Signature Bank (NASDAQ:SBNY) Trading 6.5% Higher

Shares of Signature Bank (NASDAQ:SBNYGet Rating) were up 6.5% during trading on Friday . The company traded as high as $127.11 and last traded at $126.62. Approximately 30,490 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 1,540,008 shares. The stock had previously closed at $118.91.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SBNY. Compass Point dropped their price objective on shares of Signature Bank to $180.00 in a report on Thursday, October 20th. Keefe, Bruyette & Woods cut Signature Bank from an “outperform” rating to a “market perform” rating and set a $185.00 price objective on the stock. in a report on Wednesday, October 19th. The Goldman Sachs Group cut their target price on Signature Bank from $216.00 to $176.00 and set a “buy” rating for the company in a research note on Friday, September 30th. JPMorgan Chase & Co. decreased their price target on shares of Signature Bank from $200.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 13th. Finally, Jefferies Financial Group cut shares of Signature Bank from a “buy” rating to a “hold” rating in a research note on Monday, January 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $186.29.

Signature Bank Stock Up 7.5 %

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 stock has a market capitalization of $8.04 billion, a PE ratio of 6.24, a PEG ratio of 0.71 and a beta of 1.65. The company has a 50 day moving average price of $123.10 and a 200-day moving average price of $154.58.

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 issued a dividend of $0.70 per share. This is an increase from Signature Bank’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Thursday, January 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.19%. Signature Bank’s dividend payout ratio is 10.94%.

Institutional Trading of Signature Bank

Hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in Signature Bank by 56.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 5,244,799 shares of the bank’s stock worth $939,920,000 after acquiring an additional 1,900,674 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Signature Bank by 15.8% in the 3rd quarter. Vanguard Group Inc. now owns 7,171,793 shares of the bank’s stock worth $1,082,941,000 after buying an additional 980,520 shares during the last quarter. EdgePoint Investment Group Inc. bought a new position in Signature Bank during the 3rd quarter valued at approximately $126,846,000. Brown Brothers Harriman & Co. raised its stake in Signature Bank by 66.9% during the second quarter. Brown Brothers Harriman & Co. now owns 924,774 shares of the bank’s stock valued at $165,729,000 after buying an additional 370,800 shares during the last quarter. Finally, Capital Research Global Investors purchased a new stake in shares of Signature Bank in the first quarter worth $105,631,000. Institutional investors own 93.62% of the company’s stock.

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

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