Signature Bank (NASDAQ:SBNY) Downgraded to “Equal Weight” at Stephens

Stephens downgraded shares of Signature Bank (NASDAQ:SBNYGet Rating) from an overweight rating to an equal weight rating in a report released on Wednesday, The Fly reports. The brokerage currently has $145.00 price objective on the bank’s stock.

A number of other research firms have also recently commented on SBNY. The Goldman Sachs Group dropped their target price on shares of Signature Bank from $216.00 to $176.00 and set a buy rating for the company in a report on Friday, September 30th. Raymond James cut shares of Signature Bank from a strong-buy rating to a market perform rating in a report on Wednesday, December 7th. Piper Sandler dropped their target price on shares of Signature Bank to $220.00 in a report on Wednesday, October 5th. Morgan Stanley dropped their price objective on shares of Signature Bank from $152.00 to $132.00 and set an equal weight rating for the company in a report on Thursday, December 15th. Finally, StockNews.com assumed coverage on shares of Signature Bank in a report on Wednesday, October 12th. They issued a hold rating for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $186.86.

Signature Bank Trading Down 2.3 %

SBNY opened at $118.36 on Wednesday. Signature Bank has a twelve month low of $106.81 and a twelve month high of $367.29. The company has a 50-day simple moving average of $123.87 and a 200 day simple moving average of $155.46. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of 5.78, a P/E/G ratio of 0.71 and a beta of 1.65.

Signature Bank (NASDAQ:SBNYGet Rating) last posted its earnings results on Tuesday, October 18th. The bank reported $5.57 EPS for the quarter, topping analysts’ consensus estimates of $5.42 by $0.15. The firm had revenue of $717.74 million during the quarter, compared to analysts’ expectations of $737.63 million. Signature Bank had a net margin of 41.55% and a return on equity of 16.49%. During the same quarter in the prior year, the business earned $3.88 earnings per share. Analysts predict that Signature Bank will post 21.01 EPS for the current fiscal year.

Signature Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 10th. Shareholders of record on Friday, January 27th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Thursday, January 26th. This is an increase from Signature Bank’s previous quarterly dividend of $0.56. Signature Bank’s dividend payout ratio is currently 10.94%.

Institutional Trading of Signature Bank

Several large investors have recently modified their holdings of SBNY. Parkside Financial Bank & Trust grew its position in shares of Signature Bank by 236.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 148 shares of the bank’s stock worth $27,000 after buying an additional 104 shares during the period. Private Trust Co. NA acquired a new stake in shares of Signature Bank during the 2nd quarter worth approximately $32,000. Allworth Financial LP grew its position in shares of Signature Bank by 97.3% during the 4th quarter. Allworth Financial LP now owns 296 shares of the bank’s stock worth $34,000 after buying an additional 146 shares during the period. Wipfli Financial Advisors LLC acquired a new stake in shares of Signature Bank during the 3rd quarter worth approximately $39,000. Finally, Eagle Bay Advisors LLC grew its position in shares of Signature Bank by 54.2% during the 2nd quarter. Eagle Bay Advisors LLC now owns 222 shares of the bank’s stock worth $40,000 after buying an additional 78 shares during the period. Institutional investors and hedge funds own 93.62% of the company’s stock.

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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