firm posted $3.57 earnings per share. Sell-side analysts expect that Signature Bank will post 21.68 earnings per share for the current fiscal year.

Signature Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Friday, July 29th were paid a dividend of $0.56 per share. The ex-dividend date was Thursday, July 28th. This represents a $2.24 annualized dividend and a yield of 1.30%. Signature Bank’s dividend payout ratio 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.

See Also

Institutional Ownership by Quarter for Signature Bank (NASDAQ:SBNY)

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