Signature Bank (NASDAQ:SBNY) Price Target Cut to $300.00

Signature Bank (NASDAQ:SBNYGet Rating) had its target price cut by investment analysts at Compass Point from $350.00 to $300.00 in a research report issued on Friday, The Fly reports. Compass Point’s price objective points to a potential upside of 39.59% from the stock’s previous close.

A number of other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Signature Bank from $440.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday, April 20th. Wells Fargo & Company lowered their target price on shares of Signature Bank from $435.00 to $408.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 20th. Raymond James lowered their target price on shares of Signature Bank from $400.00 to $350.00 in a research note on Monday, May 16th. UBS Group lowered their target price on shares of Signature Bank from $472.00 to $309.00 and set a “buy” rating on the stock in a research note on Monday. Finally, StockNews.com lowered shares of Signature Bank from a “hold” rating to a “sell” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Signature Bank currently has a consensus rating of “Buy” and an average target price of $347.31.

Signature Bank stock opened at $214.92 on Friday. The company has a market capitalization of $13.03 billion, a P/E ratio of 12.58, a P/E/G ratio of 1.06 and a beta of 1.78. The firm’s fifty day simple moving average is $236.53 and its 200-day simple moving average is $292.71. 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 1-year low of $179.05 and a 1-year high of $374.76.

Signature Bank (NASDAQ:SBNYGet Rating) last released its quarterly earnings results on Tuesday, April 19th. The bank reported $5.30 earnings per share 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 the consensus estimate 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 last year, the firm earned $3.24 EPS. On average, equities research analysts predict that Signature Bank will post 22.15 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of SBNY. Bank of America Corp DE boosted 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 valued at $462,910,000 after acquiring an additional 663,755 shares in the last quarter. Rehmann Capital Advisory Group boosted its position in shares of Signature Bank by 4.5% during the 1st quarter. Rehmann Capital Advisory Group now owns 4,109 shares of the bank’s stock valued at $1,206,000 after acquiring an additional 176 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Signature Bank during the 1st quarter valued at about $78,000. The Manufacturers Life Insurance Company boosted its position in shares of Signature Bank by 22.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 47,907 shares of the bank’s stock valued at $14,060,000 after acquiring an additional 8,834 shares in the last quarter. Finally, Resources Management Corp CT ADV boosted its position in shares of Signature Bank by 9.9% during the 1st quarter. Resources Management Corp CT ADV now owns 4,883 shares of the bank’s stock valued at $1,433,000 after acquiring an additional 441 shares in the last quarter. Institutional investors own 96.17% of the company’s stock.

Signature Bank Company Profile (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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