Wells Fargo & Co Reaffirms “Outperform” Rating for Signature Bank (SBNY)

Wells Fargo & Co reissued their outperform rating on shares of Signature Bank (NASDAQ:SBNY) in a research report report published on Tuesday, The Fly reports. The firm currently has a $150.00 price target on the bank’s stock, up from their previous price target of $137.00.

Other analysts also recently issued research reports about the stock. Hovde Group upgraded shares of Signature Bank from an underperform rating to a market perform rating and set a $132.00 target price for the company in a report on Monday, September 11th. Barclays increased their target price on shares of Signature Bank from $140.00 to $151.00 and gave the company an overweight rating in a report on Tuesday, January 2nd. FIG Partners reiterated an outperform rating and issued a $150.00 target price on shares of Signature Bank in a report on Monday, October 2nd. JMP Securities began coverage on shares of Signature Bank in a report on Monday, November 20th. They issued an outperform rating and a $160.00 target price for the company. Finally, Bank of America reiterated a buy rating and issued a $165.00 target price (down previously from $175.00) on shares of Signature Bank in a report on Wednesday, September 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $155.19.

Shares of Signature Bank (NASDAQ SBNY) traded up $2.90 during mid-day trading on Tuesday, hitting $147.52. 372,300 shares of the stock traded hands, compared to its average volume of 351,112. The stock has a market capitalization of $8,040.00, a P/E ratio of 20.69, a P/E/G ratio of 1.36 and a beta of 1.02. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.91 and a current ratio of 0.92. Signature Bank has a 52 week low of $116.68 and a 52 week high of $164.23.

Signature Bank (NASDAQ:SBNY) last announced its earnings results on Thursday, October 19th. The bank reported $2.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.19 by $0.10. The company had revenue of $316.94 million during 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 quarter in the prior year, the company posted $2.11 earnings per share. equities research analysts predict that Signature Bank will post 7.26 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of SBNY. Pacad Investment Ltd. purchased a new stake in Signature Bank during the second quarter worth about $100,000. YorkBridge Wealth Partners LLC increased its holdings in Signature Bank by 6.3% during the second quarter. YorkBridge Wealth Partners LLC now owns 688 shares of the bank’s stock worth $100,000 after buying an additional 41 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Signature Bank during the third quarter worth about $115,000. Zions Bancorporation purchased a new stake in Signature Bank during the third quarter worth about $152,000. Finally, Commonwealth Bank of Australia increased its holdings in Signature Bank by 5.1% during the second quarter. Commonwealth Bank of Australia now owns 1,233 shares of the bank’s stock worth $176,000 after buying an additional 60 shares during the last quarter. Institutional investors and hedge funds own 96.30% of the company’s stock.

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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.

The Fly

Analyst Recommendations for Signature Bank (NASDAQ:SBNY)

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