Signature Bank (SBNY) Expected to Announce Quarterly Sales of $321.86 Million

Wall Street analysts predict that Signature Bank (NASDAQ:SBNY) will post $321.86 million in sales for the current quarter, Zacks Investment Research reports. Seventeen analysts have issued estimates for Signature Bank’s earnings. The highest sales estimate is $325.75 million and the lowest is $316.59 million. Signature Bank reported sales of $306.89 million in the same quarter last year, which would indicate a positive year over year growth rate of 4.9%. The company is scheduled to report its next quarterly earnings results before the market opens on Thursday, January 18th.

On average, analysts expect that Signature Bank will report full year sales of $321.86 million for the current financial year, with estimates ranging from $1.26 billion to $1.27 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.34 billion per share, with estimates ranging from $1.31 billion to $1.36 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Signature Bank.

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, beating analysts’ consensus estimates of $2.19 by $0.10. The business 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 last year, the company posted $2.11 EPS.

Several analysts have commented on SBNY shares. BMO Capital Markets restated a “buy” rating and set a $163.00 target price on shares of Signature Bank in a report on Wednesday, December 20th. Jefferies Group restated a “buy” rating and set a $155.00 target price on shares of Signature Bank in a report on Tuesday, October 24th. TheStreet upgraded shares of Signature Bank from a “c+” rating to a “b” rating in a report on Wednesday, November 29th. Morgan Stanley downgraded shares of Signature Bank from an “overweight” rating to an “equal weight” rating and set a $150.00 target price on the stock. in a report on Monday, November 6th. Finally, Barclays raised their target price on shares of Signature Bank from $140.00 to $151.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $155.19.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Signature Bank by 1.3% in the second quarter. Vanguard Group Inc. now owns 4,277,955 shares of the bank’s stock valued at $614,014,000 after purchasing an additional 54,545 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Signature Bank by 2.6% in the second quarter. Capital Research Global Investors now owns 2,894,365 shares of the bank’s stock valued at $415,428,000 after buying an additional 72,806 shares in the last quarter. State Street Corp grew its stake in shares of Signature Bank by 0.4% in the second quarter. State Street Corp now owns 2,624,668 shares of the bank’s stock valued at $376,718,000 after buying an additional 9,285 shares in the last quarter. Harding Loevner LP grew its stake in shares of Signature Bank by 138.0% in the third quarter. Harding Loevner LP now owns 1,802,550 shares of the bank’s stock valued at $94,865,000 after buying an additional 1,045,206 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Signature Bank by 44.6% in the third quarter. Nordea Investment Management AB now owns 1,419,824 shares of the bank’s stock valued at $181,794,000 after buying an additional 437,670 shares in the last quarter. Institutional investors own 96.30% of the company’s stock.

Shares of Signature Bank (SBNY) traded down $0.47 during mid-day trading on Tuesday, reaching $147.56. 350,648 shares of the company’s stock traded hands, compared to its average volume of 364,370. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.71. The firm has a market cap of $8,080.00, a P/E ratio of 20.70, a P/E/G ratio of 1.33 and a beta of 1.02. Signature Bank has a 52-week low of $116.68 and a 52-week high of $164.23.

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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.

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