Signature Bank (NASDAQ:SBNY) Price Target Cut to $309.00 by Analysts at UBS Group

Signature Bank (NASDAQ:SBNY – Get Rating) had its price objective dropped by analysts at UBS Group from $472.00 to $309.00 in a research note issued on Monday, The Fly reports. UBS Group’s price target indicates a potential upside of 39.97% from the stock’s current price.

A number of other brokerages also recently issued reports on SBNY. The Goldman Sachs Group lowered their price target on shares of Signature Bank from $377.00 to $265.00 and set a “buy” rating on the stock in a report on Tuesday, May 31st. Stephens lowered their price target on shares of Signature Bank to $325.00 in a report on Friday, May 27th. Piper Sandler lowered their price target on shares of Signature Bank from $375.00 to $325.00 and set an “overweight” rating on the stock in a report on Friday, May 20th. Wells Fargo & Company lowered their price target on shares of Signature Bank from $435.00 to $408.00 and set an “overweight” rating on the stock in a report on Wednesday, April 20th. Finally, StockNews.com raised shares of Signature Bank from a “sell” rating to a “hold” rating in a report on Friday, May 13th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $351.25.

Shares of Signature Bank stock opened at $220.76 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.37. Signature Bank has a 12-month low of $179.05 and a 12-month high of $374.76. The firm has a market capitalization of $13.39 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.03 and a beta of 1.78. The firm’s 50 day simple moving average is $243.16 and its two-hundred day simple moving average is $295.26.

Signature Bank (NASDAQ:SBNY – Get Rating) last issued its quarterly earnings results on Tuesday, April 19th. The bank reported $5.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.31 by $0.99. The business had revenue of $607.96 million for the quarter, compared to analyst estimates of $608.85 million. Signature Bank had a net margin of 43.29% and a return on equity of 13.97%. During the same quarter in the prior year, the business posted $3.24 EPS. On average, sell-side analysts predict that Signature Bank will post 22.21 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in SBNY. Capital International Investors acquired a new stake in shares of Signature Bank during the fourth quarter valued at about $599,227,000. State Street Corp grew its holdings in shares of Signature Bank by 53.1% in the fourth quarter. State Street Corp now owns 3,034,921 shares of the bank’s stock valued at $981,706,000 after purchasing an additional 1,052,338 shares in the last quarter. Norges Bank acquired a new position in shares of Signature Bank in the fourth quarter valued at approximately $185,605,000. Brown Brothers Harriman & Co. grew its holdings in shares of Signature Bank by 3,956,857.1% in the first quarter. Brown Brothers Harriman & Co. now owns 553,974 shares of the bank’s stock valued at $162,586,000 after purchasing an additional 553,960 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Signature Bank by 65.5% in the third quarter. Invesco Ltd. now owns 1,120,157 shares of the bank’s stock valued at $304,997,000 after purchasing an additional 443,323 shares in the last quarter. Institutional investors and hedge funds own 96.17% of the company’s stock.

About Signature Bank (Get Rating)

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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