Wedbush Comments on Signature Bank’s Q1 2023 Earnings (NASDAQ:SBNY)

Signature Bank (NASDAQ:SBNYGet Rating) – Wedbush reduced their Q1 2023 earnings estimates for Signature Bank in a note issued to investors on Tuesday, January 17th. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings of $3.82 per share for the quarter, down from their prior forecast of $4.38. Wedbush has a “Outperform” rating and a $200.00 price target on the stock. The consensus estimate for Signature Bank’s current full-year earnings is $21.01 per share. Wedbush also issued estimates for Signature Bank’s Q2 2023 earnings at $3.60 EPS, Q3 2023 earnings at $3.76 EPS, Q4 2023 earnings at $3.92 EPS, FY2023 earnings at $15.10 EPS and FY2024 earnings at $16.15 EPS.

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

Several other equities research analysts have also weighed in on SBNY. Stephens lowered shares of Signature Bank from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $150.00 to $145.00 in a report on Wednesday. Jefferies Financial Group cut shares of Signature Bank from a “buy” rating to a “hold” rating in a research note on Monday, January 9th. Piper Sandler reduced their target price on Signature Bank to $220.00 in a report on Wednesday, October 5th. Compass Point dropped their price target on Signature Bank to $180.00 in a report on Thursday, October 20th. Finally, Raymond James lowered Signature Bank from a “strong-buy” rating to a “market perform” rating in a research note on Wednesday, December 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $186.29.

Signature Bank Stock Performance

Shares of NASDAQ:SBNY opened at $127.79 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.82 and a quick ratio of 0.82. The business’s fifty day moving average price is $123.10 and its two-hundred day moving average price is $154.82. Signature Bank has a fifty-two week low of $106.81 and a fifty-two week high of $355.51. The stock has a market capitalization of $8.04 billion, a price-to-earnings ratio of 6.24, a price-to-earnings-growth ratio of 0.71 and a beta of 1.65.

Hedge Funds Weigh In On Signature Bank

Several hedge funds have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust raised its position in shares of Signature Bank by 236.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 148 shares of the bank’s stock valued at $27,000 after acquiring an additional 104 shares during the period. Private Trust Co. NA bought a new position in shares of Signature Bank during the second quarter worth $32,000. Allworth Financial LP boosted its position in shares of Signature Bank by 97.3% during the fourth quarter. Allworth Financial LP now owns 296 shares of the bank’s stock worth $34,000 after purchasing an additional 146 shares in the last quarter. Wipfli Financial Advisors LLC bought a new position in shares of Signature Bank during the third quarter worth $39,000. Finally, Eagle Bay Advisors LLC boosted its position in shares of Signature Bank by 54.2% during the second quarter. Eagle Bay Advisors LLC now owns 222 shares of the bank’s stock worth $40,000 after purchasing an additional 78 shares in the last quarter. Institutional investors and hedge funds own 93.62% of the company’s stock.

Signature Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 10th. Investors of record on Friday, January 27th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend 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%.

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.

Read More

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

Receive News & Ratings for Signature Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Signature Bank and related companies with MarketBeat.com's FREE daily email newsletter.