Principal Financial Group Inc. lifted its position in shares of Signature Bank (NASDAQ:SBNY – Get Rating) by 2.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 79,262 shares of the bank’s stock after purchasing an additional 1,805 shares during the period. Principal Financial Group Inc.’s holdings in Signature Bank were worth $14,205,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently made changes to their positions in the company. Parkside Financial Bank & Trust increased its stake in Signature Bank by 236.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 148 shares of the bank’s stock worth $27,000 after acquiring an additional 104 shares during the period. JCSD Capital LLC bought a new position in Signature Bank during the 1st quarter worth $29,000. Blume Capital Management Inc. bought a new position in Signature Bank during the 1st quarter worth $29,000. Quent Capital LLC increased its stake in Signature Bank by 152.5% during the 1st quarter. Quent Capital LLC now owns 101 shares of the bank’s stock worth $30,000 after acquiring an additional 61 shares during the period. Finally, Cambridge Trust Co. increased its stake in Signature Bank by 1,018.2% during the 1st quarter. Cambridge Trust Co. now owns 123 shares of the bank’s stock worth $36,000 after acquiring an additional 112 shares during the period. Institutional investors own 98.62% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have commented on SBNY shares. Deutsche Bank Aktiengesellschaft lowered their price objective on Signature Bank from $256.00 to $205.00 and set a “buy” rating on the stock in a research note on Thursday, October 20th. Keefe, Bruyette & Woods lowered Signature Bank from an “outperform” rating to a “market perform” rating and set a $185.00 price target on the stock. in a research note on Wednesday, October 19th. Wells Fargo & Company decreased their price target on Signature Bank from $280.00 to $250.00 and set an “overweight” rating on the stock in a research note on Thursday, October 6th. Stephens decreased their price target on Signature Bank to $175.00 in a research note on Wednesday, November 16th. Finally, Wedbush decreased their price target on Signature Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 19th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $227.50.
Signature Bank Trading Up 2.4 %
Signature Bank (NASDAQ:SBNY – Get Rating) last released its quarterly earnings data on Tuesday, October 18th. The bank reported $5.57 earnings per share for the quarter, beating 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 prior year, the business posted $3.88 EPS. As a group, sell-side analysts expect that Signature Bank will post 21.49 EPS for the current fiscal year.
Signature Bank Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Friday, October 28th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend was Thursday, October 27th. Signature Bank’s payout ratio is presently 10.94%.
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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