BMO Capital Markets Raises Signature Bank (NASDAQ:SBNY) Price Target to $154.00

Signature Bank (NASDAQ:SBNY) had its target price raised by research analysts at BMO Capital Markets from $146.00 to $154.00 in a research note issued to investors on Wednesday, The Fly reports. The brokerage currently has a “market perform” rating on the bank’s stock. BMO Capital Markets’ target price suggests a potential upside of 6.49% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Hovde Group raised Signature Bank from a “market perform” rating to an “outperform” rating and set a $140.00 target price on the stock in a research note on Wednesday, November 20th. ValuEngine raised Signature Bank from a “strong sell” rating to a “sell” rating in a research note on Monday, November 25th. Stephens lifted their target price on Signature Bank from $140.00 to $144.00 and gave the company an “overweight” rating in a research note on Thursday, December 12th. BidaskClub raised Signature Bank from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. Finally, Morgan Stanley lifted their target price on Signature Bank from $143.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Signature Bank currently has an average rating of “Buy” and an average price target of $142.38.

SBNY traded down $1.81 during trading on Wednesday, reaching $144.62. The company had a trading volume of 11,556 shares, compared to its average volume of 329,441. The firm’s 50-day simple moving average is $135.88 and its 200 day simple moving average is $125.00. The company has a market cap of $7.91 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 1.20 and a beta of 1.38. Signature Bank has a 12-month low of $111.91 and a 12-month high of $148.64. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.98 and a current ratio of 0.98.

Signature Bank (NASDAQ:SBNY) last issued its quarterly earnings results on Tuesday, January 21st. The bank reported $2.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.69 by $0.09. Signature Bank had a return on equity of 12.57% and a net margin of 30.36%. The firm had revenue of $345.58 million for the quarter, compared to analysts’ expectations of $335.91 million. During the same quarter last year, the business posted $2.94 EPS. On average, sell-side analysts expect that Signature Bank will post 11.31 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in SBNY. LS Investment Advisors LLC grew its stake in Signature Bank by 2.3% during the 3rd quarter. LS Investment Advisors LLC now owns 3,752 shares of the bank’s stock valued at $447,000 after acquiring an additional 86 shares in the last quarter. Victory Capital Management Inc. grew its position in Signature Bank by 0.4% in the 2nd quarter. Victory Capital Management Inc. now owns 24,639 shares of the bank’s stock worth $2,977,000 after purchasing an additional 93 shares during the period. Whittier Trust Co. grew its position in Signature Bank by 1.1% in the 3rd quarter. Whittier Trust Co. now owns 10,377 shares of the bank’s stock worth $1,237,000 after purchasing an additional 113 shares during the period. MAI Capital Management grew its position in shares of Signature Bank by 5.2% during the 2nd quarter. MAI Capital Management now owns 2,570 shares of the bank’s stock valued at $311,000 after acquiring an additional 126 shares during the period. Finally, 6 Meridian grew its position in shares of Signature Bank by 3.5% during the 4th quarter. 6 Meridian now owns 4,699 shares of the bank’s stock valued at $642,000 after acquiring an additional 157 shares during the period. 90.80% of the stock is currently owned by institutional investors.

About Signature Bank

Signature Bank provides various business and personal banking products and services. It accepts various deposit products, including commercial checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, interest-bearing and non-interest-bearing checking accounts, certificates of deposit, time deposits, and other cash management products.

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