Raymond James Trust N.A. raised its position in shares of Signature Bank (NASDAQ:SBNY – Get Rating) by 13.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,875 shares of the bank's stock after buying an additional 215 shares during the quarter. Raymond James Trust N.A.'s holdings in Signature Bank were worth $336,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital International Investors acquired a new stake in shares of Signature Bank during the 4th quarter worth approximately $599,227,000. State Street Corp raised its position in shares of Signature Bank by 53.1% during the 4th quarter. State Street Corp now owns 3,034,921 shares of the bank's stock worth $981,706,000 after purchasing an additional 1,052,338 shares during the period. Bank of America Corp DE raised its position in shares of Signature Bank by 72.7% during the 1st quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank's stock worth $462,910,000 after purchasing an additional 663,755 shares during the period. Norges Bank acquired a new stake in shares of Signature Bank during the 4th quarter worth approximately $185,605,000. Finally, Brown Brothers Harriman & Co. raised its position in shares of Signature Bank by 3,956,857.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 553,974 shares of the bank's stock worth $162,586,000 after purchasing an additional 553,960 shares during the period. Institutional investors and hedge funds own 98.62% of the company's stock.
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Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on SBNY shares. TheStreet cut Signature Bank from a "b" rating to a "c+" rating in a research report on Wednesday, July 13th. Keefe, Bruyette & Woods reissued an "outperform" rating on shares of Signature Bank in a report on Wednesday, July 20th. 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. StockNews.com raised Signature Bank from a "sell" rating to a "hold" rating in a report on Monday, August 15th. Finally, JPMorgan Chase & Co. decreased their price objective on Signature Bank from $460.00 to $300.00 and set an "overweight" rating for the company in a report on Friday, July 1st. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Signature Bank has a consensus rating of "Buy" and an average price target of $282.38.
Signature Bank Stock Performance
Shares of Signature Bank stock opened at $150.14 on Wednesday. The stock has a market cap of $9.45 billion, a PE ratio of 7.99, a price-to-earnings-growth ratio of 0.76 and a beta of 1.72. The business has a fifty day simple moving average of $181.46 and a 200-day simple moving average of $214.55. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.27. Signature Bank has a 12 month low of $146.00 and a 12 month high of $374.76.
Signature Bank (NASDAQ:SBNY – Get Rating) last issued its earnings results on Tuesday, July 19th. The bank reported $5.26 EPS for the quarter, topping the consensus estimate of $5.06 by $0.20. The business had revenue of $686.77 million during the quarter, compared to analysts' expectations of $686.62 million. Signature Bank had a return on equity of 15.02% and a net margin of 43.86%. During the same quarter last year, the firm posted $3.57 earnings per share. On average, sell-side analysts anticipate that Signature Bank will post 21.68 EPS for the current fiscal year.
Signature Bank Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Investors 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 dividend on an annualized basis and a yield of 1.49%. Signature Bank's payout ratio is 11.93%.
About Signature Bank
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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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