Q1 2023 EPS Estimates for Signature Bank Cut by Wedbush (NASDAQ:SBNY)

Signature Bank (NASDAQ:SBNYGet Rating) – Equities researchers at Wedbush decreased their Q1 2023 earnings estimates for Signature Bank in a research report issued to clients and investors on Tuesday, January 17th. Wedbush analyst D. Chiaverini now forecasts that the bank will earn $3.82 per share for the quarter, down from their previous forecast of $4.38. Wedbush currently has a “Outperform” rating and a $200.00 target price on the stock. The consensus estimate for Signature Bank’s current full-year earnings is $21.01 per share. Wedbush also issued estimates for Signature Bank’s Q2 2023 earnings at $3.60 EPS, Q3 2023 earnings at $3.76 EPS, Q4 2023 earnings at $3.92 EPS, FY2023 earnings at $15.10 EPS and FY2024 earnings at $16.15 EPS.

A number of other research analysts have also weighed in on the stock. Wells Fargo & Company dropped their price target on shares of Signature Bank from $250.00 to $185.00 and set an “overweight” rating on the stock in a research report on Thursday, December 15th. The Goldman Sachs Group cut their target price 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. Jefferies Financial Group lowered Signature Bank from a “buy” rating to a “hold” rating in a research note on Monday, January 9th. Piper Sandler cut their price target on shares of Signature Bank to $220.00 in a research note on Wednesday, October 5th. Finally, JPMorgan Chase & Co. reduced their price objective on Signature Bank from $200.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $186.29.

Signature Bank Trading Up 7.5 %

NASDAQ:SBNY opened at $127.79 on Friday. Signature Bank has a 12 month low of $106.81 and a 12 month high of $355.51. The stock has a market capitalization of $8.04 billion, a price-to-earnings ratio of 6.24, a PEG ratio of 0.71 and a beta of 1.65. The firm has a fifty day simple moving average of $123.10 and a two-hundred day simple moving average of $154.82. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.26.

Signature Bank (NASDAQ:SBNYGet Rating) last posted its quarterly earnings results on Tuesday, October 18th. The bank reported $5.57 EPS for the quarter, topping analysts’ consensus estimates 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 last year, the company posted $3.88 earnings per share.

Institutional Trading of Signature Bank

Large investors have recently modified their holdings of the company. Parkside Financial Bank & Trust increased its position in Signature Bank by 236.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 148 shares of the bank’s stock valued at $27,000 after buying an additional 104 shares in the last quarter. Private Trust Co. NA acquired a new position in Signature Bank in the 2nd quarter worth about $32,000. Allworth Financial LP lifted its holdings in Signature Bank by 97.3% during the fourth quarter. Allworth Financial LP now owns 296 shares of the bank’s stock valued at $34,000 after purchasing an additional 146 shares in the last quarter. Wipfli Financial Advisors LLC purchased a new position in Signature Bank in the 3rd quarter valued at $39,000. Finally, Eagle Bay Advisors LLC boosted its holdings in shares of Signature Bank by 54.2% during the 2nd quarter. Eagle Bay Advisors LLC now owns 222 shares of the bank’s stock worth $40,000 after purchasing an additional 78 shares during the last quarter. Hedge funds and other institutional investors own 93.62% of the company’s stock.

Signature Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 10th. Investors of record on Friday, January 27th will be given a $0.70 dividend. The ex-dividend date is Thursday, January 26th. This is an increase from Signature Bank’s previous quarterly dividend of $0.56. This represents a $2.80 dividend on an annualized basis and a yield of 2.19%. Signature Bank’s dividend payout ratio (DPR) is currently 10.94%.

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.

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Earnings History and Estimates for Signature Bank (NASDAQ:SBNY)

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