Victory Capital Management Inc. lifted its position in shares of Signature Bank (NASDAQ:SBNY – Get Rating) by 86.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,250 shares of the bank’s stock after purchasing an additional 40,100 shares during the period. Victory Capital Management Inc. owned about 0.14% of Signature Bank worth $20,894,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the company. State Street Corp lifted its position in shares of Signature Bank by 53.1% during the fourth 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 in the last quarter. Capital International Investors acquired a new stake in Signature Bank in the fourth quarter valued at $599,227,000. Invesco Ltd. raised its holdings in Signature Bank by 31.7% in the fourth quarter. Invesco Ltd. now owns 1,474,903 shares of the bank’s stock valued at $477,086,000 after acquiring an additional 354,746 shares in the last quarter. Geode Capital Management LLC raised its holdings in Signature Bank by 50.3% in the fourth quarter. Geode Capital Management LLC now owns 1,164,486 shares of the bank’s stock valued at $375,710,000 after acquiring an additional 389,849 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in Signature Bank by 86.3% in the fourth quarter. Bank of America Corp DE now owns 913,508 shares of the bank’s stock valued at $295,492,000 after acquiring an additional 423,228 shares in the last quarter. 96.17% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts recently issued reports on SBNY shares. StockNews.com raised shares of Signature Bank from a “sell” rating to a “hold” rating in a report on Thursday, July 28th. Maxim Group cut their price target on shares of Signature Bank from $450.00 to $425.00 and set a “buy” rating on the stock in a report on Wednesday, July 20th. Compass Point lowered their target price on shares of Signature Bank from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Friday, June 10th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Signature Bank in a research note on Wednesday, July 20th. Finally, The Goldman Sachs Group lowered their target price on shares of Signature Bank from $377.00 to $265.00 and set a “buy” rating for the company in a research note on Tuesday, May 31st. 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 MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $298.69.
Signature Bank Stock Down 1.2 %
Signature Bank (NASDAQ:SBNY – Get Rating) last posted its quarterly earnings data on Tuesday, July 19th. The bank reported $5.26 earnings per share for the quarter, topping the consensus estimate 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 company earned $3.57 earnings per share. As a group, equities analysts expect that Signature Bank will post 21.81 earnings per share for the current year.
Signature Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, July 29th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 1.20%. The ex-dividend date is Thursday, July 28th. Signature Bank’s payout ratio is currently 11.93%.
Signature Bank Company Profile
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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