Mirae Asset Global Investments Co. Ltd. decreased its stake in Signature Bank (NASDAQ:SBNY – Get Rating) by 17.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,457 shares of the bank's stock after selling 6,223 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Signature Bank were worth $8,938,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new position in shares of Signature Bank in the 1st quarter valued at about $29,000. JCSD Capital LLC bought a new position in shares of Signature Bank in the 1st quarter valued at about $29,000. Blume Capital Management Inc. bought a new position in shares of Signature Bank in the 1st quarter valued at about $29,000. Quent Capital LLC grew its holdings in shares of Signature Bank by 152.5% in the 1st quarter. Quent Capital LLC now owns 101 shares of the bank's stock valued at $30,000 after acquiring an additional 61 shares in the last quarter. Finally, Cambridge Trust Co. grew its holdings in shares of Signature Bank by 1,018.2% in the 1st quarter. Cambridge Trust Co. now owns 123 shares of the bank's stock valued at $36,000 after acquiring an additional 112 shares in the last quarter. Institutional investors own 98.62% of the company's stock.
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Analysts Set New Price Targets
SBNY has been the subject of several analyst reports. Compass Point decreased their price objective on Signature Bank from $350.00 to $300.00 and set a "buy" rating for the company in a report on Friday, June 10th. Morgan Stanley reduced their price target on Signature Bank from $262.00 to $247.00 and set an "overweight" rating for the company in a report on Wednesday, July 20th. Wells Fargo & Company reduced their price target on Signature Bank to $280.00 in a report on Friday, July 22nd. Wedbush reduced their price target on Signature Bank from $240.00 to $225.00 and set an "outperform" rating for the company in a report on Wednesday, September 7th. Finally, TheStreet cut Signature Bank from a "b" rating to a "c+" rating in a report on Wednesday, July 13th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Signature Bank has an average rating of "Buy" and an average price target of $282.38.
Signature Bank Stock Down 1.8 %
NASDAQ SBNY opened at $169.08 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.27. Signature Bank has a 1-year low of $165.36 and a 1-year high of $374.76. The company has a 50 day moving average of $184.69 and a 200-day moving average of $219.32. The company has a market cap of $10.25 billion, a price-to-earnings ratio of 9.00, a PEG ratio of 0.83 and a beta of 1.72.
Signature Bank (NASDAQ:SBNY – Get Rating) last released its quarterly earnings results on Tuesday, July 19th. The bank reported $5.26 earnings per share for the quarter, beating analysts' consensus estimates of $5.05 by $0.21. Signature Bank had a net margin of 43.86% and a return on equity of 15.02%. During the same period in the prior year, the business earned $3.57 earnings per share. On average, equities research analysts expect that Signature Bank will post 21.68 earnings per share for the current fiscal year.
Signature Bank Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, July 29th were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, July 28th. This represents a $2.24 annualized dividend and a yield of 1.32%. Signature Bank's dividend payout ratio is currently 11.93%.
Signature Bank Company Profile
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Signature Bank provides commercial banking products and services. It accepts various deposit products, including checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, certificates of deposit, and other cash management products. The company provides various lending products comprising commercial and industrial loans, real estate loans, and letters of credit.
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