Signature Bank (NASDAQ:SBNY) was downgraded by equities researchers at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Monday, MarketBeat.com reports.
Several other equities research analysts have also recently issued reports on SBNY. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $158.00 price objective on shares of Signature Bank in a research report on Friday, July 14th. BidaskClub cut shares of Signature Bank from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Barclays PLC reissued an “overweight” rating and issued a $170.00 price objective (down from $175.00) on shares of Signature Bank in a research report on Wednesday, July 12th. FIG Partners reissued an “outperform” rating and issued a $150.00 price objective on shares of Signature Bank in a research report on Monday, October 2nd. Finally, Wedbush cut shares of Signature Bank from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $157.00 to $126.00 in a research report on Wednesday, September 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company. Signature Bank currently has an average rating of “Buy” and a consensus price target of $154.80.
Shares of Signature Bank (NASDAQ:SBNY) traded down $0.62 during trading hours on Monday, reaching $130.98. 139,822 shares of the company traded hands, compared to its average volume of 564,485. The company has a market cap of $7,064.68, a P/E ratio of 15.02, a price-to-earnings-growth ratio of 1.69 and a beta of 1.01. Signature Bank has a one year low of $116.68 and a one year high of $164.23. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.92 and a quick ratio of 0.91.
Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings results on Thursday, October 19th. The bank reported $2.29 EPS for the quarter, beating the consensus estimate of $2.19 by $0.10. The company had revenue of $316.94 million for the quarter, compared to the consensus estimate of $322.22 million. Signature Bank had a net margin of 26.40% and a return on equity of 12.58%. During the same period in the prior year, the firm posted $2.11 EPS. analysts predict that Signature Bank will post 7.25 earnings per share for the current fiscal year.
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A number of institutional investors have recently modified their holdings of SBNY. Teachers Advisors LLC increased its stake in Signature Bank by 48.3% during the 1st quarter. Teachers Advisors LLC now owns 83,925 shares of the bank’s stock valued at $12,454,000 after purchasing an additional 27,334 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Signature Bank by 8.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,628 shares of the bank’s stock valued at $390,000 after purchasing an additional 208 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Signature Bank by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 267,027 shares of the bank’s stock valued at $39,626,000 after purchasing an additional 5,077 shares in the last quarter. KCG Holdings Inc. increased its stake in Signature Bank by 22.4% during the 1st quarter. KCG Holdings Inc. now owns 2,215 shares of the bank’s stock valued at $329,000 after purchasing an additional 406 shares in the last quarter. Finally, Paloma Partners Management Co increased its stake in Signature Bank by 85.9% during the 1st quarter. Paloma Partners Management Co now owns 6,418 shares of the bank’s stock valued at $952,000 after purchasing an additional 2,966 shares in the last quarter. Institutional investors and hedge funds own 96.25% of the company’s stock.
Signature Bank Company 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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