Signature Bank (NASDAQ:SBNY) Price Target Cut to $124.00

Signature Bank (NASDAQ:SBNY – Get Rating) had its target price dropped by stock analysts at Morgan Stanley from $132.00 to $124.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price target indicates a potential upside of 4.28% from the stock’s current price.

Several other equities research analysts have also recently issued reports on SBNY. JPMorgan Chase & Co. decreased their price objective on shares of Signature Bank from $200.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, December 13th. Wells Fargo & Company decreased their price objective on shares of Signature Bank from $250.00 to $185.00 and set an “overweight” rating for the company in a research report on Thursday, December 15th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Signature Bank from $205.00 to $137.00 in a research report on Wednesday, December 21st. Maxim Group cut their price target on shares of Signature Bank from $250.00 to $200.00 in a research note on Wednesday. Finally, StockNews.com lowered shares of Signature Bank from a “hold” rating to a “sell” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Signature Bank has an average rating of “Moderate Buy” and a consensus target price of $186.29.

Signature Bank Stock Performance

Shares of SBNY stock opened at $118.91 on Wednesday. The stock has a market capitalization of $7.48 billion, a PE ratio of 5.81, a P/E/G ratio of 0.71 and a beta of 1.65. The firm has a 50 day moving average of $123.43 and a two-hundred day moving average of $155.21. Signature Bank has a 52 week low of $106.81 and a 52 week high of $355.59. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.26.

Signature Bank (NASDAQ:SBNY – Get Rating) last released its quarterly earnings data on Tuesday, October 18th. The bank reported $5.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.42 by $0.15. The business had revenue of $717.74 million during the quarter, compared to analysts’ expectations of $737.63 million. Signature Bank had a net margin of 41.55% and a return on equity of 16.49%. During the same period in the previous year, the company earned $3.88 EPS. On average, research analysts predict that Signature Bank will post 21.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. IHT Wealth Management LLC boosted its holdings in shares of Signature Bank by 2.7% in the first quarter. IHT Wealth Management LLC now owns 2,296 shares of the bank’s stock valued at $674,000 after acquiring an additional 60 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Signature Bank by 20.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 354 shares of the bank’s stock valued at $64,000 after acquiring an additional 61 shares in the last quarter. Bank of Marin boosted its holdings in shares of Signature Bank by 6.0% in the second quarter. Bank of Marin now owns 1,247 shares of the bank’s stock valued at $223,000 after acquiring an additional 71 shares in the last quarter. Money Concepts Capital Corp boosted its holdings in shares of Signature Bank by 4.0% in the second quarter. Money Concepts Capital Corp now owns 1,902 shares of the bank’s stock valued at $350,000 after acquiring an additional 74 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in shares of Signature Bank by 0.4% in the second quarter. Retirement Systems of Alabama now owns 20,861 shares of the bank’s stock valued at $3,738,000 after acquiring an additional 75 shares in the last quarter. 93.62% of the stock is currently owned by institutional investors and hedge funds.

Signature Bank Company Profile

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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.