Baird Financial Group Inc. Invests $242,000 in Signature Bank (NASDAQ:SBNY)

Baird Financial Group Inc. bought a new position in shares of Signature Bank (NASDAQ:SBNYGet Rating) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,353 shares of the bank’s stock, valued at approximately $242,000.

A number of other large investors also recently modified their holdings of the stock. Capital International Investors raised its stake in shares of Signature Bank by 72.7% during the first quarter. Capital International Investors now owns 3,198,719 shares of the bank’s stock worth $939,240,000 after buying an additional 1,346,224 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Signature Bank by 72.7% during the first quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank’s stock worth $462,910,000 after buying an additional 663,755 shares during the last quarter. Brown Brothers Harriman & Co. raised its stake 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 worth $162,586,000 after buying an additional 553,960 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Signature Bank by 6.5% during the first quarter. Vanguard Group Inc. now owns 6,161,104 shares of the bank’s stock worth $1,808,223,000 after buying an additional 378,308 shares during the last quarter. Finally, Capital Research Global Investors bought a new stake in shares of Signature Bank during the first quarter worth approximately $105,631,000. 98.62% of the stock is currently owned by institutional investors and hedge funds.

Signature Bank Stock Performance

Shares of SBNY opened at $139.51 on Thursday. Signature Bank has a 12 month low of $129.96 and a 12 month high of $374.76. The firm has a fifty day simple moving average of $151.07 and a 200 day simple moving average of $176.65. The stock has a market capitalization of $8.78 billion, a price-to-earnings ratio of 6.82, a PEG ratio of 0.65 and a beta of 1.67. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.26.

Signature Bank (NASDAQ:SBNYGet Rating) last announced its earnings results on Tuesday, October 18th. The bank reported $5.57 EPS for the quarter, topping the consensus estimate of $5.44 by $0.13. Signature Bank had a net margin of 41.55% and a return on equity of 16.49%. During the same quarter in the previous year, the business earned $3.88 earnings per share. Research analysts forecast that Signature Bank will post 21.49 EPS for the current fiscal year.

Signature Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Friday, October 28th were paid a $0.56 dividend. The ex-dividend date of this dividend was Thursday, October 27th. This represents a $2.24 annualized dividend and a dividend yield of 1.61%. Signature Bank’s dividend payout ratio is presently 10.94%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wedbush lowered their target price on shares of Signature Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, October 19th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Signature Bank from $256.00 to $205.00 and set a “buy” rating for the company in a research note on Thursday, October 20th. Maxim Group lowered their target price on shares of Signature Bank from $425.00 to $350.00 in a research note on Wednesday, October 19th. Stephens lowered their target price on shares of Signature Bank to $175.00 in a research note on Wednesday, November 16th. Finally, Compass Point lowered their target price on shares of Signature Bank to $180.00 in a research note on Thursday, October 20th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Signature Bank currently has a consensus rating of “Moderate Buy” and an average price target of $227.50.

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

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