State Treasurer State of Michigan lowered its stake in Signature Bank (NASDAQ:SBNY) by 6.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,700 shares of the bank’s stock after selling 1,400 shares during the period. State Treasurer State of Michigan’s holdings in Signature Bank were worth $2,650,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Pacad Investment Ltd. bought a new position in shares of Signature Bank in the second quarter worth $100,000. YorkBridge Wealth Partners LLC increased its position in shares of Signature Bank by 6.3% in the second quarter. YorkBridge Wealth Partners LLC now owns 688 shares of the bank’s stock worth $100,000 after purchasing an additional 41 shares during the period. Commonwealth Bank of Australia increased its position in shares of Signature Bank by 5.1% in the second quarter. Commonwealth Bank of Australia now owns 1,233 shares of the bank’s stock worth $176,000 after purchasing an additional 60 shares during the period. Rockefeller Financial Services Inc. bought a new position in shares of Signature Bank in the third quarter worth $192,000. Finally, Bronfman E.L. Rothschild L.P. increased its position in shares of Signature Bank by 1.5% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,406 shares of the bank’s stock worth $202,000 after purchasing an additional 21 shares during the period. Institutional investors own 95.72% of the company’s stock.
Shares of Signature Bank (SBNY) opened at 130.01 on Wednesday. The stock’s 50 day moving average price is $126.25 and its 200 day moving average price is $134.87. The company has a market capitalization of $7.03 billion, a PE ratio of 20.83 and a beta of 0.96. Signature Bank has a 12-month low of $116.68 and a 12-month high of $164.23.
Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $2.29 EPS for the quarter, beating the consensus estimate of $2.19 by $0.10. The firm had revenue of $316.94 million for the quarter, compared to analyst estimates of $322.22 million. Signature Bank had a return on equity of 12.58% and a net margin of 26.40%. During the same period in the prior year, the company earned $2.11 EPS. On average, equities research analysts forecast that Signature Bank will post $7.25 earnings per share for the current year.
A number of brokerages recently commented on SBNY. Keefe, Bruyette & Woods restated a “buy” rating and issued a $158.00 price target on shares of Signature Bank in a research report on Friday, July 14th. BidaskClub cut Signature Bank from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Barclays PLC reiterated an “overweight” rating and issued a $170.00 target price (down previously from $175.00) on shares of Signature Bank in a research report on Wednesday, July 12th. FIG Partners reiterated an “outperform” rating and issued a $150.00 target price on shares of Signature Bank in a research report on Monday, October 2nd. Finally, BMO Capital Markets upgraded Signature Bank from a “market perform” rating to an “outperform” rating in a research report on Friday, October 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the stock. Signature Bank currently has an average rating of “Buy” and an average price target of $154.80.
Signature Bank Profile
Signature Bank is a full-service commercial bank. The Bank operates over 30 private client offices throughout the New York metropolitan area. Its segments include Commercial Banking and Specialty Finance. It offers a range of business and personal banking products and services. Its specialty finance subsidiary, Signature Financial LLC (Signature Financial), provides equipment finance and leasing services.
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