Baird Financial Group Inc. Invests $242,000 in Signature Bank (NASDAQ:SBNY)

Baird Financial Group Inc. bought a new position in shares of Signature Bank (NASDAQ:SBNYGet Rating) in the second quarter, Holdings Channel reports. The fund bought 1,353 shares of the bank’s stock, valued at approximately $242,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of SBNY. SG Americas Securities LLC lifted its holdings in shares of Signature Bank by 5.8% during the first quarter. SG Americas Securities LLC now owns 5,546 shares of the bank’s stock worth $1,628,000 after buying an additional 304 shares in the last quarter. FDx Advisors Inc. lifted its holdings in shares of Signature Bank by 30.8% during the first quarter. FDx Advisors Inc. now owns 2,390 shares of the bank’s stock worth $701,000 after buying an additional 563 shares in the last quarter. Securian Asset Management Inc. lifted its holdings in shares of Signature Bank by 1.9% during the first quarter. Securian Asset Management Inc. now owns 5,332 shares of the bank’s stock worth $1,565,000 after buying an additional 100 shares in the last quarter. Metis Global Partners LLC acquired a new stake in shares of Signature Bank during the first quarter worth $282,000. Finally, Arizona State Retirement System raised its stake in Signature Bank by 2.2% in the first quarter. Arizona State Retirement System now owns 16,879 shares of the bank’s stock valued at $4,954,000 after purchasing an additional 369 shares in the last quarter. Institutional investors and hedge funds own 98.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Raymond James dropped their price target on Signature Bank from $286.00 to $228.00 and set a “strong-buy” rating for the company in a research note on Wednesday, October 19th. Compass Point dropped their price target on Signature Bank to $180.00 in a research note on Thursday, October 20th. Morgan Stanley dropped their price target on Signature Bank from $244.00 to $223.00 and set an “overweight” rating for the company in a research note on Wednesday, October 19th. Wells Fargo & Company dropped their price target on Signature Bank from $280.00 to $250.00 and set an “overweight” rating for the company in a research note on Thursday, October 6th. Finally, The Goldman Sachs Group dropped their price target on Signature Bank from $216.00 to $176.00 and set a “buy” rating for the company in a research note on Friday, September 30th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Signature Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $227.50.

Signature Bank Stock Performance

NASDAQ:SBNY opened at $139.51 on Thursday. The stock has a market cap of $8.78 billion, a P/E ratio of 6.82, a price-to-earnings-growth ratio of 0.65 and a beta of 1.67. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.26. The stock’s 50-day moving average is $151.07 and its 200-day moving average is $176.65. Signature Bank has a 1-year low of $129.96 and a 1-year high of $374.76.

Signature Bank (NASDAQ:SBNYGet Rating) last released its quarterly earnings results on Tuesday, October 18th. The bank reported $5.57 earnings per share for the quarter, topping the consensus estimate of $5.44 by $0.13. Signature Bank had a return on equity of 16.49% and a net margin of 41.55%. During the same quarter in the previous year, the company earned $3.88 EPS. Equities research analysts anticipate that Signature Bank will post 21.49 earnings per share for the current year.

Signature Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Stockholders of record on Friday, October 28th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Thursday, October 27th. Signature Bank’s dividend payout ratio (DPR) is currently 10.94%.

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

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