Teachers Retirement System of The State of Kentucky Trims Holdings in Signature Bank (NASDAQ:SBNY)

Teachers Retirement System of The State of Kentucky decreased its stake in shares of Signature Bank (NASDAQ:SBNYGet Rating) by 39.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 4,581 shares of the bank’s stock after selling 3,012 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Signature Bank were worth $1,345,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Signature Bank by 6.5% during the first quarter. Vanguard Group Inc. now owns 6,161,104 shares of the bank’s stock worth $1,808,223,000 after acquiring an additional 378,308 shares during the last quarter. BlackRock Inc. increased its stake in Signature Bank by 7.1% during the first quarter. BlackRock Inc. now owns 4,682,876 shares of the bank’s stock worth $1,374,378,000 after acquiring an additional 310,514 shares during the last quarter. Capital International Investors increased its stake in Signature Bank by 72.7% during the first quarter. Capital International Investors now owns 3,198,719 shares of the bank’s stock worth $939,240,000 after acquiring an additional 1,346,224 shares during the last quarter. State Street Corp increased its stake in Signature Bank by 1.8% during the first quarter. State Street Corp now owns 3,090,146 shares of the bank’s stock worth $906,927,000 after acquiring an additional 55,225 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Signature Bank by 72.7% during the first quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank’s stock worth $462,910,000 after acquiring an additional 663,755 shares during the last quarter. Hedge funds and other institutional investors own 98.62% of the company’s stock.

Signature Bank Stock Down 5.1 %

Shares of NASDAQ SBNY opened at $160.01 on Friday. The company has a market capitalization of $9.70 billion, a price-to-earnings ratio of 8.52, a price-to-earnings-growth ratio of 0.82 and a beta of 1.72. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.83 and a quick ratio of 0.82. The business has a 50-day moving average of $183.81 and a two-hundred day moving average of $218.15. Signature Bank has a 1 year low of $159.90 and a 1 year high of $374.76.

Signature Bank (NASDAQ:SBNYGet Rating) last announced its quarterly earnings results on Tuesday, July 19th. The bank reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.05 by $0.21. Signature Bank had a return on equity of 15.02% and a net margin of 43.86%. During the same quarter in the prior year, the business posted $3.57 earnings per share. On average, analysts forecast that Signature Bank will post 21.68 earnings per share for the current fiscal year.

Signature Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, July 29th were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend was Thursday, July 28th. Signature Bank’s payout ratio is currently 11.93%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Stephens cut their target price on Signature Bank to $240.00 in a research note on Friday, July 22nd. Jefferies Financial Group cut their target price on Signature Bank from $248.00 to $205.00 and set a “buy” rating for the company in a research note on Thursday, September 8th. UBS Group dropped their price objective on Signature Bank from $309.00 to $288.00 and set a “buy” rating for the company in a research note on Wednesday, July 27th. Morgan Stanley dropped their price objective on Signature Bank from $262.00 to $247.00 and set an “overweight” rating for the company in a research note on Wednesday, July 20th. Finally, The Goldman Sachs Group dropped their price objective on 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 equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Signature Bank presently has a consensus rating of “Buy” and a consensus target price of $282.38.

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.

Further Reading

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Institutional Ownership by Quarter for Signature Bank (NASDAQ:SBNY)

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