BMO Capital Markets Reiterates “Buy” Rating for Signature Bank (SBNY)

Signature Bank (NASDAQ:SBNY)‘s stock had its “buy” rating restated by research analysts at BMO Capital Markets in a research note issued to investors on Wednesday. They currently have a $163.00 price objective on the bank’s stock. BMO Capital Markets’ price target indicates a potential upside of 17.12% from the stock’s previous close.

A number of other brokerages have also recently weighed in on SBNY. TheStreet upgraded Signature Bank from a “c+” rating to a “b” rating in a research report on Wednesday, November 29th. Jefferies Group reiterated a “buy” rating and set a $155.00 price target on shares of Signature Bank in a research report on Tuesday, October 24th. Morgan Stanley cut Signature Bank from an “overweight” rating to an “equal weight” rating and set a $150.00 price target on the stock. in a research report on Monday, November 6th. JMP Securities started coverage on Signature Bank in a research report on Monday, November 20th. They set an “outperform” rating and a $160.00 price target on the stock. Finally, ValuEngine lowered Signature Bank from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company’s stock. Signature Bank has an average rating of “Buy” and a consensus target price of $154.20.

Shares of Signature Bank (SBNY) traded up $2.06 during trading on Wednesday, hitting $139.17. The stock had a trading volume of 425,700 shares, compared to its average volume of 480,783. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market cap of $7,360.48, a PE ratio of 15.65, a price-to-earnings-growth ratio of 1.76 and a beta of 1.02. Signature Bank has a fifty-two week low of $116.68 and a fifty-two week high of $164.23.

Signature Bank (NASDAQ:SBNY) last announced its quarterly earnings results on Thursday, October 19th. The bank reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.10. The business had revenue of $316.94 million for the quarter, compared to analysts’ expectations 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 firm earned $2.11 EPS. research analysts forecast that Signature Bank will post 7.25 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Tdam USA Inc. boosted its stake in Signature Bank by 200.7% during the 3rd quarter. Tdam USA Inc. now owns 12,815 shares of the bank’s stock valued at $1,641,000 after purchasing an additional 8,553 shares in the last quarter. AXA boosted its stake in Signature Bank by 15.1% during the 2nd quarter. AXA now owns 58,429 shares of the bank’s stock valued at $8,386,000 after purchasing an additional 7,662 shares in the last quarter. Icon Advisers Inc. Co. boosted its stake in Signature Bank by 1.1% during the 2nd quarter. Icon Advisers Inc. Co. now owns 114,820 shares of the bank’s stock valued at $16,480,000 after purchasing an additional 1,300 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its stake in Signature Bank by 41.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 359,859 shares of the bank’s stock valued at $51,650,000 after purchasing an additional 105,237 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Signature Bank by 19.1% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 17,033 shares of the bank’s stock valued at $2,445,000 after purchasing an additional 2,730 shares in the last quarter. 96.30% of the stock is owned by hedge funds and other institutional investors.

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About Signature Bank

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.

Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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